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The week on eprivateclient: Appleby, Farrer & Co, IHT reform and more...

02/02/2018 Will Sidery

A look at the top stories on eprivateclient this week…

Monday

Nick Dunnell, a private client partner at UK law firm Farrer & Co, warns trustees to review inter-trust loans before 6 April 2018 to ensure that trusts are not accidentally tainted as there could be potentially disastrous tax results for UK resident settlors

Offshore law firm Appleby hires Hugh Tomlinson QC, the chairman of Hacked Off - the press regulation campaign group - to help stop any further leaks of documents stolen that show clients' offshore investments and holdings. Appleby is currently suing both the BBC and The Guardian newspapers and is looking to block further revelations with a permanent injunction

Tuesday

The average total compensation for female partners in London is 24 percent less than for male partners according to a survey carried out by legal recruiters Major, Lindsey & Africa on partner compensation among London’s law firms

New anti-money-laundering regulations introduced by the Government mean that the Solicitors Regulation Authority (SRA) requires comprehensive information from law firms about people working in certain roles with close of play today - Friday 2 February - the deadline to provide the data

Wednesday

UK Chancellor Philip Hammond writes to the Office of Tax Simplification (OTS) to request a review into the country's inheritance tax (IHT) regime. Mr Hammond requested that the review include a focus on the technical and administrative issues within IHT as well as practical issues around routing estate planning and disclosure

UK law firm Irwin Mitchell Private Wealth adds two new associates to its growing residential property team in London. Sue Reeves joins from Pemberton Greenish with experience in advising on a full range of residential conveyancing matters with particular experience with high end London residential property and Louise Oliver, who specialises in the set up and disposal of leasehold and freehold developments, joins from Wedlake Bell

Thursday

Research from Philadelphia-based multi-family office Pitcairn finds that very wealthy families are more confident in dealing with financial issues that they are in dealing with family issues 

UK Government quarterly stamp duty statistics analysed by accounting firm RSM shows an additional three percent Stamp Duty Land Tax (SDLT) charge aimed at people buying second homes or buy-to-let properties raised £2.05 billion in 2017

Friday

Law firm Kingsley Napley appoints Sital Fontenelle as a new partner in its family & divorce team. Ms Fontenelle - who joins from Irwin Mitchell where she was also a partner - practises in all aspects of private family work, with particular expertise in complex financial matters, international jurisdictional cases, private children cases and advising on nuptial agreements

Swiss financial authority FINMA bans Russian owned bank Gazprombank Switzerland from taking on new private clients following an investigation into money laundering in Swiss banks after the Panama Papers leak

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