A look back at the most read stories on eprivateclient this week...
Monday
A total of 61,700 trusts were registered with HMRC’s trust registration service (TRS) in the first half of 2022 compared to the estimated one million trusts that need to be registered by 1st September, according to a Freedom of Information request from Saffery Champness. The FOI revealed there were 7,700 non-resident trusts which were registered with the TRS since the requirement to register was first introduced to the end of June this year were still active.
The ability to adapt to an evolving landscape is what differentiated Mishcon de Reya, according to partner and head of the firm’s family department, Barbara Reeves. The firm recently won the 2022 eprivateclient Excellence Award for Family Law Firm (Large), which Ms Reeves attributed to its “years of expertise”, which “enabled us to deliver creative solutions across a number of disciplines.”
Tuesday
HMRC exposed a London tax avoidance promoter based in The Shard, the UK's tallest building. It warned customers of ContractorCare, as well as Liverpool-based PAYEme, and Stockport-based Gateway Outsource Solutions, to withdraw from the schemes and contact HMRC as soon as possible or risk large tax bills.
In a decision the property industry eagerly awaited, the Court of Appeal upheld the High Court’s decision in the case of London Trocadero (2015) LLP -v- Picturehouse Cinemas Ltd [2021], where the landlord was granted summary judgment in relation to its claim for rent arrears accrued during the pandemic.
Wednesday
The creation of a unique role at professional services firm KPMG will focus on putting technology and digital at the heart of all decisions for private clients. 2020 eprivateclient Top 35 Under 35 Jamie Richards, a director in KPMG’s family office and private client team, was appointed technology & innovation lead for the firm’s UK practice and tasked with using his tax background and growing technology skillset to focus on digitisation and innovation in the personal tax space.
UK trusts and non-UK trusts will need to register with the Trust Registration Service (TRS), the private register held by HMRC, by 1 September regardless of whether they have a UK tax liability. US revocable trusts were among those that need to register with the TRS.
Thursday
Professional services firm Deloitte revealed plans to hire more than 6,000 new people into the firm’s UK audit & assurance practice over the next five years. This is at least 1,200 new auditors and assurance professionals every year between now and 2027.
The 1MDB scandal reached a new development with a former Prime Minister of Malaysia being sentenced to 12 years in prison. According to media reports, a top court rejected Najib Razak’s appeal, leading him to be sent to prison to begin his sentence.
Friday
Fiduciary services provider JTC agreed to acquire New York Private Trust Company (NYPTC), a Delaware-based non-deposit trust company. NYPTC provides fiduciary services including trust services, estate administration services, and white label trust services to high net worth and ultra-high net worth individuals, families, and corporate clients.
Almost one in five (18 percent) of British adults experienced financial abuse in a current or past relationship, research by credit management company Lowell revealed. Of the 18 percent, one in five women (21 percent) and one in seven men (15 percent) had been a victim.