A look back at the most read stories on eprivateclient this week....
Monday
The UK government’s Register of Overseas Entities (ROE) went live from Monday (1 August 2022) at 9am.
The register came into force in the UK through the new Economic Crime (Transparency and Enforcement) Act 2022.
The owner of the Telegraph newspaper group, Sir Frederick Barclay, was told he could face a jail sentence over his ongoing battle with his ex-wife over failed divorce payments.
Lady Hiroko Barclay filed for divorce against Sir Frederick after 34 years of marriage on the grounds of unreasonable behaviour last year.
Tuesday
Charles Russell Speechlys hired Nicola Saccardo as a partner within its private client team in London. Mr Saccardo joined from Italian law firm Maisto where he was a partner.
He is an Italian tax specialist with over 20 years’ experience advising clients on cross-border tax and estate planning matters. His work is centred around the relocation of high net worth individuals to Italy and the taxation of trusts.
Lasting Powers of Attorney (LPAs) are a valuable part of estate planning for clients of all ages. There are two types of LPA, one for property and financial affairs and one for health and welfare. Under a property and finances LPA the attorney can help with, for example, day-to-day banking or help with bigger decisions like selling a property, and can be used whether or not the donor has mental capacity.
Wesnesday
Law firm Charles Russell Speechlys reported growth but it had dropped since the last financial year.
The firm’s profit per equity partner (PEP) was recorded at £526,000 - a 1.3 percent decrease from the previous financial year. In the 2020-2021 financial year, its PEP saw an increase of 40 percent.
Global fiduciary services provider JTC appointed Charles-Henry Courtois as regional head of Asia, Middle East, and Africa (AMEA) within its private client services (PCS) division.
The appointment came as part of the firm's aim to continue its growth across the Asia, Middle East, and Africa markets.
Thursday
Trust services provider Ocorian appointed Alice Miller as head of transformation as it continues to grow its business.
Based in London, she will be responsible for leading a global transformation programme at the group designed to deliver increased business value for Ocorian and its investors and reports to Ocorian’s chief operating officer, Carole Murphy.
The Dubai International Financial Centre (DIFC), a global financial centre in the Middle East, Africa and South Asia (MEASA) region, launched the first global family business and private wealth centre.
It was the first worldwide family business and private wealth centre to exist in the MEASA region and worldwide.
Friday
eprivateclient Channel Island Top 35 Under 35 Dean Robson competed in the 2022 Commonwealth Games.
Last year, it was announced that Mr Robson would represent Jersey in the two road cycling events - a 38.5km time trial and a 168km road race.
HMRC data recorded Capital Gains Tax (CGT) receipts at a record £14.3 billion for the 2020-2021 tax year.
This was a 42 percent increase from the previous tax year which was £10.1 billion.
Overall, the amount of gains and number of those paying the tax increased by 19 percent and 20 percent respectively.