Counting down the most read stories on eprivateclient this week...
Monday
Despite a flurry of spending announcements over the weekend, Chancellor Rishi Sunak is set to officially unveil his Autumn Budget this Wednesday (27 October) and eprivateclient took a look at what tax tweaks the private client and tax sectors are expecting.
Ogier counsel and private wealth specialist Henry Wickham was sworn in as a Notary Public in Jersey. Notary Publics enjoy global recognition when it comes to verifying and authenticating documents, acts and events to render them acceptable to authorities and courts in foreign jurisdictions, which further expands the suite of services Henry can provide to private and institutional clients.
Tuesday
International law firm Withers made three senior hires to its private client and corporate tax practice in Singapore. The new hires are partners Yeoh Lian Chuan and Koh Chin Chin, and special counsel Wong Wei Ling.
HMRC confirmed it will begin issuing “nudge” letters to cryptocurrency investors which are often a precursor to the launch of tax investigations. The nudge letters will be used to encourage cryptocurrency investors to examine whether they have paid the correct amount of capital gains tax (CGT) and income tax on their crypto holdings.
Wednesday
Following the National Insurance hike, it seemed unlikely that many other tax raises would be announced in the Autumn Budget. However, not many were expecting a champagne budget. Chancellor Rishi Sunak seemed to have other ideas.
IQ-EQ appointed Rashmi Rao as group chief information officer (CIO), as the firm demonstrates its commitment to its technology transformation. With over 20 years’ experience, Ms Rao had lead a number of transformations in regulated industries.
Thursday
Once again, while the industry feared a raft of changes, the Budget was largely uneventful for private wealth professionals. Instead, many ended up talking about whether the reduction in champagne duties may improve the quality of drinks on offer at networking events. But of course, there were some announcements that will have an impact on the industry. Here is a closer look at the top five.
HMRC opened 3,574 investigations into Inheritance Tax (IHT) in the 2020-21 tax year, bringing in an additional £254 million in revenue. Law firm Pinsent Masons said with IHT hitting a record £6 billion in the past year, there is increasing scope for disputes between HMRC and taxpayers in this area.
Friday
Law firm Mishcon de Reya has filed a claim before the High Court in London on behalf of Jenny for breaches of her individual rights under the EU's data protection legislation. The case is in relation to the processing of her sensitive personal and financial information under FATCA, which she claims has caused personal damage and distress.
Ogier voluntarily published its gender pay gap data as part of its commitment to diversity and inclusion (D&I), claiming to be the first offshore law firm to do so. The difference between the mean hourly pay of men and women stands at 30 percent, while the difference between the median hourly difference is 39 percent.
Nominations are now open for the eprivateclient 2022 50 Most Influential rankings. To nominate a leading individual click here