Matthew specialises in private wealth law matters, with a particular focus on providing easy to understand advice on UK inheritance tax, capital gains tax and income tax.
Matthew’s experience includes advising both UK nationals on their personal tax and succession affairs, and international individuals on UK matters including residence, domicile and remittance issues.
He also advises trustees of both UK and non-UK trusts, and has extensive experience of setting up and advising UK charities.
Matthew regularly writes on private wealth issues and furthermore is a member of STEP.
"My primary focus is to relieve some of the stress and other burdens that modern life places on our clients by providing swift and succint advice and action."
My matter highlights
Acting for the executors of the estate of a high profile public figure including dealing with issues such as valuing royalty payments and asserting rights over intellectual property. Consequently advising the trustees of the charity to which the estate had been left, that had been created by the deceased during his lifetime, on the implementation of its charitable purposes.
Acting for the executors of the estate of a leading figure in the motorsport industry and dealing with a number of specialist issues connected to that industry.
Advising the trustees of a variety of high profile charities on their creation, registration with the Charity Commission and HMRC and the trustees’ ongoing duties under charity law.
Advising a UK tax resident, non-domiciled individual on a series on interconnected offshore trusts that held UK residential assets valued at over £30 million. The work involved the application of the complex transfer of assets abroad rules and capital gains tax matching legislation and reporting the relevant information to HMRC on my client’s behalf. The client was assisted in successfully claiming the tax exemptions known as the “motive defences” and with the conclusion of a HMRC enquiry to the full satisfaction of the client. More recent work involved amending the structures to remain optimal in line with changing UK tax legislation.
Assisting a client with his proposed purchase of a Formula 1 race car for personal use. The deal required a multi-discipline team to co-ordinate their efforts and specifically required Matthew to advise on the tax implications of the purchase taking into account the client’s non-domiciled position, potential remittances to the UK and his intended plan to transport the vehicle around Europe racing the most famous circuits.
Advising a non-UK domiciled and resident individual who owned UK commercial properties on the succession planning options available to them in order to allow their children to benefit from those assets whilst maximising tax efficiency and retaining protection of the assets for those children from claims by third parties
My testimonials and accolades
“Matthew Biles is an outstanding solicitor. He dealt with a complex probate/ inheritance tax situation in a thoroughly efficient and professional manner. I would highly recommend him”
My recent publications
News / New sweeping blanket requirement to register nearly all UK connected trusts under Fifth Anti-Money Laundering Directive
Whilst the Fifth EU Anti-Money Laundering Directive (5MLD) came into force on 6 October 2020 with little fanfare, the impact it will have on trusts with a UK connection could well be dramatic. In essence, the 5MLD implements a number of strict anti-money laundering requirements; a number of which have now been extended to nearly all trusts including non-taxpaying trusts, which to date were exempted from such reporting.
Insights / Entrepreneurs and private wealth: will your company be able to remain operational if you die?
Key considerations that entrepreneurs and other business owners/managers should bear in mind: what happens at your death if planning hasn't been undertaken to anticipate the potential complications.
News / From 6 April 2020 any capital gains tax due on a sale of a residential property must be paid within 30 days
From 6 April 2020, UK resident individuals, executors and trustees who sell a residential property in the UK will have 30 days to report and pay to the UK tax authorities, HMRC, any Capital Gains Tax (CGT) owed following completion of the sale. If the 30 day deadline is missed, HMRC may levy a penalty as well as charging interest on any late payment.
News / Executing your will in the time of COVID-19
The execution of Wills can be complex at the best of times and those doing so will want peace of mind that they have done it correctly. In light of the UK Government’s most recent guidance restricting the movement of the general public in order to limit the spread of COVID-19, there are more challenges than ever before to ensure that a Will is validly executed in England and Wales.
Blogs / A nasty surprise for off plan buyers
In the recent case of HMRC v Higgins (2018 UKUT 280) the Upper Tax Tribunal ruled that “off plan” property purchasers will not be able to claim the traditional relief from capital gains tax (CGT) for the period prior to them moving into their new properties.
Blogs / Requirement to Correct: HMRC’s new 200% tax penalty regime
From 30 September 2018, HMRC will introduce a new, more severe penalty regime that will apply to any unpaid UK tax connected to non-UK (otherwise known as ‘offshore’) assets. At its starting point, this new regime imposes financial penalties of 200% on any such unpaid tax, and the rules require a minimum of 100% to be levied, irrespective of taxpayer co-operation.
Blogs / The inheritance tax issues facing foreign nationals owning UK property
The UK has historically been, and indeed remains, an attractive proposition for foreign nationals to live, work and invest their money In past years a buoyant property market has led to large numbers of foreign nationals acquiring UK assets, often UK residential property, as an investment Recent falls in the value of sterling following the Brexit vote have only increased the attractiveness of such investments However, such investors should always consider carefully the UK tax implications and succession issues that may arise from holding and later disposing of such an asset, or dying whilst still owning a UK property
Blogs / Protecting Trusts
On 6 April 2018 the second round of the UK government’s most recent legislation impacting non-UK resident trusts (also known as offshore trusts) will come into effect. The new legislation has introduced the concept of a “protected” offshore trust; a trust settled by a non-UK domiciled individual before they are deemed UK domiciled (now triggered by 15 years of residence within a 20 year period) and who does not have a UK domicile of origin.