A look at the most read stories on eprivateclient this week…
Monday
UK-based intermediaries should consider themselves “bound” by DAC6 even after Brexit, lawyers warned. As the end of the Brexit transition period draws closer, firms must prepare for what comes next and Sarah Gabbai, a senior associate at law firm McDermott Will & Emery, advised that DAC6 is “highly likely to continue to apply if a trade deal with the EU is ratified before the end of the transition period,” as it is now a firm part of EU policy.
Wealthy buyers from the UAE and the US are leading high-end international property purchases in the UK, according to a report from high net worth mortgage advisers Enness Global. The two countries account for the highest number of mortgage deals being secured by foreign buyers across the UK’s prime housing market.
Tuesday
The UAE introduced a beneficial ownership register and its minimum disclosure requirements for corporate entities incorporated in the country. Now, all UAE-registered companies must have: a shareholders’ register; a beneficial owners’ (BOs) register, and a nominee directors’ register.
Ten years on from the landmark Radmacher Supreme Court ruling, Kingsley Napley family law partner Jane Keir looks at its impact on UK prenups and divorces
Wednesday
HMRC received over 54,800 claims on its new online portal which allows workers to claim tax relief for working at home. Launched on 1 October, the online portal was set up to process tax relief on additional expenses for employed workers who have been told to work from home during the Covid-19 pandemic.
Global offshore law firm Mourant appointed Mike Jones to a leadership role to enhance its fast-growing regulatory offering. Mr Jones, who will join the firm in January, is currently a director at the Jersey Financial Services Commission (JFSC) with a number of years’ experience in the regulatory arena, both in Jersey and further afield.
Thursday
The European Commission launched infringement procedures against Cyprus and Malta by issuing letters of formal notice regarding their investor citizenship schemes also referred to as “golden passport” schemes.
Global fiduciary services provider Intertrust unveiled a new logo and new partnership with Kiva, an international non-profit whose mission is to expand financial access to help underserved communities improve their lives. The firm said the rebrand ushered in a "new era for the company and reflects its growth and acquisitions in recent years".
Friday
Global fiduciary services provider Ocorian appointed Ben Hill as the new managing director of its Guernsey office. Mr Hill has more than 20 years’ experience in financial services in the Channel Islands and has joined Ocorian from Northern Trust where he was managing director of the firm’s fiduciary business in Guernsey.
Gifting by wealthy family members to their children has soared over the past three months but post-COVID tax planning is not the primary driver, private wealth lawyers at UK law firm Royds Withy King noted.