Citywealth Articles
06 Aug 2010
McDermott Will & Emery: The HMRC “91 day rule”
Unless the case does go to a hearing in the Supreme Court, the Court of Appeal’s decision in the Gaines-Cooper case will concern many individuals who have based their international tax planning around the “91 day rule” originally set out in HMRC guidance IR20 and continued in the replacement guidance, HMRC6. In a somewhat odd judgment where the judges apply statutory construction techniques to a Revenue guidance note, it was at last confirmed that HMRC are bound by what they have written. In the light of the Wilkinson case which said that it was not possible for HMRC to apply concessions, this was by no means a foregone conclusion. The logic that binds the Revenue to an analysis of the law that is simply interpretation but not to a concession which formally acknowledges a clear injustice in the legislation is difficult to support. Read more...
06 Aug 2010
Demonstrating value to family office clients
The classic family office business model is characterised by a tailored, individual investment service. However whilst long term financial performance is the definitive measure of a family office’s success, the nature of communicating that performance – along with all aspects of the investment portfolio – must also match the bespoke demands of family members. Read more...
28 Jul 2010
Trusts are not just for the wealthy says law firm Adams & Remers
The assumption that trusts are only useful for financial planning for the wealthy should be revisited by people looking to reduce their exposure to nursing home fees says Adams & Remers LLP. Lisa Gibbins, solicitor at Adams & Remers comments: “Whilst most people probably associate trusts with the wealthy it is also beneficial for those with assets below the inheritance tax nil rate band to consider putting their property into a trust because this means only half of the asset will be assessable for the purposes of local authority care home funding.” Read more...
28 Jul 2010
USA top in the spamming pollution leagues but Europe collectively also leap frog into pole position
IT security and control firm Sophos has published its latest report into the top twelve spam relaying countries, covering the second quarter of 2010. The USA continues to be the number one spam polluter, piping out 15.2% of all global spam messages - an increase from 13.1% in the first quarter of 2010. Read more...
