BUDGET 2014

 

 

The Chief Minister's Budget Address 2014.

 

The Gibraltar Government has published the Perpetuities and Accumulations (Amendment) Bill 2014.

 

This Bill gives effect to anticipated changes to the perpetuity period as well as to abolish a rule against accumulation for all non-charitable trusts.

Adrian Pilcher, Senior Associate with the Private Client Team at ISOLAS explained that "this is one of a number of changes expected in the coming weeks and months as a result of long-term consultation between the Gibraltar Government and the industry seeking to ensure and further enhance Gibraltar's competitiveness in the private client context of its financial services industry. Another change of note expected shortly is the publication of legislation for the creation and recognition of foundations - a product which, despite Gibraltar's common-law based legal system and the availability of the trust - is increasingly indispensable in the context of significant demand from clients more comfortable with civil jurisdiction vehicles such as those available elsewhere."

Click here to see the Perpetuities and Accumulations (Amendment) Bill 2014.

ATCOM CONFERENCE 2014

 

ATCOM held their first annual conference on the 25th November 2014 to an oversubscribed audience which attracted a large number of local and international professionals.

 

The event was opened by ATCOM Chairman Nick Cruz followed by the Hon Albert Isola, Minister for Financial Services who welcomed the delegates and his belief in the importance of such events. He thanked ATCOM Chairman, Nick Cruz and his team for organising the event which he feels  is important as it brings together professionals to discuss important issues and therefore continue to develop Gibraltar’s offering as an International Finance Centre.

 

All delegates were then able to hear first-hand from London based advisers, Crowe Clark Whitehill’s, John Cassidy and Sean Wakeman’s experience in dealing with disclosure facilities for clients choosing to take the LDF’s option and how this can have very positive outcomes if dealt with promptly and efficiently. 

 

Then HMRC’s Andy Cole and Jim Ferguson presented and provided an insight into the workings at HMRC followed by  Philip Baker QC who  is well known for his work in human rights and his view in regards to data protection, EU and constitutional rights versus disclosure.

 

The event ended with Gibraltar’s Financial Services Commissioner Samantha Barrass presenting the FSC’s view on positive and effective regulation and how one must balance the need to regulate whilst allowing for business to prosper. 

 

The Chairman, Nick Cruz, then closed the conference.