Successful collaboration between two IR Global members from UK – London based law firm Colman Coyle Solicitors and Michael Parkinson of UK accountancy firm Barnes Roffe LLP saves the client a seven figure sum in tax

Successful collaboration between two IR Global members from UK – London based law firm Colman Coyle Solicitors and Michael Parkinson of UK accountancy firm Barnes Roffe LLP saves the client a seven figure sum in tax

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Colman Coyle logo
Barnes Roffe
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On referral of a fellow IR Global member Michael Parkinson of a prominent UK accountancy firm Barnes Roffe LLP – Colman Coyle’s Corporate team were initially instructed in relation to a management buy out of a family business in the UK.  Some of the shares in the UK company were owned by a family trust but following the input from Colman Coyle’s Private Client team, it transpired that due to the wording of the trust, which had been set up some time ago, and the transfer of shares at the time, there would have been considerable adverse tax consequences for the family if matters had been left as they were.

As a result, Colman Coyle’s Litigation team were able to successfully apply to the UK Court for the original transfer of the shares into the trust to be “rescinded” or set aside, saving the family a seven figure sum in tax.

Colman Coyle has considerable expertise and experience in relation to working with accountants and tax advisers on various corporate matters, family businesses, trust issues and related Court applications and this particular case illustrates the way the  different departments in the firm work together to provide an integrated service for clients, identifying problems and overcoming them and it is yet another example of a successful collaboration between the IR Global members.

If you would like to discuss the issues raised here, please contact either Oksana Howard oksana.howard@colmancoyle.com or Patrick Green patrick.green@colmancoyle.com on +44 (0)20 7354 3000.

Patrick Green guest speaker at Wellcome Collection Musuem for Marie Curie

Patrick Green guest speaker at Wellcome Collection Musuem for Marie Curie

Patrick Green was delighted to once again be invited by Marie Curie to discuss a wide range of key issues with wills, inheritance tax, charitable legacies and deeds of variation.

The event took place at the Wellcome Collection musuem in Euston on Friday 20 May 2022.

Patrick received outstanding praise, with one guest commenting “I did not realise we could give more to charity but my children still receive the same and will therefore be amending my will to reflect that”.

Colman Coyle are pleased to work with charities and not for profit organisations. We have been pleased to assist Marie Curie with the “Gift for the Future” events taking place in London.

Colman Coyle has considerable experience in advising in relation to the preparation of wills and related areas and if you would like to discuss, please contact Patrick Green on +44 (0)20 7354 3000 or patrick.green@colmancoyle.com.

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Patrick Green guest speaker at Marie Curie ‘Gift for the Future’ event

Patrick Green guest speaker at Marie Curie ‘Gift for the Future’ event

Patrick Green was delighted to be a guest speaker at the ‘Gift for the Future’ event hosted by Marie Curie on Thursday 21 April 2022.

The event took place at Capel Manor Gardens in Enfield and Patrick presented both the morning and afternoon session. Patrick discussed a wide range of topics including key issues with wills, inheritance tax, charitable legacies and deeds of variation.

The audience across both sessions found the talk very informative with one member commenting “Thank you for the talk on inheritance tax – this will be so helpful for me”.

Colman Coyle are pleased to work with charities and not for profit organisations. We were delighted to assist Marie Curie and look forward to attending a future event in May.

Colman Coyle has considerable experience in advising in relation to the preparation of wills and related areas and if you would like to discuss, please contact Patrick Green on +44 (0)20 7354 3000 or patrick.green@colmancoyle.com.

Please find below a few pictures from the event.

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Gift and Loan Agreements Between Family Members

Gift and Loan Agreements Between Family Members

An article in the Sunday Times on 30th January highlighted some of the problems that can arise with gifts or loans between family members and buying a property.

In the particular case discussed in the article, a couple married and the husband’s father lent his son £250,000 as a deposit for the couple to purchase a property.

