We were approached by a UAE-based family who operate a large multi-jurisdictional business spanning a number of countries including the UAE and the UK. With the onset of UAE Corporate Tax and other legislative changes, the existing structure was no longer tax efficient nor suitable for commercial expansion.We also established that there was a potential UK Inheritance Tax exposure that the family was not aware of when first contacting us for support.
After various discussions to identify the family’s objectives and longer-term intentions, we provided a comprehensive written report that detailed how they would be impacted by the new UAE Corporate Tax regime, highlighted their current tax exposure, and provided possible solutions as to how these could be mitigated. Our advice considered potential future expansion, as well as the forthcoming Pillar Two global minimum tax rate, which will soon be implemented in 136 jurisdictions worldwide.
At the same time as advising on corporate tax we also considered other types of structures, such as UAE Family Foundations, that would allow the family to protect their assets and to facilitate their succession plans to pass on their personal assets and wealth intact to future generations.
If you would like any assistance with UAE Corporate Tax, or your wider financial affairs, please do get in touch today.
