eprivateclient

The week on eprivateclient: McDermott Will & Emery, PraxisIFM, Zedra, and more...

News Team, 27/11/2020

A look at the most read stories featured on eprivateclient this week...

Monday

PraxisIFM has made a total of 53 promotions across six jurisdictions. These include Blane Queripel - who was named aa an eprivateclient Top 35 Under 35 in 2020 and 2019. He has been appointed to the board in Guernsey. He is a director of PraxisIFM Trust (Guernsey).

HMRC tax receipts show a £70 billion fall compared with last year. Total HMRC receipts for April to October 2020 are £70.6 billion lower than in the same period last year. This was mainly due to falls in VAT (£38.7 billion), Income tax & NICs (£11.0 billion), Corporation tax (£11.9 billion), hydrocarbon oils (£4.2 billion), Stamp taxes (£2.7 billion) and Air Passenger Duty (£2.0 billion).

Tuesday 

Corporate funds and services provider Zedra has launched a new global expansion service, following its acquisition of Fitzgerald & Law (F&L) in September.

Foreign buyers are buying London property in large numbers, as they look to take advantage of the current stamp duty holiday and avoid the two percent surcharge they’ll face from April 2021.

Wednesday

International law firm McDermott Will & Emery announced the promotion of 37 lawyers to partner and five to counsel effective 1 January 2021. The promotions are across 14 global offices, including in the US, Germany, the UK, and France.

Authorities in Kuwait are going forward with a move to cease renewing work permits for foreigners over 60 years old who do not hold a university degree. The decision is scheduled to be effective from 1 January 2021 and will be applied on an individual basis when work or residency permits expire.

Thursday

With UK shoppers expected to hit the online sales hard, UK tax advisory firm RSM has warned of a potential wave of cybercrime over the coming days on a scale not seen before. The audit, tax and consulting firm predicts cybercrime could increase by as much as 50 percent, as lockdown coupled with Christmas shopping creates a perfect storm for cybercrime.

The Covid health emergency is far from over, but UK Chancellor Rishi Sunak has warned that the “economic emergency had only just begun”. Private client professionals agreed that yesterday’s (26/11/2020) Spending Review was “naturally subdued” and highlighted a set of worrying figures on the state of the UK’s finances.

Friday

Channel Islands-based consultancy firm Altair Partners added Guernsey-based Zoe Cousens as a client director. Ms Cousens has more than 30 years' experience in financial services and has spent most of her career as an investment manager in Guernsey.

HM Revenue and Customs (HMRC) and the Advertising Standards Authority (ASA) have launched new action to cut out misleading marketing by promoters of tax avoidance schemes.