Member News

This issue of The Transportation Brief focuses on recent tax issues affecting companies in the transportation industry. When federal laws took effect at the beginning of 2018, Scopelitis attorneys acted quickly to assist with federal compliance issues, and with the subsequent issues that continue to arise as states readjust to align with the new tax environment. Each member of Scopelitis’ Taxation Practice offers a unique set of experiences and thought leadership.

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A recent report has revealed that millennials are set to benefit from an ‘inheritance boom’ bigger than that experienced by any other generation in the post-war period. The Resolution Foundation, the think-tank which carried out the research, defined millennials as people currently aged between 17 and 35, and found that those within this age bracket will be left record amounts of wealth by their ‘baby boomer’ parents and grandparents.

The report found that inheritances will double in size over the next twenty years, peaking in 2035, as baby boomers who generally have high levels of wealth move through old age. Additionally, nearly two thirds of millennials have parents who are property owners, of which they may receive a share in the future. This is a stark difference to adults born in the 1930s, of whom only 38% received an inheritance.

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Following its successful rebrand from Volaw Group to VG in September 2017 and as part of its focus on growth and the aim to delight its clients, VG has seen a raft of new employees join the fiduciary and administration company across all areas of the business.

In the past four months a total of eight new members of staff have boosted the ranks at VG including three trainees, demonstrating VG’s commitment to supporting the growth of Jersey’s financial services sector by providing jobs at grass roots levels for local people as well as more senior positions.

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Thanks to the ‘breakthrough’ deal struck in early December last year by Prime Minister Theresa May with the EU, we now know that there will not be a ‘hard border’ with Ireland, that the rights of both EU citizens in the UK and UK citizens in the EU will be protected, and that the ‘divorce bill’ figure will be somewhere between £35 billion and £39 billion. Since before the EU referendum result was known at the end of June 2016, the ‘divorce bill’ – the money the UK will need to pay to the EU as a result of Brexit to cover its financial liabilities – has been a hot topic of debate.

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In 2016 we foreshadowed Highways England’s intention to trial autonomous vehicles on motorways by the end of 2017, set out in its “Innovation strategy”.  Indeed a variety of trials have taken place with varying results.  However in October 2017 the chancellor upped the ante, now aiming to test fully self-driving cars (with no driver at the wheel) as early as 2019, and allowing fully self-driving cars to operate freely on UK streets from 2021.  This goal is accompanied by an additional £100 million in funding for AI research and development.

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