PROTECT YOUR WEALTH IN THIS COVID-19 WORLD
COVID-19 has not just caused incalculable personal devastation around the World including the deaths of many loved ones but also seems set to leave us facing a World Depression on a scale unimaginable since the Great Depression in 1929. Already there is much anecdotal evidence of people hoarding money, not paying 3rd party debts together with many household names going into liquidation and an expected unemployment rate of at least 20%.
In such a World, the need to protect existing assets probably built up over a lifetime is now imperative before its too late! Fortunately, there are legal measures that can be taken to protect your wealth but only if currently there are no pending or known legal actions against you or companies you own.
Provided this is the case, then establishing a case law supported private interest foundation (PIF) could give you and your family the protection you and they the deserve but like everything in life they must be established correctly if they are to withstand any future attack.
In particular, it is vital that any donated assets are taxed and unencumbered, that there is a genuine control of the foundation by independent and licenced lawyers (or chartered accountants) supported by suitable professional indemnity insurance together with professionally drafted bespoke regulations that emulate as much as possible the administrative criteria deemed acceptable by case law in England dating back as far as 1967.
WHY A PIF?
With respect to why a PIF and not a trust, the main benefit is that PIF regulations are almost always far more flexible than the equivalent trust allowing the beneficial founder (basically equivalent to the settlor in a trust) during his or her lifetime to have reserved rights including the right to:
- Dissolve the Foundation;
- Change foundation council management from one licensed firm of lawyers/accountants to another;
- Change the list of beneficiaries and/or their respective benefits
Obviously PIF’s may not be ideal for every situation and in fact trusts may be more suitable for those living in civil law jurisdictions but the main point is that anyone who wants to protect their hard-earned wealth should speak to a suitable qualified firm of professionals such as SCF which has over 25 years of experience in both PIF’s and trusts.
For a free initial consultation please use the form to the right.
To read more about the benefits of foundations and trusts please CLICK HERE
HELP US TO HELP YOU
We live in unprecedented times and appreciate that clients without foundations may be finding it more difficult than normal to pay their annual and/or company management fees. To this end, please note that our consultants have been advised to be as flexible as possible remembering that 3rd party agents, nominees, lawyers and government departments still all need to be paid. If you feel that you need to discuss your annual payments then please try and do so well in advance of the actual due date to enable us to liaise with all parties and put together a payment plan during this crises period.
To contact a consultant please use the form to the right.
PRIORITY ENQUIRY FORM
(Strictly Confidential No Obligation)
SCF Legal & Corporate Management Services Limited
Address: 250 Kings Road, Chelsea, London SW3 5UE
Telephone: 020 7731 2020 Email: enquiries@scfgroup.com
Registration number: 05462416
© SCF INTERNATIONAL 2023
A FULL RANGE OF LEGAL, ACCOUNTANCY & COMPANY MANAGEMENT SERVICES
The SCF International specializes in providing accountancy and management services for UK and Irish limited companies, UK & Irish company management services including the provision of (where necessary) domestic directors, domestic company secretaries, registered office address services, trading offices, value added tax (VAT) registration and management, payroll (Pay as You Earn PAYE), opening up and managing UK or Irish bank account facilities, raising invoices and any and/or all other services required to establish a bone fide managed and controlled UK or Irish limited liability company.
Our in-house team of legally and accountancy qualified experts can also provide advice on current UK & Irish tax laws/provisions including anti-avoidance provisions, EU directives and regulations, the impact of BREXIT for both UK and EU based businesses and other relevant. In addition, where required the SCF Group can also set-up and arrange the management of companies in tax efficient EU based jurisdictions such as Cyprus, Luxembourg or Malta or indeed any jurisdiction in the world including those in the Middle and Far East.
Property de-enveloping services – In conjunction with leading UK firms of solicitors SCF can help transfer companies currently held by what were known as ‘offshore’ companies into either more tax efficient UK companies or directly back into the names of individual beneficial owners’ often without attracting stamp duty land tax (SDLT) but still avoiding the advance tax on enveloped dwellings (ATED).
Our fiscal migration and tax planning department is operated by qualified lawyers and accountants and can advise both domiciled and non-domiciled individuals on how to mitigate their individual and corporate tax exposure be it in the UK or abroad. Our legal & business department can provide specialized advice on all domestic and international tax planning issues but also upon ‘key’ issues such as asset protection be it in the form of trusts and private interest foundations (PIF’s). In particular, SCF can provide advice to those intending to relocate to the UK on how to do so in the most tax efficient way.
[/vc_column_text][/vc_column][/vc_row]