The couple bought the property but tragically, the husband died young and unexpectedly.  His father then requested the loan to be repaid and it transpired that the widow had never been aware that what she thought of as a gift to herself and her late husband was in actual fact a loan and had to be repaid.

Whilst this case is undoubtedly very sad and, in some ways, specific on its facts, it does highlight some of the risks involved in financial arrangements within families, the importance of openness between all parties and ensuring that all documentation is drawn up and available.

For example, parents lending money or gifting money will want to have this recorded and could well be concerned about potential divorces in the future.  Equally those receiving money need to think about things like life assurance and their own wills and possible pre- or post-nuptial agreements to ensure that they have the legal framework in place to cope with unexpected problems that can sadly arise.

Colman Coyle has considerable experience in advising in relation to life time gifts and the purchase of property as well as the preparation of wills and related areas and if you would like to discuss the issues raised here, please contact Patrick Green on +44 (0)20 7354 3000 or patrick.green@colmancoyle.com.

Patrick Green

Patrick Green

Senior Associate

How the increased variety of family structures can lead to a dispute

How the increased variety of family structures can lead to a dispute

An article in the Sunday Times on 3rd October highlighted how the increasing variety in family structures is a factor leading to increased litigation following a death of a family member.

The article picked up on some high profile disputes and mentioned that the number of cases has probably risen by around 50% in just a couple of years. However, the full extent of this issue is harder to gauge as the vast majority of cases never reach the court, but it is probably fair to say that there are numerous disputes of this type every year.

Often, people face a dilemma as to how they may benefit their spouse or partner on their death but also make provision for their own children, step-children, and indeed other relatives.  This dilemma is often at the heart of the problem but probably the best advice, is that doing nothing and hoping the issue will resolve itself is not likely to help matters.

The key to avoiding, or at least minimising, these issues lie in having a properly drawn up will which is flexible enough to reflect the interests of different family members. In particularly difficult or complicated family situations, leaving guidance or a letter of explanation as to why things were done in a certain way can often be a great help, as can raising issues during one’s lifetime.

Whilst people are free to leave their estate on their death as they wish, there is also legislation which allows certain categories of potential beneficiaries such as spouses, children, and others to make a claim against the deceased’s estate on the grounds that reasonable financial provision has not been made for them.  Such a claim is not guaranteed to succeed but it is something to bear in mind when drawing up your will, as the costs of a disputed will or inheritance can be considerable.

Colman Coyle has considerable experience in advising in relation to the preparation of wills, and estate planning, as well as advising family members after a death, and if you would like to discuss the issues raised here, please contact Patrick Green on +44 (0)20 7354 3000 or patrick.green@colmancoyle.com.

Patrick Green

Patrick Green

Senior Associate

Colman Coyle, Hawksford and Russo-British Chamber of Commerce to host a hybrid event on investing in buy-to-let property in the UK

Colman Coyle, Hawksford and Russo-British Chamber of Commerce to host a hybrid event on investing in buy-to-let property in the UK

Colman Coyle are delighted to host a joint event along with Hawksford and Russo-British Chamber of Commerce in relation to foreign investors looking at buy-to-let property in the UK.

The panel of speakers from Colman Coyle include Oksana Howard (Corporate and International), Patrick Green (Private Client) and Sayrha Elahi (Property) and will be a good opportunity for attendees to learn more about the buy-to-let property market in London and the UK.

The event will take place on Tuesday 14 September 2021 at The Clermont Hotel in Charing Cross, and it will also be broadcasted via Zoom.

If you wish to find out further information or register your attendance (either in person or remotely) please sign up through the RBCC website here: https://bit.ly/3j5EVEa

Colman Coyle act for a significant number of foreign investors in the UK. If you have any questions on how we can assist or would like to discuss this event, please contact Oksana Howard on +44 (0)20 7704 3446 or oksana.howard@colmancoyle.com.

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