Helping-agents-to-navigate-complexity1

Helping agents to navigate complexity

Author: Mark Wingate

Categories: Tax Planning
Tags: Classical musicians

Mark Wingate, Partner - Private Client Tax Services, Smith & Williamson on helping agents to navigate complexity

Most classical musicians have an agent.  If the agent is part of a big organisation they will have quite a reasonable understanding of the tax rules. But the practices from country to country vary so much and I think it’s a case that often wrong practices get embedded. So you see an Opera House, a concert venue saying, “This is the way we do it.” And they’re saying that because it’s the way they’ve done it for years.  And they don’t take on board changes of legislation and rather like Chinese whispers; things can just get out of kilter. So the agencies do a reasonable job, but I think sometimes the market conditions mean that they’re not quite operating and applying the rules in the way they should. And that’s where one can help the agent themselves get things right, but also if it’s necessary, help the individual performer.
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