Damian Bloom

Partner, Head of Private Client

“The commercially focused Berwin Leighton Paisner LLP has an impressive commitment to private client work, which shows in the ‘consummate professionalism’ of its team” (Legal 500 - 2015)
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Biography

  • Damian Bloom is the Head of Private Client with 20+ years’ experience advising clients.
  • Focused on tax, trust and estate planning for UK and international clients. Clients include UK and international entrepreneurs and other high net worth individuals, families and other fiduciaries.
  • Advising private banks and institutional wealth management clients on tax and trust aspects of investment structures, tax structured products, situs and source, remittance basis and other wealth management issues.
  • Introduced the first Statutory Residence App, available via the BLP website and app stores.
  • Recommended in The Legal 500 within: London: Private client Personal tax, trusts and probate; Personal tax, trusts and probate.
  • A member of the Association of Tax Technicians and STEP.
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Examples of Work

Damian Bloom work experience Damian Bloom work experience

Family Company

A client had a significant interest in a long established and valuable family company. He wanted to diversify, but a disposal of shares would have triggered a substantial gain and impacted on the market value of the shares. We put in place a hedge on the value of the stock and introduced a private bank, who was able to lend against the hedged shares. As a result the clients’ commercial exposure was reduced and the borrowed funds could be invested into a diversified portfolio.

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Family Property

A UK family had several commercial and residential properties, some of which were held within trust structures. Some (but not all) of the family members wished to develop one prime commercial property into offices and flats. We reorganised the personal and trust interests in the properties so that the commercial risks and benefits arising from the development fell on those carrying it out, but that the other family members were appropriately compensated. We also ensured that the trustees (who were also family members) were protected.

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Five Trust Reorganisation

Five trusts had assets including significant real estate assets and a diversified investment portfolio. The client’s trust structures had developed over many years, primarily established by a prior generation, but largely left alone for many years. As a result the structures had become inefficient and did not perform any structured or useful role for the wealthy family. We analysed the powers and tax position of each structure, and then over a period rationalised them to a point where there were fewer, more efficient structures, each of which served a different identifiable purpose going forward.

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Succession Planning

An Eastern European client was moving to the UK with his family. We put in place pre-immigration planning that enabled him to continue to manage his offshore business interests, and to have access to tax-free funds for use in the UK. The key issue was to be able to put the structures in place, whilst allowing the funds to continue to be invested as flexibly as possible.

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Asset Protection

The £500m trusts of a substantial private equity client were efficient from a tax perspective, but did not provide an effective succession vehicle, either in terms of the value of the trusts, or control over them. We updated the structure to bring the trust management and control, and investment mechanisms into the modern era, as well as ensuring that the powers currently vested in the beneficiaries effectively pass to the next generation.

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International Private Banking

A private bank wanted to review their whole range of investment services and products, across all investment classes including bonds, equities, funds, derivatives, unit trusts, and fiduciary deposits, across several jurisdictions. Their aim was to be able to provide a full range of services to non-UK domiciled individuals, taking into account their tax position. We were able to advise on appropriate structures, and put in place training, as well as a series of checklists, flow charts, structure diagrams, guidance notes and FAQ’s to broaden their services, whilst reducing their tax and regulatory risk.

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