News & Views

Non-dom Update

It has been announced by the UK Government that the Finance Bill proposals relating to non-doms that were dropped prior to the election will be reintroduced, and that they will take effect from 6 April 2017 as originally envisaged. It is not clear when this will occur – the statement simply says "as soon as possible", and that could be as late as October, subject to no change of government.

Demanding public disclosure creates more problems than it solves

‘Opening up everyone’s cupboards in the expectation that it will make everything better’ is not only wrong, but naïve and potentially damaging to clients, according to James Quarmby of law firm Stephenson Harwood. Quarmby was speaking at the Jersey Finance Private Wealth Conference about the increasing drive for transparency in international finance and the tension caused in relation to data protection and a client’s right to privacy.

Jersey’s innovation is driving growth

Seeking an informed perspective is critical to Jersey’s success as an international finance centre, delegates to the Jersey Finance Funds Conference were told. Jonathan Pugh-Smith, legal counsel for Bregal Investments was speaking as part of a panel and stressed that the island needed to focus on internal matters, but not ‘bury its head in the sand’.

Jersey Finance Fund Conference 2017

There are risks for Jersey, but we are not risk averse.
 
This was the message from Geoff Cook at this year’s Jersey Finance Funds Conference in London. The risks are self-evident – the impact of Brexit, the unpredictability of the Trump presidency, changes in China and other emerging markets.

Beware the taint

 
Tainting will be a major theme for trust practitioners under the new HMRC rules for offshore trusts. At the recent BL Guernsey Trusts Conference Moore Stephens’ Hazel Johnson joined Carolyn Steppler from EY to discuss issues for tax and taxation in the world of trusts.
 

Changing world for trusts

How will global demographics affect the trust industry? That was the question posed by Andrew Holden of XXIV Old Buildings at the recent BL Guernsey Trusts Conference. Headline information on demographics shows a population explosion around the world and, significantly, more people now live in urban than rural areas.
 

Red flags

Trustees have a duty of care to their clients, and this is never more pressing than when discussing the issue of fraud and the financial abuse of the vulnerable. Professor Robin Jacoby of Oxford University addressed the recent BL Guernsey Trusts Conference on this topic, comparing practice in the trust sector with that of the act of making a will.

Is the clock ticking for trusts?

Are trusts a thing of the past or can they adapt and thrive in the new international finance landscape? This was the topic for debate at the recent BL Guernsey Trusts Conference, and the subject of the first panel event featuring lawyers from Walkers and Mourant Ozannes alongside senior tax manager Paul Beale of KPMG.
 
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