eprivateclient

The week on eprivateclient: Blick Rothenberg, Saffery Champness, 2020 Top Residential Property Buyers revealed and more...

News Team, 17/07/2020

A look at the most read stories on eprivateclient this week…

Monday

The 2020 eprivateclient Top Residential Property Buyers’ rankings were revealed with 24 firms featuring for this year

The UK’s estimate for underpaid and evaded tax by wealthy individuals has risen for the second year in a row as HMRC cracks down on high net worth non-doms, multinational law firm Pinsent Masons highlighted.

Tuesday

London tax advisory firm Blick Rothenberg announced that on 31 July Nilesh Shah will be stepping down as CEO and will retire on 31 August after 30 years at the firm. Partner Nimesh Shah (no relation), will become the new CEO to lead the firm through the coming months and years.

Butterfield expanded its client services team in Jersey with the senior appointment of Mark Forster as client lead - financial intermediaries. The appointment comes as the bank continues its expansion within the Channel Islands, supporting its growth strategy.

Wednesday

UK Chancellor Rishi Sunak asked the Office of Tax Simplification (OTS) to undertake a review of Capital Gains Tax (CGT). The OTS has published an online survey and a call for evidence to seek views about capital gains tax. The review will consider the overall scope of the tax, including its reliefs, exemptions and allowances. Katharine Arthur, a partner and head of private client at accountancy firm haysmacintyre, said the review could be hugely significant given the surprisingly broad scope given to the OTS.

Switzerland and Liechtenstein signed a protocol amending their agreement for the avoidance of double taxation with respect to taxes on income and capital (DTA). The protocol contains an anti-abuse clause which refers to the main purpose of an arrangement or transaction and thus ensures that the DTA is not abused. It also supplements the provision on the mutual agreement procedure in accordance with the minimum standard.

Thursday

The review into UK capital gains tax (CGT), which could see the alignment of CGT rates with those for income tax and a review of the current reliefs, allowances and exemptions could, law firm Royds Withy King warned, have a major impact on buy to let portfolios, second home owners, and potentially individuals receiving an inheritance.

Offshore law firm Appleby made six appointments across the firm’s Jersey and Guernsey offices. In Jersey James Gaudin was made office managing partner, Andrew Weaver was appointed to the position of corporate practice group head, Olwyn Barry was promoted to partner in the dispute resolution team and Paul Worsnop promoted to senior associate in the firm's corporate team. Over in Guernsey Chet Pohl was promoted to group partner in Appleby's corporate team, whilst Andrew Murphy was made a senior associate in the dispute resolution team.

Friday

Saffery Champness Registered Fiduciaries announced the launch of its new offering in the Cayman Islands. Saffery Trustee Company (Cayman) Limited (STCCL) will provide Cayman trust and corporate services as a registered controlled subsidiary of a licensed Cayman trust company.

The UK government published its consultation response on EU Fifth Anti-Money Laundering Directive (5AMLD) clarifying what it will mean for UK trust registration services (TRS). It has clarified its views on when a non-UK resident trust needs to register for the UK TRS where there is a UK business relationship. The UK government set out that this will only apply where there is at least one UK resident trustee. This means for trusts with solely non-UK resident trustees, there will be no obligation to register just because the trust has a relationship with a UK business.