"The technical knowledge is excellent, but the firm's willingness to resolve and understand issues is what sets them apart. You're very much the firm's focus."
Payne Hicks Beach has been advising personal clients since 1750. Whether you are a UK resident non-domiciliary, the steward of a Landed Estate, the owner of a family business or have international links, we can help you, your family and the Trustees and Family Offices that serve you to achieve your goals.
Running your own business is an all-encompassing endeavour. It can be very difficult for entrepreneurs to find the time to plan for seemingly far off future events, such as a sale of your business or passing your business down to the next generation. However, the success of your business, and you and your family’s future position, can be seriously compromised if succession planning and tax are not properly addressed at an early stage.
At Payne Hicks Beach we aim to make the process of addressing these often complex and difficult issues in a simple and seamless fashion, so that you can return to running your business, or enjoying the fruits of a successful exit, without concern for the future.
From putting in place a Will and Lasting Power of Attorney, to setting up efficient business holding structures such as Trusts, we will ensure that your certain death and potential mental incapacity later in life do not damage either your business or your family.
We are also experienced in navigating the complex tax issues that can arise for entrepreneurs on exit sales and passing the business, or its sale proceeds, down to the next generation. From ensuring that entrepreneurs’ relief for Capital Gains Tax is locked into your business, to obtaining the maximum Inheritance Tax reliefs on death we can secure the best tax position for you and your family.
We are here to ensure that all the hard work you put into your business becomes a sustainable legacy.
- Commercial Disputes
- Commercial Property
- Family Owned Businesses
- Pre-Nuptial Agreements & Asset Protection
- Property Development
- Residential Property
- Setting Up A Business - Start Ups, Innovators & Representatives of Overseas Businesses
- Tax Planning
- UK Trusts
- Wills & Estate Planning
The globalised world is a small world. It is increasingly common for individuals and their families to be spread out across numerous different countries. Whilst this flexibility is a great benefit, there are many pitfalls for the unwary that live an international lifestyle. In particular, tax and succession/inheritance laws are not always the same in different countries. Many international individuals do not take advice before moving to a new jurisdiction and the result can often be an avoidable calamity.
Payne Hicks Beach is experienced in handling the varied tax and estate planning needs of international clients and their families. We specialise in integrating advice from professionals in other jurisdictions with our own UK advice, with the aim of giving you clarity on your options.
Whether you are UK resident or not is fundamental to your UK Income Tax and Capital Gains Tax position. We give clear advice on this important issue, and can let you know exactly how long you can spend in the UK without adversely altering your UK tax position. We also specialise in advising on the remittance basis of taxation, the valuable ability available to UK resident, non-UK domiciled individuals to shield their non-UK assets from UK Income tax and Capital Gains Tax.
Many international clients are surprised by the comparative freedom the UK allows on how individuals choose to give away their assets on death. The interaction of both UK Inheritance tax and non-UK death duties, and how competing jurisdictions determine succession rights, is a vital area for international clients to understand. We regularly advise clients on the impact of the EU Succession Regulations on their EU assets, and such advice will still be relevant post Brexit.
We are here to ensure that the benefits of your international lifestyle can be enjoyed without worrying about unnecessary tax and succession problems.
- Citizenship & Immigration
- Contentious Trusts & Probate
- Family Offices
- High Net Worth Individuals - Investors
- International Tax & Trusts
- Middle East
- Pre-Nuptial Agreements & Asset Protection
- Privacy & Misuse of Private Information
- Property Disputes
- Residence & Domicile
- Residential Property
- Wills & Estate Planning
Landed Estate Owners
Ownership of a Landed Estate is an onerous duty. Underlying all of the many complex and changing issues that affect landowners is the responsibility of passing on a prosperous Estate to the next generation. Estate Management is not a matter of preserving the past in amber, but responding appropriately and effectively to the challenges that the modern world presents with ever increasing rapidity.
Payne Hicks Beach has served the owners of Landed Estates since 1750. We currently act for over 50 Estates, varying in size from 750 acres to well over 30,000 acres.
We are experienced in guiding you through the difficult process of generational change and succession planning, including major Trust and Farming Business Reorganisations.
We can advise on tax matters, such as maximising Agricultural Property Relief for Inheritance tax and Entrepreneurs’ relief for Capital Gains Tax, but we can also advise regarding planning, protection from trespass and development issues, e.g. alternative energy schemes and diversification.
We specialise in advising Landed Estates on how to manage, and carry out effective tax planning, substantial collections of chattels. We have experience in acting on offers in lieu of Inheritance tax and other heritage property taxation matters, as well as negotiating public access and conditional exemption issues.
Your role is to prosper and preserve your Estate, our role is to make that possible.
Trustees & Fiduciaries and Family Offices
Trustees are in a position of trust, and that trust comes with many onerous duties. As well as ensuring the efficient administration of the Trust, tax and succession issues need to be addressed on a regular basis, and increasingly the compliance and disclosure requirements imposed on Trustees continue to rise.
Acting as a Family Office for a single, or multiple set of, families presents similar challenges to acting as a Trustee. However, the range of duties required, for example the oversight and management of all of a family’s investments, and the high level of faith placed in the Family Office by the family they serve can make working in such an environment challenging.
