A look at the top stories on eprivateclient this week…
Monday
Monday saw the launch of the 2019 eprivateclient Middle East report - a detailed analysis of the wealth management sector in the Arab region. The special report examines current and future trends within the private client sector in the region against a backdrop of a continued tumultuous political climate in the area. The report highlights the increased sophistication growing among the region’s wealth as well as looking at the pitfalls for professionals looking to live and work in the region.
The former chief executive of Channel Island promotional body Jersey Finance, Geoff Cook, has become a non-executive director at Apex Group in Jersey. He will also join the board of Apex Financial Services (Jersey) Limited. Since leaving Jersey Finance, Mr Cook has also been made non-executive chairman of Quilter Cheviot Jersey and a consultant at law firm Mourant. He also undertakes a range of other non-executive and board level work.
The Labour Party’s recent pledge to abolish non-dom status may not have received the attention a statement of that kind would usually expect, perhaps as given the current political situation it seems unlikely to feature highly in Parliamentary business and of course Labour cannot enact any policies as they are not in power. But, this could all change more quickly than anticipated as “there will be an election” most likely before the end of the year, broadcaster Andrew Marr told the audience at Jersey Finance’s Annual London Private Wealth Conference held in London last week (26/09/2019).
UK law firm Payne Hicks Beach has hired Nicholas Bennett as a partner within the firm’s family department. Mr Bennett’s move marks the first time that a barrister has been appointed as a partner at Payne Hicks Beach. He has joined the firm from Farrer & Co.
New figures from HMRC have shown a five percent fall in stamp duty receipts down to £15.6 billion between 2017-18 and 2018-19. Land and property stamp taxes (SDLT) decreased by seven percent to £11.9 billion. SDLT receipts in England were £11,850 million, a decrease of £715 million (six percent) compared with 2017-18. According to Zena Hanks, a partner at Saffery Champness, that while Stamp Duty is an “important cash cow for the Treasury”, it is “little surprise to see receipts declining.”
Plans mooted by UK chancellor Sajid Javid to abolish inheritance tax (IHT) completely would see “families across the country rejoice,” claimed Shona Lowe, Private Client & Corporate Director at 1825, Standard Life's financial advice arm. Speaking at the Conservative Party conference this week, Mr Javid said scrapping the tax is something the government should consider scrapping in the future.
UK accountancy firm, Menzies, has further strengthened its private client team, with the appointment of experienced tax director, Sehjal Gupta. Ms Gupta has spent over 15 years working with high-net-worth individuals (HNWI), including non-doms, on a range of tax advisory, compliance and planning matters. Based at Menzies’ London office, she joins the firm from RSM UK.
UK accountancy firm Blick Rothenberg has called for the simplification of the UK’s tax system as "paramount, long overdue and must be carried out as a matter of urgency", and would attract businesses wanting to relocate to the UK and should be the cornerstone of the next UK budget.
Standard Bank Jersey Limited has become the second international bank in Jersey to be fined for intermeddling under the Probate (Jersey) Law 1998. The bank was ordered by the Royal Court of Jersey to pay a £20,000 fine. Last year, Abu Dhabi Commercial Bank PJSC Jersey Branch received the first ever fine (£25,000) for this infringement.