A look at the most read stories on eprivateclient this week…
Monday
City of London law firm Druces announced a new head of its private client team. After 15 years at the helm, Richard Monkcom has stepped down from leadership of the department to be replaced by Robert Macro.
Nominations for the 2021 eprivateclient 50 Most Influential rankings opened on Monday – the definitive list of the most influential senior professionals in the UK and UK offshore private client field. To make a nomination, click here
Tuesday
The UK Labour Party has “thrown their support behind a future wealth tax” and appear to have learnt from the mistakes of the radical tax policies of the previous administration, according to tax and advisory firm Blick Rothenberg.
Research from private client law firm Boodle Hatfield found that Surrey is the UK’s Inheritance Tax (IHT) capital, with the county’s residents paying £259 million in IHT in 2017/18. The UK’s top 10 IHT hotspots last year were all in London and the South East.
Wednesday
International law firm Charles Russell Speechlys announced that from 1 December 2020 it will cease to be a Foreign Registered Law Firm in Hong Kong and will instead become registered as a Hong Kong firm. This will allow the firm to practise both Hong Kong law and the laws of England and Wales under the Charles Russell Speechlys name in the region, after three years advising on foreign law since opening the Hong Kong office in 2017.
A Yorkshire businessman with links to serious criminals lost his vast property empire worth nearly £10 million after a National Crime Agency (NCA) investigation. The UK agency secured an Unexplained Wealth Order (UWO) against eight properties owned by 40-year-old Mansoor ‘Manni’ Mahmood Hussain, formerly of Leeds.
Thursday
Big Four advisory firm KPMG announced its annual UK promotions in the UK, with two former eprivateclient Top 35 Under 35s among eight private client specialists promoted. Gavin Shaw - who was named as an eprivateclient Top 35 Under 35 in 2013 and 2016 - was made a partner, whilst Hannah Barraclough - named a Top 35 Under 35 in 2019 - was promoted to senior manager.
Research from Cornerstone Tax found that 15 million UK homebuyers have never even considered whether there was a mistake in the stamp duty they paid. This is despite the fact that the firm estimates that mistakes in advice mean that around 120,000 people in the UK are owed refunds for just one of the many issues with Stamp Duty advice.
Friday
New research from UK pollster Ipsos MORI showed that 44 percent of Britons claim they are prepared to pay more tax to fund public services in the wake of the Covid-19 pandemic, with another 27 percent undecided or neutral. Only 29 percent said they would rather see cuts to public services, than personally face a tax rise.
Norwich, UK-based law firm Spire Solicitors promoted Ejike Ndaji to head of private client. Mr Ndaji trained with Overburys (now part of Spire Solicitors) and qualified as a solicitor in 2013. Mr Ndaji will be taking over from Alisdair Liddle, who has been head of private client at the firm for seven years.