A look back at the most read stories to feature on eprivateclient this week...
Monday
HMRC stats showed inheritance tax (IHT) receipts for April 2021 to October 2021 were £3.6 billion - £600 million higher than in the same period a year earlier. The higher receipts, especially in October 2020, November 2020, and March to August 2021, were likely due to higher volumes of deaths and resulting wealth transfers that took place during the Covid-19 pandemic.
The largest number of high net worth (HNW) individuals relocating to the UK last year came from China, with 650 non-domiciled individuals mking the move. Private wealth law firm Boodle Hatfield, found that HNWs from Hong Kong represented the second largest group of HNWs moving to the UK with 620 non-domiciled individuals relocating to the UK last year. Hong Kong was followed by Spain in third place with 470 HNWs relocating.
Tuesday
East of England law firm Birketts is to merge with Charles Fraser & Co, a niche property legal practice based in Bury St Edmunds, with the deal set to commence from 6 December 2021. Founded by Charles Fraser in 1998, Charles Fraser & Co specialises in providing residential and commercial property legal advice. The proposed deal will see Mr Fraser, Mark Beaton and Graham Woodhouse plus six support staff join Birketts.
Fiduciary and corporate services provider JTC appointed its chief commercial officer, Dean Blackburn, to the firm's group holdings board in recognition of the role he has played in JTC’s growth since joining at the start of 2019. In his expanded role, Mr Blackburn will continue to work closely with the CEO Nigel Le Quesne, and continue an emphasis on working with the heads of JTC's institutional client services and private client services.
Wednesday
Lisa-Jane Dupernex, a legal director Charles Russell Speechlys asked whether it was time for UK residents with French assets to review their succession planning after a controversial new law came into force in France on 1 November 2021 that apply, under certain conditions, French forced heirship rules even where a will specifies a foreign legal system should apply.
A new report from IQ-EQ, Nomura and Barton Consulting assessing the private capital landscape found that 61 percent of private capital investors view private equity positively due to its high return potential and variety of opportunities in the space, with real estate offering the most attractive risk/return ratio.
Thursday
Law firms made up 25 percent of the top 200 companies for social mobility, with UK solicitors Browne Jacobson at the very top and law firm Herbert Smith Freehills in third. Joining them in the top three was KPMG, whilst also in the top ten was fellow big four advisory firm PwC, tax advisory firm Grant Thornton, financial services provider Severn Trent, and law firm Bryan Cave Leighton Paisner. The only public sector body in the top ten was HMRC, ranked eighth.
TMF Group bolstered its support for clients looking to develop their ESG plans with the appointment of Flavia Micilotta as director, ESG solutions. Prior to joining TMF Group, she led the sustainability practice at Deloitte in Luxembourg. Before that she was the director of the Luxembourg Green Exchange.
Friday
KPMG UK partners voted to extend Bina Mehta’s term as chair by two years. Ms Mehta was named non-executive UK chair of KPMG in February this year after the then chair and senior partner, Bill Michael, resigned following comments he made during a virtual staff meeting. Ms Mehta is the first woman to chair KPMG UK and has worked at KPMG for over three decades.
South West England law firm, GA Solicitors, celebrated record growth this year with both turnover and profit at their highest ever levels. The regional law firm also increased its headcount to 87 across its two offices, creating an uplift of more than 25 percent since January 2021.