Trust business unscathed

By Christine Herbert

JERSEY’S trust sector has come through recent turmoil surprisingly well, according to the president of the Jersey Association of Trust Companies.

Julie Coward says that although Jersey firms were worried, at the end of last year, about a number of looming threats – including cost, complex regulation, concerns about government strategy and competition from other finance centres – the recent turmoil in the global markets has had a positive impact on trust business.

Changes to taxation for non-domicile UK residents – which at the end of last year generated much concern in the trust sector and seemed to be an attack on Jersey’s private client business – had become ‘an opportunity to review clients’ affairs’, she said. ‘Our help with professional and practical advice was welcomed by many, who will be more loyal as a result and recommend us to others.

Nonetheless, many trust firms continue to rely on traditional markets in London and although UK Chancellor Alastair Darling has backed down on some of the original proposals for non-doms, the impact on the City of London is not year clear.

Article posted on 14th July, 2008 - 3.00pm

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