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team were able to successfully apply to the UK Court for the original transfer of the shares into the trust to be “rescinded” or set aside, saving the family a seven figure sum in tax.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