Investing in the United Kingdom
More than just lawyers
One firm, 400 talented individuals About Michelmores Founded over 125 years ago, Michelmores is a top 100 UK law firm, with 60 partners and a total staff of over 400. We specialise in providing Business, Real Estate and Private Client legal advice to a range of national and international clients. We look after a long and growing list of companies seeking to invest in the UK. A dedicated client partner spends time with each client to ensure that we understand your business, strategy, people and culture. We are passionate about the service we provide and believe that we are uniquely placed to work in partnership with you in realising your ambitions.
Key facts about Michelmores •
Offices in London, Bristol and Exeter
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Winner of ‘Corporate Law Firm of the Year ‘ at the 2012 SW Business Insider Dealmakers Awards
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Winner of ‘Regional Law Firm of the Year’ at the Citywealth Magic Circle Awards 2013
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Ranked as a ‘Leading Firm’ by independent legal directories, Chambers & Partners UK and Legal 500
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Sunday Times Best Companies to work for Guide 2013 ‘One star’ status
International capability
Norway
We act for UK and international clients undertaking cross border and international investment activities worldwide. For business and private clients our services include: • • • • •
Canada France
foreign direct investment (into the UK and overseas) private equity and funds real estate investment corporate investment tax efficient off-shore trusts
Spain
USA
Sierra Leone Ivory Coast
We are a member of IAG International, a group of independent legal and tax firms around the globe. This membership provides us with an international network of trusted professionals, who can assist in advising on non-UK law. Michelmores represents clients based in, or investing in, a large number of overseas territories. Current and recent jurisdictions include:
Finland Germany Switzerland
Denmark
Brazil
Italy Turkey Uganda DRC
Ghana Nigeria
Tanzania
Cameroon
Chile
Russia Iraq
China Bangladesh
Israel Pakistan Yemen
India
Kenya Zambia Madagascar
Mongolia
Japan
Hong Kong Cambodia Indonesia Vanuatu
Angola Mauritius
South Africa Argentina
Zimbabwe
Malawi
Mozambique
Australia
Our reputation for business Corporate finance is at the heart of the Michelmores success story. Our success is built on a reputation for intuitively sound commercial advice. People use and recommend us because of the quality of our people and the depth of experience across the whole team.
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an exemplary reputation for providing high-end corporate advice to national and international clients Chambers 2013
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Business investment in the UK We advise on: •
Corporate and commercial law, including company formation or acquisition
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International investments and transactions
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Public and dual listings
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Offshore trusts for foreign nationals
Our team offers a complete corporate and commercial service, both for UK companies with international businesses or interests, or foreign companies with UK subsidiaries. We are also able to advise on commercial contracts under English Law, foreign outsourcing and procurement agreements, and international trademark registrations. We provide a specialist international investment and transactions service, including mergers and acquisitions, joint ventures, corporate finance and banking transactions, and foreign direct investment (both into overseas jurisdictions and the UK). Our corporate team can advise and assist on a wide variety of complex cross-border transactions in some of the most challenging emerging markets. Public and dual Listings. A stock can trade on more than the one exchange on which it is listed, so long as it meets all of the exchange’s listing requirements. This can be an attractive option as it increases a stock’s liquidity, allowing investors to choose from several different markets in which to buy or sell the company’s shares. Typically the bid-ask spread on the stock tends to decrease as well. A dual listing will also help to establish an international presence. Michelmores can advise on all aspects of the UK listing regime. Our specialist team offers a full advisory service for high net worth foreign nationals and their families, whether they are domiciled in the UK or elsewhere. This may include the setting up and management of tax efficient offshore trusts and other vehicles that may be required to acquire, manage and dispose of property or other family and business assets in the UK or other jurisdictions. For more information, see our Guide to Trading in the UK brochure.
Our reputation for real estate Michelmores is recognised as a leading force in real estate law. The firm draws upon its vast experience and depth of knowledge to provide individuals and teams of lawyers with the exact skill sets required to meet any property challenge. Our Real Estate team has a wide and specialist involvement building a considerable reputation for site acquisition, assembly and disposal, residential, retail, industrial, office and leisure developments as well as infrastructure and planning agreements.
