Press Room

2 Apr 2020

Private client advisers react to COVID-19 – Miles Dean

Miles Dean, Head of International Tax, comments on the implications of COVID-19 on the private client tax industry.

Miles’ comments were published in Spear’s, 02 April 2020, and can be found here.

“The implications of COVID-19 are only just becoming clear. The pandemic is affecting the very fabric of our society, our freedoms and of course the economy. HNWIs might seem immune from the economic effects of the pandemic but with stock markets around the globe continuing to fall, many individuals, trustees and family offices have sought refuge in cash and precious metals.

“From a tax point of view (and if they haven’t done so already), HNWIs should consider selling and realising the losses on assets standing at a loss (known as ‘loss harvesting’). Obviously, they should only do this having taken account of investment considerations.

“If the individual has unrealised gains on other investments, those investments could be sold before the end of the tax year in order to offset the losses against these gains.

“Depending on their domicile and residency status, clients should also consider gifting assets into trust or otherwise reducing their estate by making gifts.”

Miles Dean

Miles is Head of International Tax at Andersen LLP. He advises privately held multinational companies, entrepreneurs and high net worth individuals on a wide range of cross border tax issues.

Email: Miles Dean