eprivateclient takes a look at the most read stories to feature this week….
Monday
London tax advisory firm Blick Rothenberg promoted former eprivateclient Top 35 Under 35 Sonya Rees to partner. Ms Rees - who was named as a Top 35 Under 35 in 2011 – was promoted from director having joined Blick Rothenberg in 2018.
The number of wealthy families claiming back inheritance tax has rocketed since the start of the covid-19 pandemic and the ensuing financial turmoil. According to a Freedom of Information request from Quilter, HMRC made 9,864 inheritance tax (IHT) repayments in the 2019-20 tax year — a 66 percent increase on 5,949 paid the tax year before.
Tuesday
Saffery Champness Registered Fiduciaries made eight promotions across the firm, including Guernsey-based Donna Brehaut who has been promoted to the role of associate director. In her new role, Ms Brehaut - who was named in eprivateclient’s 2020 Channel Islands Top 35 under 35 - will continue to provide fiduciary services to clients alongside an expanded focus on business development strategy.
The UK's Upper Tribunal confirmed that certain cumulative preference shares can form part of the “ordinary share capital” of a company for tax purposes. This came as HMRC lost its appeal against Stephen Warshaw’s claim for Entrepreneurs' Relief (ER) – now known as Business Asset Disposal Relief (BADR). Mr Warshaw claimed ER on the disposal of ordinary shares, ordinary B shares and preference shares in a UK company which he sold for cash of £6,665,332 in 2013.
Wednesday
2020 left a big hole in government coffers and there will inevitably be changes to the tax regime in the New Year. With this in mind, UK accountants Hillier Hopkins highlighted four significant changes in the pipeline for 2021 that may catch high earning individuals short…
International law firm Taylor Wessing hired an 11-strong private wealth team from Bryan Cave Leighton Paisner. It was announced in November that partners Damian Bloom and Simon Phelps were joining the firm. But now, another 11 hires have been confirmed.
Thursday
Emma McCann, a partner at Irwin Mitchell, highlighted the issue that few people are preparing adequately for retirement and their futures. Research by Irwin Mitchell - conducted in conjunction with YouGov - found 72 percent of all UK adults aged 40+ said the pandemic had not made them reconsider planning for later life in general.
The UK government announced that dormant assets across the insurance and pensions, investment, wealth management, and securities sectors are set to be unlocked, with the potential for more than £800 million to be made available to support the UK as it recovers from the coronavirus pandemic.
Friday
Another private client partner left international law firm Bryan Cave Leighton Paisner (BCLP), following on from high-level departures to Taylor Wessing, Payne Hicks Beach and Farrer & Co. Marcus Dearle – who had been tasked by BCLP with leading its family asset protection team since 2017 – has joined boutique London-based family law firm Miles Preston & Co as a partner.
UK residents will need to hire a tax representative on the sale of their holiday home in France, French property specialists have warned. French Property News said that with the Brexit transition period over, non-resident UK nationals with property in France are no longer exempt from requiring a 'représentant fiscal' on the sale of French real estate.