A look back at the most read stories on eprivateclient this week….
Monday
Affinity Private Wealth founder Julia Warrander made the decision to leave the firm, while maintaining her role as a long-term shareholder. Ms Warrander co-founded the Jersey-based wealth management services provider in 2012 alongside a team of Fairburn senior bankers. “I am proud of the firm I helped co-found and build over the past 12 years. My decision to step down simply reflects changing life priorities,” Ms Warrander said.
New HMRC figures show the average non-domiciled individual paid £123,000 in tax last year, an increase of 60 percent from an average of £76,000 a decade ago, multinational law firm Pinsent Masons found. The total amount of tax paid by non-doms overall rose eight percent in the past year, from £7.85 billion to £8.49 billion. In comparison, HMRC brought in £6.05 billion in inheritance tax and £4.79 billion in customs duties over the same period. The total number of non-doms stayed relatively flat in the past year, rising from 68,000 to 68,800.
Tuesday
Trust and fiduciary services provider Saffery Champness made five promotions in Guernsey, including the appointment of a trust transformation manager. 2018 eprivateclient Channel Islands Top 35 Under 35 Joe Cardoso-Smale, who has been with the firm for 15 years, was promoted to the newly formed trust transformation manager role as part of Saffery’s strategy of driving efficiency and enhancing its service to clients. In addition to Mr Cardoso-Smale’s promotion, Saffery also promoted Alex Burt and Joe Wright to senior trust officer and Laura Bean and Hugo Russell to trust officer.
Preston-based firm Adkirk Law launched a new wills and probate practice, to sit alongside its existing conveyancing practice. The practice will be led by Hannah Clarkson, who has joined the firm from Thurnhills Solicitors, where she worked since 2016 and completed her training to qualify as a solicitor. Ms Clarkson specialises in advising clients in respect of wills, trusts, and LPAs, as well as wider asset management and probate.
Wednesday
Crestbridge Family Office Services reaffirmed its private ownership structure and independence, amid the acquisition of Crestbridge’s institutional businesses. The institutional businesses have been sold to Gen II Fund Services, a North American fund administration firm, in a significant market development. Crestbridge Family Office Services is not part of this transaction and will continue to operate independently while remaining privately owned.
Nearly half (44 percent) of those possessing assets exceeding £1 million, after accounting for any debts, have neglected to seek advice on IHT planning, research by Investec Wealth & Investment indicated. Over two fifths (42 percent) have taken no measures to minimise potential inheritance tax bills. The study further revealed that 21 percent of these individuals have failed to draft wills detailing the distribution of their estates.
Thursday
RSM UK appointed Joel Segal as partner to in its consulting team. Based in RSM’s London office, Mr Segal will be leading the firm’s business transformation solution, including the digital and data practice. Mr Segal was previously a partner at PwC for over seven and a half years and a partner at EY for over six years. In these roles, he advised the C-suites of FTSE, private companies and charities, across a range of sectors including consumer, industrial, energy, financial services, technology and professional services.
The cost of raising a child to adulthood in the UK has increased by 10 percent over the past year, reaching £223,256 in 2023, compared to £202,660 in the previous year, a study by digital wealth manager Moneyfarm revealed. The study analysed over 150 different items associated with raising a child, taking into account the current cost of living. The research compared the costs of various aspects of child-rearing last year with the present expenses. It found that bringing up a child in 2023 requires an additional £20,596 compared to the previous year.
Friday
English and Welsh solicitors can now register to practice in Luxembourg following conversations between the Law Society of England and Wales and local representatives in Luxembourg. Since the end of the Brexit transition period on 31 December 2020 and until now, it had not been possible for UK qualified lawyers to establish in Luxembourg. But on 29 June, the Luxembourg parliament voted into law a bill implementing article 194 of the EU-UK Trade and Cooperation Agreement (TCA). Under the new legislation, UK qualified lawyers can register with the Luxembourg Bar to practice UK and public international law.
Two new partners were appointed by tax and advisory firm Blick Rothenberg to its growing global mobility team. The two new partners are Matt Crawford - who has led PwC’s employment tax team for the last few years and will focus on employment taxes and tax investigations - and Rehana Earle, who has primarily focussed on technology and has assisted some of the largest global technology organisations.