In this episode of US-UK Tax Talk, Aidan Grant is joined by Collyer Bristow partner Ragavan Arunachalam, Head of Private Equity, to explore the world of private equity, corporate acquisitions and dealmaking.

Aidan and Ragavan discuss what private equity is, how it differs from venture capital, and why private equity investors are increasingly looking to the UK market. They explain how deals are structured, the role of debt and equity financing, and why management teams are often just as important as the capital being invested.

The conversation also takes listeners through the lifecycle of a private equity transaction, covering heads of terms, due diligence, disclosure, deal documentation and completion. Along the way, Ragavan shares insights from more than 20 years of dealmaking experience and explains why successful transactions are often built on alignment, preparation and strong relationships.

Come back for new episodes of US-UK Tax Talk released on the first Wednesday of every month.

For questions or feedback, please contact us:

🔗 Aidan Grant – Partner, Collyer Bristow
https://collyerbristow.com/people-listing/aidan-grant/

🔗 Ragavan Arunachalam – Partner, Collyer Bristow
https://collyerbristow.com/people-listing/ragavan-arunachalam/

🔗 Collyer Bristow
https://collyerbristow.com/

🎧 Listen on the go
https://podcasts.apple.com/gb/podcast/us-uk-tax-talk/id1570411216

Key Takeaways

What is private equity and how does it differ from venture capital?

Private equity generally involves investing in established, revenue-generating private companies, whereas venture capital is typically focused on earlier-stage businesses seeking capital to develop products, gain market traction or accelerate growth.

Why are private equity investors increasingly attracted to UK businesses?

Many investors see the UK as offering attractive valuations compared to other markets. This can allow capital to go further and create opportunities to acquire strong businesses with significant growth potential.

Why do private equity firms use debt financing as part of acquisitions?

Debt financing allows investors to leverage their capital and diversify risk across multiple investments. By combining debt and equity, investors can acquire larger businesses while preserving capital for other opportunities.

What does due diligence involve in a private equity transaction?

Due diligence is the process of investigating a target company’s legal, financial, commercial and operational position. It helps buyers identify risks, validate assumptions and understand how value can be created after the acquisition.

What is the purpose of disclosure in a company sale?

Disclosure allows sellers to identify exceptions to the warranties they give in the sale agreement. By providing buyers with complete information about known issues, disclosure helps allocate risk appropriately and reduce the likelihood of disputes after completion.

Why is alignment between investors and management so important?

Successful private equity transactions often depend on aligning the interests of investors, management teams and sellers. Equity participation and performance incentives can ensure everyone is working towards the same long-term objectives and eventual exit strategy.

In this episode of US-UK Tax Talk, Aidan Grant is joined by Collyer Bristow colleague, Nick Mann, to help listeners understand the UK conveyancing process when buying or selling residential property.

Aidan and Nick walk through the main stages of buying a UK residential property. They cover offers and acceptance, freehold and leasehold ownership, searches and due diligence, and exchange and completion. They discuss why international buyers can find the UK process unfamiliar, particularly because the transaction is not legally binding until exchange.

Come back for new episodes of US-UK Tax Talk released on the first Wednesday of every month.

For questions or feedback, please contact us:

🔗 Aidan Grant – Partner, Collyer Bristow
https://collyerbristow.com/people-listing/aidan-grant/

🔗 Nick Mann – Partner, Collyer Bristow
https://collyerbristow.com/people-listing/nick-mann/

🔗 Collyer Bristow
https://collyerbristow.com/

🎧 Listen on the go
https://podcasts.apple.com/gb/podcast/us-uk-tax-talk/id1570411216

Key Take Aways

When does a UK property purchase actually become legally binding? An accepted offer is not legally binding in the UK and either party can still withdraw. The transaction only becomes binding at exchange, when contracts are signed, the deposit is paid, and the completion date is agreed.

Why is it important to involve a solicitor early in the process? Early engagement helps identify risks, manage expectations on timing, and flag issues before costs escalate. It also allows buyers to understand restrictions, financing requirements, and whether the property meets their intended use.

What is the practical difference between freehold and leasehold ownership? Freehold typically means owning both the property and the land, with greater control over what you can do with it. Leasehold usually applies to flats and involves a landlord relationship, ongoing costs like service charges, and restrictions on alterations and use.

What does due diligence actually involve for a buyer? The solicitor reviews title documents, raises enquiries, and carries out searches such as local authority and environmental checks. This process highlights risks like planning issues, service charge liabilities, restrictions on use, or potential future costs.

Why can the timing of a transaction be unpredictable? Factors such as property chains, mortgage approvals, search delays, and third-party responses can all affect progress. Buyers can only control their own readiness, so being organised and proactive helps reduce the risk of delays before exchange.

In this episode of US-UK Tax Talk, Aidan Grant does things a little differently and becomes a guest on his own show. He is joined by Nathan Prior and Kat Smilewicz of Partners Wealth Management, with Nathan stepping in as guest host, to discuss what the UK’s 2025 tax changes mean in practice for Americans moving to the UK and for British expats returning home.

Together, they walk through the key issues that arise before and after a move to the UK. They cover UK tax residence, the new Foreign Income and Gains (FIG) regime, pre-arrival planning for trusts, companies and investment portfolios, and the opportunities and risks created by the Temporary Repatriation Facility. They also discuss why timing matters so much, why apparently simple money movements can create unexpected tax exposure, and why coordinated UK and US advice is often the difference between efficient planning and an expensive mistake.

Come back for new episodes of US-UK Tax Talk released on the first Wednesday of every month.

For questions or feedback, please contact us:

🔗 Aidan Grant – Partner, Tax & Estate Planning
https://collyerbristow.com/people-listing/aidan-grant/

🔗 Kat Smilewicz – Partners Wealth Management

Kat Smilewicz - Partners Wealth Management

🔗 Nathan Prior – Partners Wealth Management

Nathan Prior - Partners Wealth Management

🔗 Collyer Bristow – Tax & Estate Planning Team
https://collyerbristow.com/

🎧 Listen on the go
https://podcasts.apple.com/gb/podcast/us-uk-tax-talk/id1570411216

Key Take Aways

When do I actually become UK tax resident, and why does the start date matter so much?
UK tax residence is determined tax year by tax year under the Statutory Residence Test. That means if you trigger UK residence part way through a tax year, you can be treated as resident from 6 April unless split-year treatment applies. That start date matters because it can bring forward UK tax exposure and can also shorten the period during which you benefit from the new FIG regime.

What is the FIG regime, and who can benefit from it?
The Foreign Income and Gains regime was introduced from April 2025 and can give qualifying new arrivals a four-year exemption from UK tax on foreign income and gains. It is available not only to non-UK nationals but also to returning British expats, provided they have not been UK resident for four of the previous ten tax years. The rules are more objective than the old domicile regime, but the timing of arrival is critical because the four years run from the tax year of first UK residence.

What are the biggest traps people miss when bringing money into the UK?
A recurring theme is that US and UK tax rules often do not line up, even when the arrangements sound familiar. Money coming from a revocable living trust, an LLC, a parental loan, or the sale of US assets can have very different UK consequences from the US treatment people expect. That is especially important where someone is bringing funds to the UK to buy a home, because the source and route of the money can affect both immediate tax costs and longer-term inheritance tax exposure.