A look at the most read stories on eprivateclient this week…
Monday
Corporate, private client and fund services provider Hawksford received further private equity investment from a new majority stakeholder. STAR Capital Partnership, a European fund manager, will provide investment capital with the aim of driving accelerated growth at the firm.
Greece is the most popular Golden Visa destination for UK high net worths (HNWs), according to a survey of wealthy Britons by Astons, a global real estate, residency and citizenship through investment firm. When asked which location was most attractive, 19 percent said Greece. Next on the list were Antigua and Barbuda and Spain, with 11 percent apiece, followed by Ireland with eight percent.
London law firm Payne Hicks Beach hired Georgina Bayley as a partner in the firm's dispute resolution department. Ms Bayley joined the firm from Withers and has over 15 years’ experience acting in significant international and domestic commercial disputes for an extensive client base of high net worth individuals and families, companies and charities.
PwC appointed Teresa Owusu-Adjei as the firm’s new UK head of legal. Mr Owusu-Adjei has been with the firm since 1995, the last 13 years as a financial Services partner. She succeeds Ed Stacey who has held the role since 2017. As head of legal, Ms Owusu-Adjei will lead a legal business that comprises over 400 lawyers and other legal professionals in the UK.
Wednesday
Stamp Duty Land Tax (SDLT) relief will be extended until the end of June, UK Chancellor Rishi Sunak announced in his Budget speech on Wednesday. Mr Sunak also announced plans to freeze the Personal Allowance and raise Corporation Tax to 25 percent in order to help the UK pay for its recovery from the financial impact of the Covid19 pandemic.
Private wealth law firm Boodle Hatfield promoted Edward Allan to partner in its residential property team. Mr Allan specialises in high end London and country property. His client bases includes overseas investors, high net worth individuals and their companies, trust companies, investment companies, trading companies and banks. He trained with Boodle Hatfield, qualified as a solicitor in 2013 and was named an eprivateclient Top 35 Under 35 in 2019.
Thursday
Following Chancellor Rishi Sunak’s Budget announcements on Wednesday, the UK private client sector reacted and analysed what he said and what it means for UK taxpayers.
David Greene will step down from his role of Law Society of England and Wales president from 19 March. Edwin Coe’s senior partner, Mr Greene became the Law Society's president in October 2020. He was due to step down at the end of his term in October, but is leaving early due to a long-running dispute with a former client resurfacing.
Offshore law firm Ogier appointed private wealth specialist Catherine Moore as a partner in Guernsey. A Guernsey Advocate, Ms Moore's practice covers non-contentious as well as contentious matters related to private wealth structures. A full STEP member, Ms Moore was named an eprivateclient Top 35 Under 35 in 2019.
The UK Budget earlier this week confirmed that the Inheritance Tax (IHT) threshold will not be changed until 2026 at the earliest – meaning that it will have been kept at the same rate for 17 years. London-based private wealth law firm Boodle Hatfield warned that increasing asset values, coupled with inflation, will mean thousands more estates will likely be liable to pay the tax over the coming years.
Finally, nominations for the 2021 eprivateclient Channel Islands’ Top 35 Under 35 have now opened. In order to make a nomination, please click here