Webinar: COVID-19 – opportunities and issues for international clients and their asset holding structures
There is no vaccine for asset holding structures against changes in economic, tax and personal circumstances. After addressing in recent years new rules on taxation and transparency, international clients now face the significant challenges of the COVID-19 pandemic and the economic and fiscal policy interventions which will follow.
On Tuesday 2 June, this webinar considered the impacts currently being felt due to COVID-19 and the steps and opportunities clients, their advisors and trustees should be thinking about as we all emerge from the crisis.
Our multi-disciplined panel, representing each of the advisory roles typically involved in advising international clients and their asset holding structures, included:
Edward Stone, Partner at Womble Bond Dickinson (UK) LLP
Tom Dupernex, Client Advisor at UBS Wealth Management
Grant Wilson, CIO at Asset Risks Consultants
Randall Krebs, Director at Harbour International Trust Company Limited
Ben Grist, Partner at Dixon Wilson Chartered Accountants
Will Ford, Partner at Womble Bond Dickinson (UK) LLP.
Chaired by Edward Stone, they considered:
Immediate banking and investment issues – dealing with clients' and trustees' current needs and concerns – including repositioning portfolios and emergency liquidity
Longer term investment perspective– will the investment landscape look very different once the pandemic has abated
Trustees – dealing with beneficiaries' concerns and ensuring structures remain fit for purpose
Compliance – looking at "going concern" concerns for directors and trustees and ensuring any UK resident settlors and beneficiaries are in the best shape to access opportunities prior to any tax hikes
The new fiscal normal – will there be a re-setting of tax policy, increased rates and/or restrictions of reliefs, and how might clients and their trustees prepare.