Jitu Shah - Spear's Magazine

Jitu Shah

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Jitu Shah
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Soft-spoken, intelligent and highly observant, Jitu Shah believes the HNW world is suffering from a dual paralysis. ‘People aren’t making any decisions because of Brexit: property transactions seem to have come to a standstill, especially among foreign buyers,’ he notes.

The other thing on everybody’s minds is inheritance tax, which was reformed last April. ‘The timing is totally wrong,’ says Shah. ‘It’s much too big an overhaul to combine with the nebulous uncertainty surrounding our exit from the European Union.’

Pre-2017, non-residents used to own property via offshore companies; now they’re still
liable to the tax. ‘That means many are restructuring, many are gifting it to their children or putting it in the names of their spouses. It’s relatively easy tax planning,’ he explains.

Known for his discretion and unassuming manner, Shah advises primarily Middle Eastern and Far Eastern entrepreneurs on day-to-day business, financial management and tax positioning. Born and raised in Mombasa, he moved to the UK as a teenager and has worked in the same Old Bond Street office for 34 years.

‘I think it’s very important for a tax adviser to understand different cultures,’ he says.
‘Clients aren’t necessarily looking for the most brilliant accountant, they’re looking for someone they feel they can trust.’