Tax and Trust expert Steve Meredith has joined Red Kite Law, the newest and biggest law firm in West Wales.
Mr Meredith, 50, has moved from Gabb & Co in Abergavenny, where he was Head of Private Client for 10 years, specialising in family trusts and tax planning work for individuals, farmers and family businesses.
“My experience is in dealing with people with high net worth and I am looking forward to developing this part of the portfolio for Red Kite Law, “he said.
Under Steve’s leadership Gabb & Co’s Private Client Department was named in the top 25 in the UK in 2010 and ranked Number 1 in Wales by Legal 500, which described Mr Meredith as “highly rated”. Gabb & Co was the only law firm in Wales in the UK Top 25.
“My aim now is to help Red Kite’s Private Client Department to reach the Number 1 spot!
“It may surprise people, but there are a significant number of people in Wales with high net worth value – by that, I mean people with wealth running into tens of millions of pounds.
“My experience is in helping these people with high net worth and other clients looking to preserve accumulated wealth. I am looking forward to bringing my skills to the growing team at Red Kite Law.”
Red Kite Law managing partner Luke Smith said: “We are delighted that Steve has joined Red Kite Law. Steve is already widely recognised throughout Wales and beyond as one of the top operators in his field of expertise.
“Steve will be a huge asset to the team here at Red Kite Law.”
Mr Meredith is a law graduate of Trinity College Oxford and spent six years as an officer in the Royal Navy after graduating in 1983.
He subsequently qualified as a solicitor in Bristol and spent three years there in a city firm’s corporate department before moving to Abergavenny in 1995 to concentrate on trusts and tax planning work. He was made a partner in Gabb & Co in 1998.
Mr Meredith is a member of the Society of Trust and Estate Practitioners and also one of the few solicitor members of the Institute of Taxation (CTA).
He specialises in Inheritance Tax and Capital Gains Tax planning – in particular in maximising reliefs and exemptions for farmers and other family businesses to ensure that land and wealth can be passed down to the next generation with no (or minimal) exposure to tax.
Mr Meredith is originally from London but married a Newcastle Emlyn girl, Ruth, nearly 25 years ago. He confesses that his wife is still trying to teach him Welsh!
The couple live in Carmarthen and have four children, aged 11-18.
Mr Meredith’s interests (when time allows!) include playing golf at Carmarthen Golf Club, cycling and tennis. He also loves watching cricket and is a member of the MCC.
Mr Meredith said: “My aim is to help all clients preserve accumulated wealth, not just multi-millionaires. I particularly specialise in helping family businesses, especially farmers who are under increasing attack from the Inland Revenue.
“The last thing any farmer wants is to have the worry that his farm, which may have been in the family for generations, may have to be sold to pay the tax bill when he dies or to fund nursing home fees.
“This also applies to non-farming clients who have worked hard to build up savings and want to be able to pass the benefit of these and the value of their house to their children rather than see it disappear into the deep pockets of the taxman or local authority.
“I always offer a free review and if I can’t come up with anything that will benefit the client in terms of tax or other potential liabilities (eg nursing home fees) I do not make any charge. However, in more than 90% of cases there are things that can be done to ensure that wealth can be passed down to the next generation, without the Revenue taking its 40% slice.
“My expertise and experience in dealing with farmers and their tax issues is important in such a rural community. More than 50% of my work is agricultural-related.”
The team at Red Kite Law can be contacted on 01267 239000 and 01437 763332 or through the website at www.redkitelaw.co.uk
