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Tax and Jurisdictions

Italian tax authorities are investigating the Agnelli family, owners of the car manufacturers Fiat, after allegations were made that Gianni Agnelli, the late Fiat chairman, hid €1 billion of undeclared assets in Swiss bank accounts.

Creative thinking and greater efficiency can counter some of the challenges facing family offices during the crisis according to a leading family office lawyer.

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

The financial crisis has changed the financial services industry as we know it. Markets are focusing more on risk management, stock markets are volatile and corporate bonds not as safe.

Tax is never far from the headlines in an average year, but it has demanded particular attention in 2009. Conscientious wealthy families and their family offices have been reassessing their tax arrangements in light of this hiatus of activity. However, it is important to remember that tax planning is much more than a simple financial calculation.