eprivateclient takes a look at the most read stories in the first week of 2021…
Monday
An unexpected but welcome surprise start to 2021 for many tax advisers was discovered when the final Brexit legislation was published last week with it revealed that HMRC will no longer be implanting DAC6 under the UK/EU Free Trade Agreement. This is despite lawyers previously warning that UK-based intermediaries should consider themselves “bound” by DAC6 after Brexit.
The UK Office for National Statistics’ main data on wealth misses almost £800 billion of assets held by the wealthiest one percent of households and correcting for this oversight means UK wealth inequality is higher than previously thought, according to new Resolution Foundation research published this week.
Tuesday
International law firm Withers promoted 12 lawyers to partner from across its Asia, UK and US west coast offices with effect from 1 January 2021. The twelve new partners include four tax planning lawyers from around the world, three trust and estate litigators (including a former eprivateclient Top 35 Under 35) and a member of Withers’ London family team.
The UK government confirmed the new rules surrounding divorces in England and Wales involving other European countries, which came into force after 31 December 2020. UK law firm Boodle Hatfield explained that now, if divorce petitions are filed in two different jurisdictions, the country with which the parties have the strongest links will hear the divorce case.
Wednesday
Saffery Champness Registered Fiduciaries added 2020 eprivateclient Top 35 Under 35 Matthew Gilligan from Louvre Trust as an associate director in the firm’s Guernsey office. In the new role, Mr Gilligan will work closely with the fiduciary teams to assist them in providing bespoke offshore solutions for UHNWIs across a range of key jurisdictions.
The UK's Supreme Court dismissed an application by Zamira Hajiyeva, the wife of jailed Azerbaijani banker Jahangir Hajiyev, to appeal the Unexplained Wealth Order (UWO) made against her by the National Crime Agency. In doing so, the earlier decisions of the Court of Appeal and High Court refusing to discharge the UWO secured in 2018 are upheld.
Thursday
Fiduciary services provider Ocorian announced that Frederik van Tuyll will take over the responsibilities of the firm’s chief executive role in addition to his role as chairman from 31 March 2021. This move follows current chief executive Farah Ballands’ decision to step down. Mr van Tuyll was appointed as chairman of Ocorian in 2019.
Former eprivateclient 50 Most Influential Nick Rucker was named as the new global head of private wealth at international law firm Ince. Mr Rucker - who was named as a 50 Most Influential in 2017, 2018 and 2019 - joined Ince from Irwin Mitchell where he had been national head of tax, trusts & estates at Irwin Mitchell Private Wealth since 2017.
Friday
UK owners of Spanish holiday homes face significantly higher tax bills following Brexit with UK based owners of Spanish real estate now havikng to pay a 24 percent tax rate on income, after the previous 19 percent tax rate expired when the transition period ended on 31 December. The Spanish tax authorities will also no longer permit any expenses to be deducted, meaning the gross income will be taxed – this could be a large increase, disproportionate to any real profit made.
London private client law firm Payne Hicks Beach promoted Nick Manners to partner in its family department, with effect from 1 December 2020. Mr Manners joined Payne Hicks Beach’s family department on qualification in 2010, having completed his training contract with the firm.