July 2018 - Newsletter - Financial Services Institutions Briefing
Welcome to the latest edition of our Financial Services Institutions Briefing.
Readers will not be surprised that Brexit and preparations for it hang heavily over the financial services sector as we go to print. We have two Brexit themed articles this month.
The first is by Vanessa Walters, a senior associate in our financial services group. Vanessa reports on recent HM Treasury and Financial Conduct Authority updates on the Brexit process. The updates describe preparations for the UK (a) leaving the EU without any withdrawal agreement or implementation period having been agreed (b) leaving the EU with an agreed withdrawal agreement and implementation period.
The second is by Rose Carey, a partner in our Immigration Group. Rose reflects on the concerns from employees in the UK financial services sector about their ability to retain talent and continue to recruit talented workers from the European Union.
On a rather more positive note, Dominic Lawrance, partner, and Catrin Harrison, associate, from our Private Client team look at the attractions of offshore life insurance policies for UK resident non domiciliaries. As they mention, historically UK resident non domiciliaries have tended to hold liquid assets within a directly held investment portfolio or via an offshore trust. Dominic and Catrin examine in detail the often overlooked third option of offshore life bonds.
Regulators are turning their attention to increasing use of cloud outsourcing and cloud service providers. In December 2017, the European Banking Authority published a report setting out its recommendations. The recommendations apply from 1 July 2018 and Christina Fleming, an associate in our commercial team, looks at the report and its implications.
To download the newsletter in full please click here.
We hope you find this edition interesting and useful. If you have any comments on any of the articles or suggestions for future topics please do get in touch.
For more information please contact Jonathan Bayliss on +44 (0)20 7427 email@example.com. or at
News & Insights
Compensating for past errors – HMRC’s retrospective change in approach to VAT on compensation
Reviewing the new approach what HMRC will apply to most payments that have been made in the past and all new payments made in future.
Transfer of a property in Switzerland on the death of the owner abroad
The steps to take abroad and in Switzerland to enable the heirs to whom the property is vested to transfer it in their favour, to sell it.
Capital Gains Tax: Cutting through the speculation
Join us as we discuss current speculation and client reaction in relation to capital taxes.
Expansion of the UK Trust Register: Implications for Non-UK Resident Trustees
The government’s final proposals for the expansion of the UK Trust Register were finally laid before Parliament last week.