The department, led by chief executive Phil Games, has built up an enviable reputation due to its expertise and experience.
Our lawyers have proved they have a flair for creating solutions that are innovative but workable and the team offers a responsive and discreet service.
The Private Client department advises wealthy local and international families who want to restructure their personal and commercial interests. We also work with other professionals to create bespoke off-shore and multi-jurisdictional structures such as trusts and companies for use in tax planning.
The practice has many years experience advising individuals on all aspects of relocation to the Isle of Man including local taxation, property acquisition, residency restrictions and immigration. Where necessary the Private Client department will liaise with other specialists both within Simcocks and externally to provide assistance with wealth retention and succession planning.
Staff can give clear and expert advice on every aspect of making a Will to ensure the smooth management of an estate and to make certain assets are dealt with according to a client’s wishes.
Simcocks has produced a guide on Wills and compiled a questionnaire to help cover some of the issues that arise when preparing a Will.
Our probate service covers all aspects of probate and the administration of estates. The team has excellent local contacts and can deal with the complex matters arising from administering an estate, collecting assets and paying liabilities as well as dealing with the courts.
Our lawyers have a proven track record in working effectively with offshore clients who need to implement estate planning and have considerable experience with the administration of international estates that hold multi-jurisdictional assets.
Financially the Isle of Man is very attractive. There is no capital gains tax, no inheritance tax and no stamp duty. In the 2015 Budget single people pay tax at 10 per cent on the first £10,500 of taxable income and 20 per cent on the balance up to the cap - personal income tax is capped at £125,000 per individual. Married couples pay tax at 10 per cent on the first £21,000 of joint taxable income and 20 per cent on the balance up to the cap. The personal allowance for a single person is £9,500 and for a married couple £19,000.
Details of rates and allowances can be found on the Isle of Man Government's website