A look at the most read stories to feature on eprivateclient this week…
Monday
The total value of UK private equity club deals hit £19.7 billion last year, a fourfold increase from the £4.5 billion last year, according to research from international law firm Pinsent Masons. The number of these ‘club deals’ reached a three-year high with 56 deals last year - up 30 percent from 43 the year before.
Just over a year since the completion of the merger between trust and fiduciary services providers Ocorian and Estera, eprivateclient spoke with Nick Cawley, who leads the combined firms’ global private client services team, and who explained that the union was going “extremely well”.
Tuesday
HMRC is delaying the payment of self-assessment tax refunds and threatening to remove individuals from the self-assessment regime if extensive and onerous information is not provided, UK accountants Hillier Hopkins warned. The firm has seen a dramatic increase in letters from HMRC to clients demanding extensive documents and information that it calls “security procedures” to make sure the “repayment amount claimed is correct”.
A new fintech business, MYCDD, was formally launched in Jersey with an objective to “revolutionise how international financial services and other firms manage their ongoing client due diligence requirements”. The business, which opened a new office in St Helier this month, was launched to meet rising demand for digital due diligence solutions amongst fiduciary services firms, law firms, and service providers as well as estate agents and recruitment companies in the Channel Islands and other international finance centres.
Boutique UK law firm Maurice Turnor Gardner (MTG) announced that founding partner Richard Turnor is to leave the firm. Mr Turnor, having spent his entire legal career with Allen & Overy, was one of the founding partners of MTG in 2009. Meanwhile, the firm also promoted two former eprivateclient Top 35 Under 35s to partner. Jennifer Emms – who was named a Top 35 in 2018 and 2019 – and Claire Weeks, who made the list in 2019, will join the partnership from 1 May.
The eprivateclient 2021 Jersey Report – Looking Ahead to a Post Pandemic World – is out now and focuses on the key issues affecting the private client world in Jersey. The report features articles from Jersey Finance, Bedell Cristin and Brooks Macdonald among others.
Thursday
The partners of law firm Mishcon de Reya voted in favour of exploring a premium listing on the London Stock Exchange later in 2021. The firm hopes an IPO will allow it to access additional capital to help accelerate growth. Mishcon de Reya has mandated JP Morgan Cazenove to advise on the possible IPO which could take place as early as the fourth quarter of 2021.
The house price boom caused by the introduction of the stamp duty holiday could see the average house price across England climb by another £23,000 before the end of the year, should current market trends continue. Research by estate and lettings agent, Barrows and Forrester, analysed the average monthly rate of house price growth since the introduction of the stamp duty holiday back in July last year and found that the impact has been notable, with house prices increasing at an average of 0.84 percent a month across England.
Friday
Football clubs and players have been warned that HMRC is gearing up for a new campaign against them, London-headquartered law firm RPC claimed. It said HMRC has published new guidance setting out how it will treat the payment of agents’ fees by football clubs when negotiating transfers and new contracts and this new approach means players could be liable for “significantly more” tax, the firm warned.
Private wealth law firm Boodle Hatfield promoted Clare Pooley to senior associate in the firm’s growing private client and tax practice, effective from 1 May. Ms Pooley joined the firm as a solicitor in 2018 from Stonehage Fleming and since joining has advised high net worth individuals and families on international tax matters.
Finally, today is the last chance to make a nomination for the 2021 eprivateclient Channel Islands Top 35 Under 35. To have your say, click here