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DEFENSIVE ACTION FOR THE FUTURE

The utter and complete banjax which May has made of the Brexit “negotiations” has bred a climate of uncertainty politically and socially – anybody other than Rip Van Winkle will sense this.  This unfortunate situation, coupled with the popular conception that her ineptitude has lead to an almost certain eventuality that she will hand the keys of Number 10 to Corbyn.  These two factors have (not coincidentally) lead to an increasing number of the clients of the practice of looking at how best to protect themselves into the future.  We have rendered the usual advice – for examples, buy some gold, convert some funds from Sterling to US Dollars, look to retire outside the United Kingdom preferably to a location with a better tax regime (which will be much easier to find under a Corbyn administration).  In addition, we are receiving a growing number of inquiries (mainly from existing clients) as to the feasibility of transferring the management of their affairs (whether accountancy, personal taxation, corporate taxation, payroll, bookkeeping services and the like) from our offices in England to our offices in Gibraltar.  Our answer is entirely that the concept is wholly dependent upon the circumstances of the enquirer.  Today we are blessed (?) with highly sophisticated systems of communication which are improving all of the time (for examples Skype and Secure Portals).  These improving systems make it entirely practical for those clients who are unafraid of the technology to be managed from Gibraltar.  We are now looking after more and more third generation clients and these concepts are second nature to the second and third generations – not so much for some of the first generation.  To cater for the less techno minded clients we are geared up to use snail mail, courier services and the like.  Strangely, although we do not seek applications from persons who are not existing clients of the practice, we do receive third party enquiries seeking to instruct us and for a variety of reasons – from simply wanting to avoid Value Added Tax (our costs a free of Value Added Tax in the Gibraltar office) to constructing a legal firewall around their affairs (in other words enhanced privacy while still being wholly compliant with the regulations here and in Gibraltar) to starting to create a professional relationship with advisors outside the United Kingdom who will be able to manage their affairs competently no matter where in the world they may be.

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