A look at the top stories on eprivateclient this week…
Monday
International law firm Withers added two dispute resolution partners to its US practice. Joining Withers’ partnership are Amman Khan in Los Angeles and Christopher LaVigne in New York. Mr Khan previously ran his own law firm and has joined Withers with an associate, John Dillon. Mr LaVigne has been promoted to partner having joined Withers in April this year as a senior counsel in New York having previously been a partner at Pierce Bainbridge.
As part of the UK’s plans to help homeowners through the Covid-19 pandemic, 1.9 million mortgage payment deferrals, also known as payment holidays, have been granted to struggling homeowners, three months since the launch of the scheme. One in six mortgages are now subject to a payment deferral and for the average mortgage holder, the payment deferral amounts to £755 per month of suspended payments.
Tuesday
UK law firm Edwin Coe filed a claim on behalf 371 investors against HSBC UK Bank plc for the losses caused by its private bank’s role in the conception, development, and marketing of a series of Disney film financing schemes known as the Eclipse Partnerships. The claimants allege they were induced to invest on the false promise that Eclipse represented a genuine opportunity to invest in blockbuster Disney films and that HSBC is liable for fraud.
Global fiduciary services provider Zedra launched an all-encompassing estate planning service, based in Manchester in the UK, bringing together and expanding existing services in will writing, lasting powers of attorney, probate, estate administration and trusts.
Wednesday
UK private wealth law firm Boodle Hatfield appointed Matthew Bennett as partner in its growing private client and tax practice. Mr Bennett joins from Fladgate LLP where he was also a partner. Mr Bennett advises both UK and international individuals and families on the management of their legal, personal and tax affairs. Much of his work includes advising on trusts and other asset holding structures. His client base ranges from entrepreneurs and company directors, to authors and artists.
British citizens who are looking to move to the European Union before the transition period ends need to begin planning their financial affairs as the countdown begins, advisers warned. There are signs many are looking to do this. In May, property search firm Rightmove Overseas said interest in properties in the EU surged. For Spain, France and Portugal searches in May 2020 were up 33 percent year on year.
Thursday
With the UK looking to ease its way out of lockdown and breathe life back into the economy, international law firm Bryan Cave Leighton Paisner (BCLP) warned that tax changes targeting the wealthy may be brought in. BCLP advised that In the short-term the government’s focus will be on stimulating the economy - but in the long-term, it said that the government will have to deal with the budget deficit, and pay back what it has borrowed, by either cutting spending or raising taxes.
South East UK law firm Thomson Snell & Passmore urged HMRC to provide clarification on whether the estates of NHS workers and other emergency responders who die from the Coronavirus are exempt from Inheritance Tax (IHT). Existing legislation allows the estates of qualifying “emergency responders” to be exempt from IHT, and the probate team at Thomson Snell & Passmore said that this should be applied to the estates of all emergency responders who contracted Coronavirus whilst responding to the pandemic.
Friday
The Government of Jersey tabled a draft Bill establishing a new central register of beneficial owners, controllers and significant persons. The draft legislation, Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, is in response to the findings in the 2016 MONEYVAL report, regarding Jersey's compliance with Financial Action Task Force (FATF) recommendations.
Global offshore law firm Ogier hired Jeremy Snead into its Cayman dispute resolution team as a partner. Mr Snead will head Ogier's new European-based Cayman specialist disputes team, which advises Ogier's European clients with interests in Caribbean-incorporated entities. Joining Mr Snead is Anna Snead, with both having worked at Appleby in the Caymans for the past seven years