Camilla Wallace - Spear's Magazine

Camilla Wallace

Wedlake Bell

Camilla Wallace
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‘Take advice regularly from professionals and not on the golf course or at the marina,’ says the straight-talking Camilla Wallace, head of the private client group at Wedlake Bell, where she specialises in both offshore and onshore trust structuring.

Wallace also advises trustees and beneficiaries in relation to the management and administration of trusts and estates. Having trained at a top US firm in London, Wallace moved to Macfarlanes before joining Wedlake Bell in 2007 where she made partner just six years after qualifying.

Trusts are as popular as they ever were for tax mitigation, asset protection and responsible estate planning, she says. However, ‘timing is crucial and not all assets can pass into trust without a UK tax charge’. Alternatives such as family investment companies and family limited partnerships have helped fill the gap.

Tax can and should participate in creating intergenerational fairness, says Wallace, simply because millennials have much less than their predecessors had. ‘A reduction in the rate of IHT would help see more capital pass down to the next generation – and less motivation to find ways to avoid paying it – or at least an increase in the personal allowance,’ she says.