Leaders List interview: 60 seconds with Jonathan Colclough, BDB Pitmans
This week’s 60-second piece is dedicated to Jonathan Colclough, BDB Pitmans.
Citywealth speaks to Jonathan Colclough, partner in the private wealth department of BDB Pitmans whose clients are UHNW and HNW individuals, trustees and family offices.
Tell Citywealth’s readers about your role.
I am a partner in the private wealth department of BDB Pitmans advising UHNW and HNW individuals, trustees and family offices on wills, trusts, tax, and cross-border tax and succession planning, for domiciled and non-domiciled individuals, their structures and businesses.
What are the most pressing issues you are dealing with in your role at the moment?
Complicated cross-border tax issues! Also how attitudes to wealth have changed over the years, or are viewed by clients from different cultures, and how us as advisers must adapt to ensure our advice is relevant and valuable to each generation.
If you could change an existing piece of legislation, what would it be?
Trustee borrowing rules (part of the Capital Gains Tax regime) which were introduced some time ago to catch a certain type of tax avoidance arrangement but which can have far reaching and costly consequences for offshore trustees who are carrying out “normal functions” such as funding, say, trust distributions from an underlying company.
How would your clients describe you?
I am not sure, it would depend on whom you asked! But they keeping coming back…Once a new client asked me for some references from some other clients of mine before deciding on whether to instruct me. He said a new employer would ask for them so why not a new client. Luckily, I got the job!
What does it mean to you to be a member of Citywealth’s Leaders List?
It is a privilege to be a member of such a great user rating directory which my clients and peers can use to share their feedback.
What is the most valuable piece of advice you have been given?
Ask the right questions.