The wealth of the royal family is reportedly substantial and its senior members also benefit from tax-free stipends voted by parliament.

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But tax cuts benefit mainly large companies, which tend to pay higher wages, not the small, family-owned firms with thinner margins.

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For example, family credit, a benefit for low-income working parents, is being replaced by the working-families tax credit, a tax relief.

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Rather than trusting a separate law firm, accounting firm, money manager and trust company to get it right, a wealthy family can count on an investment office to orchestrate estate planning, tax, philanthropic and investment strategies to its maximum benefit.

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