Almost invariably these articles have been inaccurate on one, two or often all three of these subjects and in the case of inheritance tax liabilities, misleadingly so. The Estate has three constituent parts: Grosvenor Group is one of the largest privately owned international property companies developing, managing and investing in property in more than 60 cities around the world. There are currently 7 active directors and 1 active secretary according to the latest confirmation statement submitted on 19th June 2020. The total assets under management by Grosvenor Group were worth £12.7bn at the end of 2016, compared with £13.1bn in 2015. His assets were owned by a series of trusts, which come under the umbrella of the Grosvenor estate. 2021. “In a discretionary trust you have a whole pick list of potential beneficiaries which the trustees can choose to appoint benefits to, but no individual beneficiaries can demand money. We are not driven by short-term considerations and this affords us a perspective that we believe to be in the interests of the Grosvenor family, employees and the communities in which we operate. Since the death of Gerald, the 6th Duke of Westminster in August 2016, there have been articles in the press speculating as to the size of the estate inherited by his son, Hugh, now 7th Duke, attempting to describe the estate's ownership structure and commenting on the extent to which inheritance tax was paid following the death of the 6th Duke. Davies was the heiress to part of the Manor of Ebury, on which today’s Mayfair is situated, and an area of the ‘Five Fields’ open swamp and pastures, part of which is Belgravia. I can’t sell. The Duke and Duchess of Westminster with their son, Hugh, who will inherit his father’s title and fortune. This note is posted on our website in order to set out the facts for those who are interested. With death duties at 40%, the heirs could have been liable for a £3bn plus tax bill but the taxman is not expecting a huge windfall. The reason that the Grosvenor Estate, like many other family owned enterprises, holds assets via trusts is to ensure continuity of the collective ownership, administration and management of the estate across the generations. The remaining trusts will be subject to 40% IHT on the death of the specific beneficiary. Otherwise, we are careful to ensure that our ownership of overseas property is through vehicles incorporated in the same country as the asset, consistent with our tax policy. More recently, additional speculation has sought to focus on Grosvenor’s use of offshore trusts, investment vehicles and other investments. The late Duke of Westminster’s fortune might have been worth a fraction of the £9.35bn his four children stand to inherit, were it not for an old war wound and a 12-year legal battle. Welcome to Grosvenor Estates! It doesn’t belong to me.”. ... the installation of a new steel structure to form … The estate passed to his brother, Robert Grosvenor, who successfully argued that the wound had caused infections which eventually led to cancer. Our four regional Operating Companies (Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe) and our Indirect Investment business diversify the Group’s property portfolio by geography, sector, activity, currency and management team. Grosvenor London Office Fund The Fund invests in high quality office buildings in London's West End, Mid-Town and in the City to provide a secure income with rental and capital growth potential. Of that, the company itself owned £6.6bn worth of property. These trusts hold less than 1% of the value of the Grosvenor Estate assets but are not connected to the business activities of the estate and do not own any UK assets. The Grosvenor family’s enlightened approach - to maintain strong values and allow managers to manage - is reflected in our devolved structure. Grosvenor Estate tackles Paradise Papers accusations with increased disclosure. The duke went on to live another 23 years, eventually dying of cancer at the age of 60. Grosvenor Estate structure protects fortune from HMRC This article is more than 4 years old Duke of Westminster’s wealth held in trusts and food-producing farms that are tax … Grosvenor Estate Holdings is an active company incorporated on 9 February 1979 with the registered office located in London, Greater London. We look for people who can help us deliver this in line with our values of integrity, respect and trust. © Grosvenor Estate Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe are each responsible for their own property strategies. onshore) trusts, the beneficiaries of which are both current members of the Grosvenor family and future, as yet unborn, descendants. be the optimal structure 133 Investment Professionals Hedge Fund Strategies Private Equity Infrastructure Real Estate Strategic Investments Chicago New York Los Angeles London Tokyo Hong Kong Seoul Fund investments Custom structures Co-investments Secondary transactions Direct investments Seed investments $25.0 bn $17.6 bn $3.5 bn $0.9 bn $0.6 bn Sir Thomas Grosvenor, Third Baronet (1655–1700) had Eaton Hall built by architect William Samwell, to replace an earlier moated Hall situated to the south of the new building 1677 Sir Thomas Grosvenor marries Mary Davies 1415 Our structure includes four regional Operating Companies and an Indirect Investment business. Duke of Westminster’s wealth held in trusts and food-producing farms that are tax-exempt and ensure it remains in the family, Last modified on Tue 28 Nov 2017 11.36 EST. This means that over a full lifetime, the trusts will pay this tax many times over, with the added advantage to the UK taxpayer of its regular, effectively in-advance payment schedule. In the case of the size of the estate, estimates are bound to be speculative given that we do not make public those parts of it which are private from the perspective of the Grosvenor family. However, the Grosvenor estate could benefit from several exemptions. The same approach is taken by Wheatsheaf Group Limited, the business within the Grosvenor Estate which invests in businesses in the food and agriculture sectors. The Grosvenor Estate is a Family Office located in Chester United Kingdom, Europe. 24-25 Grosvenor Street marks the first project to complete on Grosvenor Estate’s new contractor framework. Grosvenor Asia Pacific We have been active in the Asia Pacific region for 25 years with an aim to create, capture and deliver value for our own business and co-investment partners through development, investment and philanthropic activities. It has a global reach, now in 62 international cities, with offices in 14 of them, operated on behalf of its owners, the Duke of Westminster and his family. onshore) trusts, the beneficiaries of which are both current members of the Grosvenor family and future, as yet unborn, descendants. If an internal link led you here, you may wish to change the link to point directly to the intended article. The Grosvenor Estate comprises some 140,000 acres of land across Scotland and England (or perhaps very slightly less: 133,000 acres according to this recent Daily Mail article). Grosvenor Group occasionally invests in ventures with other investors which are established in jurisdictions which do not create an additional layer of tax, in order to prevent the investors being subject to double taxation. The law states that those who die in the service of their country are exempt from death duties. In 2011, we brought all … The Grosvenor Estate: Family Office in United Kingdom, Europe. Each of its parts has a distinct focus but share the same values and a common purpose of … Managed from Canada, the international wing of Grosvenor was created in 1953 when the estate made its first big expansion outside Britain by acquiring the 485-hectare Annacis Island in … Instead of a payment of 40% inheritance tax upon death, the majority of the trusts are of a type that pay a rate of 6% every 10 years. Our core asset is our London estate, first developed in the early 18th century and still actively managed today. Grosvenor Britain & Ireland London ‍70 Grosvenor Street London, W1K 3JP England Tel. All investment returns are however reported by the Family Office and taxed as appropriate and in accordance with existing UK tax rules. Grosvenor and the rural estates employ about 1,000 staff – and the numbers are prominently advertised on their websites. These trusts are also subject to the 10-yearly inheritance tax charge. These London apartments feature spectacular landscaped gardens, old-world charm and modern features. In addition to the main UK-based trusts there are two small non-UK resident trusts which were established over 50 years ago to acquire some non-UK assets. Accordingly, and as one would expect, the assets left by the 6th Duke to his widow are exempt from inheritance tax. ... Group, the largest part of the estate that controls the Mayfair and Belgravia estates in central London, and the structure of the estate, including Wheatsheaf Group and the Family Investment Office. 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