A look at the most read stories to feature on eprivateclient this week…
Monday
Estranged spouses of high net worth individuals (HNWIs) are rushing to file for divorce in England before the 31 December Brexit deadline, private wealth law firm Boodle Hatfield claimed. A no deal Brexit could lead to lengthy cross-border disputes over which court should have jurisdiction over the case, if the other divorcing spouse files in a different European jurisdiction.
Northern Trust appointed Paul Rogers as head of fiduciary for its global family office (GFO) group for Europe, Middle East & Africa (EMEA). Based in Guernsey, Mr Rogers will be responsible for overseeing the day-to-day operation, service and delivery of fiduciary services.
Tuesday
The number of estates falling foul of HMRC’s seven year rule for Inheritance Tax (IHT) free gifts increased year on year between 2015/16 and 2017/18 resulting in a tax bill of £488 million, according to data acquired from HMRC via a freedom of information request from accountancy firm Saffery Champness. The firm found the number of estates owing tax on gifts has grown 14 percent over three years.
individuals and small businesses will “be among the worst casualties” of post-Brexit changes to the justice system if the EU continues to block the UK’s admission to the Lugano Convention at the end of the transition period on 31 December, a group of influential organisations warned.
Wednesday
A one-off wealth tax on millionaire couples paid at 1 percent a year for five years would raise £260 billion, according to the final report of think tank, the Wealth Tax Commission. It recommended that if the UK government chose to raise taxes as part of its response to the Covid-19 crisis, it should implement a one-off wealth tax in preference to increasing taxes on work or spending.
Fiduciary and family office services provider Crestbridge appointed Daniel Channing as a director in its family office services team. In his new role, Mr Channing will support the creation and delivery of bespoke strategies to preserve and enhance clients’ global asset portfolios and succession plans.
Thursday
The UK private wealth sector reacted with some caution to the Wealth Tax Commission’s proposed one-off wealth tax, raising concern that the measures could cause financial ruin for thousands of asset rich, cash poor UK taxpayers.
Almost £2 billion could be wiped from London economy with the threatened rise in Capital Gains Tax (CGT) recommended recently in a report from the Office of Tax Simplification, real estate investment firm London Central Portfolio warned.
Friday
UK law firm Wrigleys made four promotions across the firm's three offices in Sheffield, Leeds and Newcastle, including a landed estate specialist and a former eprivateclient Top 35 Under 35. Named as a Top 35 Under 35 in 2016, new partner Charlotte Dyson works in the firm’s court of protection and personal injury trust team and is a director of Wrigley’s trust corporation, Wrigleys Trustees Limited and acts as deputy, professional trustee and attorney.
In a move aimed at furthering its offering to family offices, Guernsey will revise the rules of its Private Investment Fund, expanding the fund regime with two supplemental models which remove the requirement for manager involvement.