A look back at the most read stories each day this week on eprivateclient…
Monday
Global fiduciary services provider Intertrust named Stuart Dowding as its new head of private wealth, Guernsey. Mr Dowding – who was named as an eprivateclient Top 35 Under 35 in 2010 – has taken over the role from Alison Parry who became global head of private wealth at Intertrust.
The owner of a Bradford based law firm found themselves hit with a £2,000 fine from the SRA for failing to properly maintain accounts after an employee was found to have taken large sums of money from the firm.
The Canadian government proposed the introduction of a tax on the sale of new luxury cars and aircraft with a retail sale price over C$100,000, and on new boats over $250,000. The tax would be calculated at the lesser of 20 percent of the value above these price thresholds or 10 percent of the full value of the luxury vehicle, aircraft or vessel. There will be no exception for zero emission vehicles, a decision criticised by car manufacturers with operations in Canada.
Independent investment services firm Shard Capital launched in Jersey. The firm will offer discretionary, advisory and execution only investment services to trust, family office and private clients. The office will be led by chief executive Greg McIntyre.
With ‘no fault divorce’ due to come into force in April, London family law firm Burgess Mee launched The Cross Check – a new package offering clients “holistic advice on navigating the legal, financial and emotional aspects of relationship breakdown”. Divorcing clients using the service will have access to a no charge introductory half-hour Zoom call with a lawyer from Burgess Mee and a financial adviser, as well as two 90-minute joint consultations with Burgess Mee and the financial adviser and a 90-minute meeting with one of The Cross Check’s panel of four divorce consultants, for a fixed fee.
Around £37.4 billion was given away in gifts to family and friends as part of Inheritance Tax (IHT) planning last year with handouts averaging more than £1,500, according to research from Handelsbanken Wealth & Asset Management. The research of 2000 UK adults found more than one in four adults (28 percent ) – the equivalent of 14.6 million people – gave cash gifts between January 2021 and January 2022.
The Maples Group expanded its fiduciary services offering in Jersey and London with two senior appointments to its global team. Structured finance specialist Emma Tighe joined its London office as vice president, while wealth management specialist Jodie Gray joined its Jersey office, also as a vice president. The firm said both appointments were in response to sustained demand among clients in this region for specialist corporate and fiduciary services.
In celebration of St. Patrick’s Day, estate agent Barrows and Forrester revealed which St Patrick-themed street names, from Guinness to Clover, command the highest house prices in the British Isles. It was discovered that street names including the word ‘Guinness’ command the highest St Patrick-related house price, at an average of £335,000. The most expensive of them all is Guinness Drive in Wainscott, Rochester, which, with an average asking price of £425,000.
UK expats being forced to return from Ukraine may face huge tax bills. national accountancy group UHY Hacker Young warned. UK nationals returning suddenly from Ukraine, Russia and Belarus are at risk of getting caught in the UK tax net upon their return, incurring tax bills they had not planned for. UHY Hacker Young explained that to ensure they do not pay UK tax on their overseas income taxpayers have to have been absent from the UK for a complete tax year.
Vistra became one of the first global organisations to receive regulatory approval to set up operations in the Gujarat International Finance Tec-City (GIFT City) a global financial and IT hub and a first of its kind in India. The firm will expand its India business into GIFT City, which provides a business platform and creates an ecosystem to enable commerce, while also providing infrastructure for the integrated city which also includes residential and social developments.