A look at the most read stories on eprivateclient this week…
Monday
The third annual eprivateclient Top Offshore Law Firms was published and for the first time this year, the rankings separately recognised firms that operate across multiple jurisdictions and those that work from a single jurisdiction with both providing advice to clients in their jurisdictions as well as across the world. For 2020, 30 firms feature with 11 across two tiers within the multi-jurisdictional rankings and a further 19 across three tiers in the single-jurisdiction list.
Business turnaround specialist Tim Sloggett joined Smith & Williamson as a partner in its Bristol-based restructuring and recovery services (RRS) team. Mr Sloggett joined from Big Four firm KPMG, where he worked with clients to deliver turnarounds, refinancing, accelerated business sales and formal restructuring processes. He also has banking experience, having worked at Barclays, where he provided funding and strategic support to a range of SMEs facing challenges to deliver turnarounds.
Tuesday
The much anticipated introduction of legislation by the UK’s Ministry of Justice to allow people to use video-conferencing technology for the witnessing of wills was cautiously welcomed by the private wealth sector which felt that the changes could have gone further…
Over-40s will pay more tax or be compelled to insure for later life in new plans from the UK government in a bid to solve the later life care crisis. According to reports, proposals for over-40s to begin paying more tax are being mulled over by the Government and the Department of Health and Social Care.
Wednesday
UK law firm Blake Morgan promoted 57 lawyers and support staff who work across its offices on the South Coast, the Thames Valley, London and Cardiff. Amongst the staff promoted four are from the firm’s private client team, whilst a further five came from its employment, pensions, benefits and Immigration (EPBI) teams.
The temporary measures put in place by the UK government due to COVID-19 are due to come to an end between 24 August 2020 and 30 September 2020, and property consultants Landlord Advice UK is to offer free legal support to landlords dealing with evictions as special protection from the Coronavirus Act 2020 winds down for both residential and commercial tenants.
Thursday
UK hedge fund billionaire Sir Christopher Hohn was ordered by the Supreme Court to pay his ex-wife’s charity £270 million. The latest stage in the acrimonious divorce which has rumbled on since 2014 saw the UK’s highest court award Jamie Cooper’s charity - Big Win Philanthropy - the money after it was agreed that Ms Cooper would step down from the charity - Children’s Investment Fund Foundation (CIFF) - she and Sir Christopher established in 2002.
UK residents who sell a residential property in the UK at a gain will from 31 July be subject to a £100 fine if they do not report disposals within a thirty-day period, tax and advisory firm Blick Rothenberg warned.
Friday
New Inheritance Tax (IHT) figures from HMRC showed a slight fall in receipts for the first time in 10 years. In 2019-20 IHT receipts decreased for the first time since 2009-10. HMRC received £5.2 billion during 2019-20, a decrease of 4 percent (£223 million) on 2018-19.
Statistics released by HMRC found that the tax contribution by non-doms to UK coffers has gone up by around £250 million over the previous year despite their numbers falling. Non-domiciled tax payers paid £7,828 million in UK Income Tax, Capital Gains Tax and National Insurance contributions in 2018-19 - a slight increase from the previous year’s estimate of £7,571 million.
And finally, readers now have just one week left to nominate for the 2020 eprivateclient Top 35 Under 35 – to make sure you make a nomination before Friday 7 August, please click here