“This team is a dominant force ” Chambers 2011
Investing in UK real estate The United Kingdom has been an established destination for investment for a long time. Starting with our history as a merchant trading nation, our strategic time zone location between the Far East and the America’s, and a stable political economy, through to the modern day ‘Brand’ which was emphasised by the Olympics and the Royal Golden Jubilee, this is now as strong as it has ever been. The digital age of immediate movement of information and money has also been a factor, as has the instability in other regions of the world. One of the main asset classes for foreign investment is real estate – which includes both residential and commercial property. Residential properties can simply be held for personal use or can be let as investment property in order to produce a rental income. Residential investment property is now a significant asset class in its own right. Commercial property is almost always held as an investment in order to produce a return by way of rental income. Few businesses own their own operational premises as this is usually seen as an inefficient use of capital within their particular sector. The UK real estate investment business is mature and well-established and benefits from the wellestablished UK legal system and high quality of specialised professional advisors offering reliable legal, agency, valuation, construction, maintenance, management, planning and development advice throughout the entire lifecycle of a real estate asset. The partners and associates in Michelmores’ Real Estate team have a great deal of experience of all aspects of real estate investment and have acted for a number of central and local government agencies, UK and foreign institutional investors and developers, ultra-high net worth individuals and sovereign wealth funds. Through our experience and our work with these clients we have a strong network of contacts in all areas of expertise required in order to advise on: acquisitions, disposals, tax efficiency, lettings, and managing and developing real estate assets (from residential apartments to central London super prime homes, office blocks, industrial property and shopping centres). We also have a strong and highly regarded property development practice advising on direct development, debt financing, joint ventures and syndicates.
Our reputation for private client advice The Private Client team comprises over 50 lawyers and provides comprehensive advice to individuals, families and businesses. Much or our advice concerns structuring international private wealth that has a UK-facing element to ensure tax efficiency, effective control and asset protection. We have built our reputation on providing accurate, practical and commercial advice. The scope of the team is wide, but at its core is wealth protection, enhancement and succession.
Advice to individuals and families
Advice to businesses
Advice to individuals
We are recognised as one of the leading firms in advising private clients on a broad range of issues relating to family matters, estates and private property, tax planning and family and divorce issues.
Our clients include business owners, landed estates, agricultural businesses, entrepreneurs, financial institutions and trust companies.
We provide a full advisory service for high net worth foreign nationals and their families, whether domiciled in the UK or elsewhere. This may include the setting up and management of tax efficient offshore trusts and other vehicles that may be required to acquire, manage and dispose of property or other family and business assets in the UK or other jurisdictions.
We also act for international private clients, both those resident but non-domiciled in the UK, and those not resident in the UK. We advise on all aspects of wealth structuring, succession planning and UK tax planning, and help to protect wealth and manage succession issues effectively.
Increasingly our advice incorporates international elements: we advise on trustees’ powers, obligations, risk management and the tax efficient administration of trusts with multi-jurisdictional settlers and beneficiaries. We understand the importance of long-term solutions to ensure the success of your business, both now and in the future.
bring a level of service and sophistication “They that appears to be unmatched in the area” Chambers 2014
Tax Our tax advice enables clients to: •
Invest and live in the UK tax efficiently
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Acquire UK real property in a tax efficient way
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Undertake strategic estate planning to ensure the tax efficient and orderly succession to family wealth
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Ensure compliance with UK reporting requirements
Corporate tax Listed below are some of the key tax issues to consider. If a company is incorporated in the UK, it will be tax resident in the UK for: –– Corporation tax –– Income tax –– Capital gains tax –– Value added tax –– Stamp duty & stamp duty land tax UK employers must deduct income tax and National Insurance contributions from their employees pay and submit these payments to HM Revenue & Customs under the ‘Pay As You Earn’ scheme. The business profits of a branch or permanent establishment are taxable in the UK as well as potentially some of the business profits of the overseas company, if the parent company is considered by HM Revenue & Customs to be an integral part of the business carried on by the branch in the UK. If a UK subsidiary is established, only the profits of the UK company will be taxable in the UK. We are happy to assist with any tax queries that you may have.
Contact Us
Meet the team
For further information on any aspect of this introduction to Michelmores, please contact:
Business team
Real estate team
Private client team
Stephen Morse
Roger Fink
Dennis Lee
Partner - Head of Business
Partner
Associate
[email protected]
[email protected]
[email protected]
Paul Paling
Emma Honey
Carol McCormack OBE
Partner - Head of London
Partner
Partner
[email protected]
[email protected]
[email protected]
Jonathan Riley
Sandra Brown
Will Michelmore
Malcolm Dickinson - Managing Partner
Partner - Head of Private Wealth
Partner
Senior Partner
[email protected]
[email protected]
[email protected]
Telephone: +44 (0) 20 7659 7660 Email:
[email protected]
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Michelmores LLP 48 Chancery Lane London WC2A 1JF
T: +44 (0) 20 7659 7660 E:
[email protected]
www.michelmores.com
[email protected]