The international tax landscape for Trustees and Family Offices continues to change at an ever increasing rate. The recent alterations to the taxation of Offshore Trusts in the UK presented Trustees with numerous challenges on how to structure fiduciary structures tax efficiently. We are experienced in advising on how best to structure new Trust arrangements, and the restructuring of existing structures.
Disclosure has become an increasingly important topic for Trustees and Family Offices. The imposition of the Common Reporting Standard (CRS) has raised new difficulties in how to ensure the legitimate right to privacy. We are experienced in advising Trustees and Family Offices in how best to balance privacy desires with CRS requirements.
Looking long term Fiduciary structures and Family Offices can only ensure the prosperity of the families they serve if succession planning is properly addressed. We excel in taking the long view on generational change and have helped draft Family Constitutions, and restructured existing Fiduciary structures, to ensure that wealth passes efficiently down the generations.
Payne Hicks Beach has been serving the tax, trust and succession advice needs of UK individuals since 1750. During that time the laws, and names of the taxes, have changed repeatedly but the challenge remains the same; how to protect, enhance and pass down wealth to the next generation.
Your Will is probably the most important document that you will ever make in your life. Your Will is the cornerstone of a good succession plan to ensure that after your certain death your chosen beneficiaries, be they family, friends or charities, flourish. We can guide you through the tax and succession complexities so you can face your future death with at least one less concern.
Advances in medical science have resulted in ever increasing life expectancies. Whilst this is a huge benefit, it has come with a rise in rates of dementia. The loss of mental capacity, for example from Alzheimer’s or an accident, can be devastating to you and your family. We can ensure that you put in place a Lasting Power of Attorney (LPA) so that if the worst does happen your affairs can be looked after by your chosen attorneys.
We are experts in lifetime tax planning. Whether you are considering selling your business, developing land or restructuring your investments we can guide you through the complexities of the UK tax system to help you achieve your goals. We also specialise in setting up Trusts to efficiently hold assets for the benefit of future generations. Trusts are still an important tool to protect your chosen beneficiaries, especially from themselves if they are too young or not sufficiently financially mature to hold assets personally.
In England and Wales our clients benefit from the Court’s broad jurisdiction to protect those who are considered vulnerable. Classically that vulnerability has been defined in terms of mental capacity – defined by reference to the Mental Capacity Act 2005. But our experience extends further and includes applications relying on the Court’s inherent jurisdiction where no other remedy exists. In those cases we can use the Court’s powers to help clients who have run out of options in this and other jurisdictions.
Protecting those who are unable to make decisions for themselves is not only about safeguarding legal rights but also giving effect to very personal choices. At Payne Hicks Beach we approach this responsibility with the utmost sensitivity and discretion.
Diminished capacity is an issue that can affect clients at any stage in life: necessarily, it is a feature of childhood but, for some, reliance upon others to make legal decisions will continue into adulthood. At the other end of the spectrum, we know that the probability of declining cognition increases dramatically in old age.
At Payne Hicks Beach we are able to advise individuals (and those acting on their behalf) at all stages of life on their capacity to make legal decisions – whether in relation to care, welfare and medical treatment; family relationships; or financial affairs. In doing so, we aim to work as closely as possible with family members, trustees, attorneys and deputies to ensure that we are, not only safeguarding the vulnerable client’s legal rights, but also giving effect to their wishes and respecting their autonomy as far as possible.
Inevitably, where crucial decisions are being made about matters of life and death or financial arrangements, disputes will arise. Our specialist dispute resolution solicitors and our private client solicitors can also assist in pursuing such issues in the Court of Protection, balancing the continuing requirement to give sympathetic advice and support to our clients while robustly protecting their position.
Our specialist family lawyers are experienced in matters under the inherent jurisdiction of the family court, and on health and welfare disputes in the Court of Protection. They frequently act for children, incapacitated or learning disabled adults and their cases often involve family members, local authorities, healthcare bodies, individuals acting as Litigation Friends, and the Official Solicitor. They have particular experience in relation to deprivation of liberty, mental health and capacity, personal welfare applications, medical treatment applications and best interest decisions.
Our work includes:
- Estate planning to provide financially for family members lacking capacity
- Estate planning to 'future-proof' loss of capacity
- Drafting Wills and co-ordinating testamentary capacity assessments
- Preparing and registering Lasting Powers of Attorney
- Registering Enduring Powers of Attorney
- Statutory Wills
- Inheritance tax planning and gifts
Court of Protection and Contentious Capacity issues:
Property and Financial Affairs:
- Capacity determinations
- Best interests decision-making by the Court of Protection, including
- Applications for authority for gifting and inheritance tax planning
- Applications for appointment and/or replacement of a deputy
- Applications for the removal of a deputy
- Conducting litigation on behalf of those who lack capacity
- Challenging Wills for lack of testamentary capacity
Health and Welfare:
- All aspects of mental capacity
- Matters concerning medical treatment, contact, residence and care decisions
- Cases involving applications for or challenges to deprivation of liberty
- Applications concerning authorisation of medical assessments and treatment