A look at the most read stories on eprivateclient this week...
Monday
The 2021 eprivateclient Channel Isalnds' Top 35 Under 35 were revealed with 35 men and 35 women selected from over forty Jersey and Guernsey-based firms.
A self-employed accountant handed over £1.9 million to settle a civil recovery claim based on alleged links to a criminal gang responsible for laundering £160m of drug money. The UK's National Crime Agency (NCA) case drew on evidence that linked Abid Naveed to a large-scale money laundering operation, previously investigated by the NCA.
Tuesday
Jersey Finance appointed Rufaro Mucheka as a consultant in South Africa. Based in Johannesburg, Dr Mucheka’s main focus will be the South African market, while Faizal Bhana, director – Middle East, Africa and India at Jersey Finance, will continue to focus on developing the organisation’s strategies in both East and West Africa.
The UK government published more details of its trade deal with Australia, revealing a number of benefits for solicitors practising in either country. The additional information revealed that there are legal services provisions which will confirm the existing right that UK and Australian lawyers can advise clients and provide arbitration, mediation and conciliation services in the other country’s territory, using their original qualifications and title.
Wednesday
London tax and advisory firm Blick Rothenberg made its largest number of promotions ever with promoted four to partner and six to director. Amongst those promoted were Trevor Harris who became a partner and leads the firm’s trust practice. Jane Cleveland was promoted to director in the private client team whilst within the US/UK private client team, Michael Holland and Ross Anand were promoted to director.
Private wealth clients have "narrowed" their financial goals and become more risk averse in the wake of Covid-19, a new report from EY found. Clients are now increasingly focused on meeting their personal goals, diversifying their investments, protecting their wealth and maintaining financial security, EY’s 2021 global wealth report found. The report revealed 51 percent of clients name ensuring adequate income as one of their top financial goals. This is an increase from 43 percent in 2019.
Thursday
Almost 800,000 employees working from home have claimed tax relief on household related costs since April, HMRC revealed. The saving is worth up to £125 per year for each employee. Eligible workers can claim the full year’s entitlement if they have been told to work from home by their employer, even if it has been for one day during the tax year.
Sinton’s head of wills, trusts and probate team, Paul Nickalls, has been named as the UK law firm’s new head of its personal and family department – which brings together Sintons’ family, residential property, court of protection and wills, trusts and probate teams. The personal and family department was further boosted by the appointment of two new partners in Louise Masters and Emma Saunders.
Friday
Law firm Kingsley Napley appointed Laura Harper as a partner in its private client team. She specialises in charity law and advises family offices and UHNW individuals on how to structure their philanthropic projects in the most tax efficient manner, as well as charitable entities on their responsibilities as the beneficiary of philanthropic gifts. Ms Harper joined the firm from the London office of McDermott Will & Emery. Prior to that she was a senior associate at Blake Morgan. Ms Harper was named an eprivateclient Top 35 Under 35 in 2017.
The Upper Tribunal handed down its decision in HMRC’s appeal in the leading High Income Child Benefit Charge (HICBC) case (HMRC -v- Wilkes [2021] UKUT 0150 (TCC)). In a binding judgment, the Upper Tribunal decided that HMRC may not impose the HICBC by means of “Discovery Assessments” where the individual liable to the charge did not file a SA tax return. As HMRC has lost this appeal, it means they were wrong to impose the HICBC by Discovery Assessments on hundreds of thousands of UK taxpayers subject to the HICBC but not filing SA tax returns.