A look at the most read stories on eprivateclient this week…
Monday
Trust industry stalwart Ciaran O’Neill joined Rawlinson & Hunter, Guernsey as an executive director. Mr O’Neill joined the firm after almost 13 years at Credit Suisse, most recently as global head of trust management. Prior to that role, Mr O’Neill worked at Credit Suisse Trust in Singapore for almost three years and was deputy centre head of trust in the Guernsey office from 2010 to 2015.
JTC was awarded the mandate to provide fund administration and registrar services to Brooks Macdonald International following the latter’s acquisition of the Channel Islands funds and wealth management business of Lloyds Bank International.
Tuesday
Global trust and fiduciary services provider IQ-EQ added to its senior private wealth team in Guernsey with the appointment of Paul Rogers, who joined the business as a client services director. Mr Rogers has 35 years’ experience in the financial services industry spanning both the banking and fiduciary sectors, with the last four years spent as deputy CEO and head of trust administration within the Guernsey arm of Standard Chartered’s trust and fiduciary business prior to its shuttering after the Royal Court of Guernsey ordered that the company be wound up.
The UK government should introduce further measures to raise revenue by combatting tax evasion in the country and offshore according to a poll of over 1,000 people conducted by accountancy and advisory firm BDO. Two-thirds (66 percent) of respondents indicated that given HMRC's limited resources, much-needed revenue should be raised by catching tax evaders at home and abroad.
Wednesday
As part of his Summer Statement, the UK Chancellor, Rishi Sunak, announced, as was widely expected, that up until until 31 March 2021 property buyers will pay no stamp duty land tax (SDLT) on the first £500,000 when they move home. The change will mean nearly nine out of 10 people getting on or moving up the property ladder will pay no SDLT at all with Mr Sunak saying the move was designed to help prevent a housing valuation crash.
Nearly three-quarters (73 percent) of UK adults believe that the COVID-19 extended lockdown will trigger a rise in divorce rates across the country, a study by Handelsbanken Wealth Management revealed. Rising concerns over marital health is having a significant impact on estate planning; over two thirds (67 percent) of parents have decided to delay family inheritance planning, for fear that their children’s marriages will end in divorce, with the likelihood of wealth and assets leaving the family estate.
Thursday
Jersey law firm Dickinson Gleeson appointed Guillaume Staal as a partner. Previously a senior associate within the firm’s litigation department, Mr Staal - who was named as an eprivateclient Channel Islands Top 35 Under 35 in 2019 - was promoted to the partnership on 1 July 2020, some eight years after joining Dickinson Gleeson.
UK law firm Irwin Mitchell has been instructed by John Clitheroe, who has launched a crowdfunding campaign to help pay for his appeal for his mother’s two wills to be reinstated. The battle between Mr Clitheroe and his sister, Susan Bond, has been waged since their mother Jean Clitheroe’s death in 2017, and was heard by a Deputy Master in March this year. The judgment was delivered in May 2020, ruling both of Ms Clitheroe’s 2010 and 2013 Wills invalid because of mental capacity issues she allegedly displayed after the death of her daughter, Debra, in 2009.
Following a virtual version of the annual PAM Awards attending by over 300 guests, a full list of the 2020 PAM Awards' winners, finalists, and commendations was published.
The 2020 eprivateclient Guernsey Report was released, featuring articles on topics including sustainability, digital innovation, philanthropy, intra-island co-operation and family offices from firms including Ocorian, Carey Olsen, Bedell Cristin and Guernsey Finance among others.