A look at the most read stories to feature on eprivateclient this week…
Monday
The 2020 eprivateclient Top Accountancy Firms rankings were published with 36 firms featuring this year – up from 32 in 2019.
International law firm Withers hired barrister and former Attorney General, Geoffrey Cox, as a consultant providing advice to both its private and overseas government clients. Mr Cox has since 2005 been MP for Torridge and West Devon and became Attorney General in 2018, stepping down from that role in February 2020 to return to private practice.
Tuesday
Charles Russell Speechlys announced the election of 2020 eprivateclient 50 Most Influential - Bart Peerless - as the firm’s next senior partner effective from May 2021. Mr Peerless will begin his four-year term in May 2021, taking over from Christopher Page. The firm also announced the appointment of Lord Andrew Hay as a non-executive director, effective immediately.
Online KYC platform - The ID Register - spun out of Apex Group Ltd. in a management buyout led by its founder, Tim Andrews. The transaction completed on 24 September 2020 and terms were not disclosed.
MDR Mayfair, the private advisory business established by the Mishcon de Reya Group, comprising of MDR Mayfair London, Dubai and Singapore, made changes to its senior management team. In London Kevin Gold, executive chairperson of law firm Mishcon de Reya, has been appointed as an executive director and chairman of the MDR Mayfair Group, Lisa Zeitlin has been promoted to the MDR Mayfair board as an executive director and Steven Whitley has been promoted to the role of CEO of the MDR Mayfair office in Dubai.
The IRS is targeting tax compliance by non-US owners of US real estate. The large business and international (LB&I) division of the IRS announced last month that a new international compliance initiative has been created specifically targeting foreigners selling interests in US real property and subject to the Foreign Investment in Real Property Tax Act (FIRPTA).
Thursday
UK residents who own a second home in the European Union will have the time they can spend there in a given period halved, as Brexit comes into effect at the end of the year. Under present freedom of movement rules, UK nationals can spend up to 180 days in their second country without become tax residents. As of 31 December, this will be halved to 90 days in any 180-day period.
UK/US Law firm Womble Bond Dickinson strengthened its Bristol, UK, practice with the appointment of James Radcliffe who has joined as a new partner in the private wealth team. Mr Radcliffe joined from Michelmores and specialises in tax, succession and estate planning issues for UK resident and domiciled families interested in the long term preservation of their wealth.
Independent Jersey trust company, Alex Picot Trust, announced the appointment of Hannah Roynon-Jones and Sarah McBrearty to its board of directors effective from 1 October 2020. Ms Roynon-Jones and Ms McBrearty – who were both named as 2020 eprivateclient Channel Islands Top 35 Under 35s – were also both promoted from the position of associate director as part of the company’s continued expansion and succession plans.
The threat of a No Deal Brexit is now being used to reduce the value of some larger divorce settlements, private client law firm Boodle Hatfield warned. In a recent high net worth divorce hearing, a judge ordered that the value of a jointly owned business should be discounted by 10 percent to allow for the possibility of a No Deal Brexit and the economic downturn caused by Covid, meaning one party may be disadvantaged if the business’ value subsequently rises rather than falls.