Insider Insights: Morag Ofili

Morag Ofili was recently interviewed about the UK tax environment and how this has impacted her clients and their plans, following the election of the Labour Party in the UK.  Her interview is the lead article of the launch issue of Finding Margin, Knight Frank Finance Private Office’s new magazine.

1. A lot of tax lawyer bandwidth has been taken up by the recent Autumn Budget, the first of Labour’s fledgling government. Now that the dust is starting to settle and as we commence a new year, how are your clients reacting?

The Autumn Budget always prompts a flurry of activity, but this recent budget seems to have sharpened the focus on risk management with many clients rightly asking what steps they can take now to protect themselves before the rules change on 6 April 2025.

For example, many of my clients are proactively revisiting their tax positions, especially around residency and offshore income. For those in the private wealth space, there is a feeling of increased scrutiny from HMRC and the growing complexity of compliance.

In short, the dust is far from settled but the new year brings a great opportunity to get ahead of potential issues by tightening up documentation, reviewing areas of exposure and being proactive about your position…

2. Cutting through the hyperbole, are there any interesting nuances that you can pick out that others may have missed?

3. Are there any pitfalls you have seen people falling into, in this nascent environment, that others would do well to avoid?

4. What three things would you be saying to your clients in 2025?

 

“…The overarching message is this: while the tax environment may feel challenging, it’s also full of possibilities for those who approach it strategically and confidently.

By staying proactive, planning holistically, and fostering collaboration, I believe that clients can turn 2025 into a year of growth despite the current feelings of uncertainty…”

You can read Morag’s interview and a full copy of Finding Margin here (PDF) or via Knight Frank Finance Private Office’s website here.