A look at the most read stories on eprivateclient this week...
Monday
Monday saw the publication of the 2021 eprivateclient Top Law Firms’ rankings – a detailed examination of the top private wealth law firms and departments across the UK. The 2021 rankings feature 50 firms - up from 48 last year - divided across three tiers. Tier I features 16 firms, Tier II 14 firms with a further 20 featuring in Tier III.
All Guernsey financial institutions (FIs) will have to register on the Revenue Service's information gateway online reporter (IGOR) system soon. This is regardless of whether they have reporting obligations under the OECD's Common Reporting Standard (CRS) or the US Foreign Account Taxes Compliance Act (FATCA), offshore law firm Carey Olsen warned.
Tuesday
The FCA prohibited financial adviser Anthony George from performing any regulated activity in the financial services industry on the grounds that "he is not a fit and proper person as his conduct demonstrates a lack of honesty and integrity". The FCA found that between 14 January 2015 and 15 May 2019, Mr George - the director, owner and sole approved person of 4Life Financial Planning Limited - deliberately submitted false information to HMRC by understating the income in his self assessment tax returns over a 5-year period.
New research from PwC - based on a survey of 4,000 people in the UK - found women are more likely than men to feel the pandemic has damaged their career prospects, as well as highlighting a lack of awareness in relation to the job opportunities presented by the growing green economy.
Wednesday
International multidisciplinary advisory group Belluzzo International Partners and London-based law firm Phillips Lewis Smith entered into a joint venture combining Belluzzo’s specialism in wealth, law, tax and finance with Philips Lewis Smith’s litigation, corporate & commercial law, real estate, immigration and family dispute resolution experience.
UK law firm Thomas Mansfield Solicitors strengthened its family law practice amid increasing demand for its services. The firm added lawyers Amelia Montgomery from London firm Woodfords Solicitors and Martina D’Avino from regional firm Tees Law.
Thursday
Nigel May, a tax partner at accountancy firm MHA, suggested that in next mont's Budget (27 October), Chancellor Rishi Sunak will be reluctant to introduce major tax bombshells as they have already been delivered, but will still have his "rabbit out of a hat moment".
The Seychelles, Dominica and Anguilla are set to be removed from the European Union’s “tax blacklist” next week, according to media reports. However, Panama has failed in its request to be delisted, the reports suggest. The three jurisdictions are expected to be moved to the EU's "grey list" – for countries that have shown commitment to tax reforms "pending the outcome of such supplementary review". The decision needs to be approved by EU finance ministers at a meeting on 5 October.
Friday
The number of inheritance disputes heard in the High Court reached an all-time high last year. Research from private wealth law firm Boodle Hatfield found 192 cases brought by individuals claiming to be entitled to a share or larger share of a deceased’s estate in 2020. The previous record stood at 188 cases in 2019, a 50 percent increase from 2018.
eprivateclient spoke with KPMG UK's Linus Ostberg who has been recently tasked with leading a new tax practice to support US expats. There are estimated to be around 200,000 Americans currently living in the UK.