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Bernard Reed

Bernard Reed_web

Associate
Private Client & Tax

+44 (0) 20 7079 8512 download vcard
Bernard Reed_web

Bernard advises on most aspects of private client practice including tax and succession planning and asset structuring, wills and powers of attorney, administration of estates and, increasingly, charity set up and governance.

His clients are a mix of UK based and non UK based entrepreneurs, trustees and professionals. They often own UK land, art and other high value property.

Track Record

Offshore

Advised a non resident non domiciled director and majority shareholder of two offshore companies holding UK land (as well as the companies themselves) on the distribution of his non resident non domiciled brother’s shareholding among their siblings in Sharia proportions including in relation to reinstating one of the companies that had been annulled, the issue of new shares, the sale of the land, the protection of his position and the repayment of shareholder loans

Advised a non resident non domiciled family holding UK land on UK wills and co-ownership issues.

Landed Estates

Advised the trustees of a landed estate on compliance issues (both under trust law and the GDPR), as well as on trustee powers and protections in relation to a multi million pound facility agreement and hedging agreement

Advised the owner of a landed estate on the winding up and resettlement of a maintenance fund (including trust and tax issues) to ensure the estate’s long term future

Advised the trustees of a landed estate on setting up a trading partnership (including trust and tax issues such as swapping assets between funds and the availability of BPR for IHT)

Advised the patriarch and heir of a landed estate on succession planning in relation to the transfer of millions of pounds’ worth of personal belongings (including liaising with other advisers on value and tax such as conditional exemption for IHT). Also advised them and the trustees of the family settlements on reorganising the ownership of millions of pounds’ worth of land in the estate for the next generation (including various trust and tax issues such as APR for IHT and holdover relief for CGT)

Charities

Advised an entrepreneur on setting up a charity (including preparing the application and liaising with the Charity Commission) and on governance issues

Trustees

Advised the trustees of a disabled person’s trust on its tax treatment and the disentanglement of its funds from other family settlements

Advised the trustees of a will trust on winding it up including the practical, valuation and POAT issues of providing security for the life tenant with a long lease; the tax issues of appointing various charged and uncharged properties to the discretionary beneficiaries; the possibility of mitigating contingent IHT with life insurance; and the practical and tax issues of protecting the executors against a claim by indemnity and charge.

Publications

Trusts & Trustees, Keats and poetic licence: is equity La Belle Dame Sans Merci? 2018

Memberships

Law Society

STEP Affiliate

Education & Qualification

University College Oxford

Qualified as a solicitor in 2017

Offshore

Advised a non resident non domiciled director and majority shareholder of two offshore companies holding UK land (as well as the companies themselves) on the distribution of his non resident non domiciled brother’s shareholding among their siblings in Sharia proportions including in relation to reinstating one of the companies that had been annulled, the issue of new shares, the sale of the land, the protection of his position and the repayment of shareholder loans

Advised a non resident non domiciled family holding UK land on UK wills and co-ownership issues.

Landed Estates

Advised the trustees of a landed estate on compliance issues (both under trust law and the GDPR), as well as on trustee powers and protections in relation to a multi million pound facility agreement and hedging agreement

Advised the owner of a landed estate on the winding up and resettlement of a maintenance fund (including trust and tax issues) to ensure the estate’s long term future

Advised the trustees of a landed estate on setting up a trading partnership (including trust and tax issues such as swapping assets between funds and the availability of BPR for IHT)

Advised the patriarch and heir of a landed estate on succession planning in relation to the transfer of millions of pounds’ worth of personal belongings (including liaising with other advisers on value and tax such as conditional exemption for IHT). Also advised them and the trustees of the family settlements on reorganising the ownership of millions of pounds’ worth of land in the estate for the next generation (including various trust and tax issues such as APR for IHT and holdover relief for CGT)

Charities

Advised an entrepreneur on setting up a charity (including preparing the application and liaising with the Charity Commission) and on governance issues

Trustees

Advised the trustees of a disabled person’s trust on its tax treatment and the disentanglement of its funds from other family settlements

Advised the trustees of a will trust on winding it up including the practical, valuation and POAT issues of providing security for the life tenant with a long lease; the tax issues of appointing various charged and uncharged properties to the discretionary beneficiaries; the possibility of mitigating contingent IHT with life insurance; and the practical and tax issues of protecting the executors against a claim by indemnity and charge.

Trusts & Trustees, Keats and poetic licence: is equity La Belle Dame Sans Merci? 2018

Law Society

STEP Affiliate

University College Oxford

Qualified as a solicitor in 2017