A look at the most read stories on eprivateclient this week...
Monday
Specialist London family and private client firm Sinclair Gibson hired James Copson as a partner in its family law team. Experienced in divorce and all areas of family breakdown with a particular interest in the resolution of complex financial disputes, Mr Copson joined the firm on 19 April 2022 from Withers where he worked for over 32 years, having been made a partner in the family law team in 1998.
The Cayman Islands Tax Information Authority (TIA) published enforcement guidelines for the CRS and economic substance regimes. The guidelines detail the process the TIA will follow to take enforcement action under the Common Reporting Standard (CRS) and economic substance (ES).
Tuesday
The UK’s Labour Party announced that, if it wins the next General Election, it will “abolish non-dom status and crack down on hidden offshore trusts” as part of a tax policy ensuring “everyone pays their fair share”. Whilst details have yet to be published, the Labour Party has suggested it would be replaced with a scheme that replaces the current 15-year non-dom window to just five years.
The Charity Commission opened an enquiry into the World Holocaust Forum Foundation after one of its trustees was sanctioned by the UK government. The regulator had already taken action to suspend Dr Viatcheslav Kantor as a trustee and to prevent the trustees from parting with any of the charity’s property without the Commission’s prior consent.
Wednesday
Inheritance tax (IHT) receipts jumped to £5.5 billion between April 2021 and February 2022 according to data released by HMRC. This is £0.7 billion higher than in the same period last year. HMRC said that higher receipts were expected to be due to higher volumes of wealth transfers that took place during the Covid-19 pandemic and this, HMRC claimed, also explains the high receipts observed in March 2022.
Bristol-based law firm TLT advised on a multi-million pound sale of a 300 year-old Grade I listed building in Mayfair, in London’s West End. Situated close to the Ritz Hotel, the building is a former aristocratic residence and Georgian town house, which today is used as luxury offices.
Thursday
Trident Trust Group hired industry veteran Norson Harris to lead its offices in Jersey and Guernsey. Based in Jersey, Mr Harris has more than 25 years’ experience in the global finance industry, including prior leadership roles with TMF Group and Zedra. In his new role he will report to Mark Le Tissier, regional managing director for Trident Trust’s European region. In addition to Mr Harris’s recruitment, James Ramsden was promoted from his role as Trident's head of client services in Jersey to Channel Islands commercial director.
Tax advisory firms using multiple channels to collaborate with clients could lead to data breaches and financial losses, according to a new survey commissioned by Ideagen, a global provider of information management. According to the survey, of 547 accounting and advisory professionals in the UK and US, tax professionals choose convenience over security when sharing files with clients and each other.
Friday
Mayfair-based law firm Forsters hired Alison Meek as a consultant in its contentious trusts and estates (CTE) practice. Ms Meek - who begins at the firm from 3 May - joined the team from boutique London law firm Sinclair Gibson where she was a partner and head of its CTE team.
Widespread burnout and lack of flexible work continue to hinder working women’s career progress, according to a new report by Deloitte Global. The report - Women @ Work: A global outlook - found that 47 percent of women say their stress levels are higher than they were a year ago, while 46 percent feel burned out and 47 percent say their mental health is ‘poor’ or ‘very poor’.