A look at the most read stories to feature on eprivateclient this week…
Monday
Pandemic deaths and a freeze in tax breaks contributed to a large increase in the UK government’s inheritance tax (IHT) take. IHT receipts for April 2021 to July 2021 were £2.1 billion, £0.5 billion higher than in the same period a year earlier. HMRC said it was too early to say whether the higher death rate and higher tax take are linked.
2021 eprivateclient Top Trust Company JTC Group appointed Aidan Davin to lead its Isle of Man operation. In his new role, he will lead the team with a view to identifying and securing further growth opportunities for the Isle of Man office. Mr Davin has more than 30 years’ experience and joined JTC from Equiom where he was chief operating officer for the Crown Dependencies offices and a director since 2008.
Tuesday
The Jersey Financial Services Commission (JFSC) updated its beneficial ownership guidance for companies owned by a trust. Now, settlors who have given up all powers of control over the trust do not need to be listed as a controller of the company. While settlors, instigators and arrangers will not be recorded as controllers, the Jersey regulator will still collect their details.
A Cambridge academic who fraudulently claimed almost £2.8 million in government grants was ordered to pay £1.3 million back from his crimes or face another eight-and-a-half years in prison. Dr Ehsan Abdi-Jalebi claimed government funds allocated to develop renewable energy projects and siphoned the money into his own accounts using fake documents. An investigation into Dr Abdi-Jalebi was begun after he was stopped three times attempting to leave the UK carrying a large amount of cash. In one case he tried to conceal the cash in a chocolate box to avoid detection.
Wednesday
Global advisory firm EY promoted Elsa Littlewood to associate partner. She has been EYs head of private tax for the South West and Wales since 2017. Before joining the firm, she was a partner at RSM, having previously been a partner at Monahans, both in Swindon.
The UK and the USA reached an agreement clarifying that the availability of benefits to UK residents under the UK-US tax treaty will not be affected by the UK's withdrawal from the EU. A UK resident will still be treated as a European Community resident for the purposes of the Derivative Benefits Test.
Thursday
Four prominent family lawyers – who are dual trained in psychotherapy - joined forces to launch The Mediation Space (TMS). TMS is a non-court family dispute resolution service, which offers a bespoke way of finding solutions to relationship and family breakdowns. The four founding partners are Jacqueline Marks, Susan Baldock, Christine Plews and Rachel Chisholm.
Hawksford Trust Company Jersey Limited agreed to settle with the Jersey Financial Services Commission (JFSC) after breaching regulatory rules. These breaches include “significant and material” breaches as a result of deficient corporate governance over customer structures and systems and controls. Between 2001 and 2017, the JFSC found Hawksford failed to act in the best interests of one customer and misapplied customer monies in respect of fees charged for three customers.
Friday
According to a new report from Wealth X – Spotlight on Private Jets –the largest number of private jets are situated in North America. In total, there are 15,822 in the region. The next largest fleet is in Europe. However, Europe boasts just 2,802 private jets. Asia follows in third place with 1,570, but has demonstrated most growth in recent years.
Professional services provider Suntera Global acquired Reference Financial Services SA (Luxembourg), a boutique fund administration and corporate services firm. The acquisition, which is subject to appropriate regulatory approvals, should add to Suntera Global’s client base while strengthening its presence in EU markets. Founded in 2003, Reference provides boutique fund administration and corporate services to Luxembourg based entities.