Monday
Monday saw the publication of the final instalment in eprivateclient’s series of annual top firm rankings – the 2023 eprivateclient Top Trust Companies, the final set of firm rankings published by eprivateclient this year following the Top Accountancy Firms, Top Family Law Firms, Top Offshore Law Firms and Top Private Client Law Firms. The Top Trust Company rankings are split across two categories - independent trust companies and non-independent ones with a total of 50 firms (up from 48 last year).
The gap in income tax paid per person in Scotland and Wales relative to the rest of the UK has widened significantly over the last decade, analysis in an Office for Budget Responsibility (OBR) paper has shown. In Scotland income tax raised decreased from from 7.3 percent of total UK income tax revenues to 6.6 percent from 2007/08 to 2020/21 whilst in Wales it decreased from3.2 percent to 2.7 percent over this period.
Tuesday
PwC plans to cut up to 600 jobs after voluntary redundancy rates reduced according to the Financial Times. The paper reported the highest proportion of job cuts would be in the firm's advisory department. with a smaller proportion of job cuts are also planned in the firm's tax segment and no staff reduction planned in the audit team.
The Guernsey Financial Services Commission's (GFSC) Policy & Resources Committee (P&R) is carrying out a review of frozen assets linked to persons designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the Russia regime). The purpose of the review is to enable P&R to update its records in respect of assets frozen under the Russia regime.
Wednesday
2023 eprivateclient Top Accountancy Firm Menzies is to merge with London-based firm Butler & Co as part of the former’s ongoing growth strategy. The merger forms part of Menzies’ ‘five year growth plan’ initiated in June 2020 when turnover stood at £43 million and is on track to reach its target of £75 million by June 2025.
Jersey-headquartered legal and professional services firm Ogier opened a Dubai office which will be lead by David Welford, a dispute resolution partner at the firm who has relocated to the region for the role. The Dubai offering brings the firm’s total offices to 14 with operations in locations including Hong Kong, London, the Cayman Islands, Tokyo and Jersey.
Thursday
International law firm Charles Russell Speechlys hired Emma Carter as a partner within the firm’s real estate team. Ms Carter has joined Charles Russell Speechlys’ London office from Freshfields Bruckhaus Deringer, and she has over 15 years’ experience advising investors, developers, and banks on all aspects of commercial property.
Rachel Davison, partner, Joshua Boughton, senior associate & Charlie Barraud, trainee, Taylor Wessing wrote a piece on planning opportunities ahead of the US exclusion amount sunset. This relates to a reduction from $12.92 million per person to $6-7 million ($5 million indexed for inflation) by 31 December 2025 in the lifetime exclusion amount US persons can benefit from on US estate and gift taxes on their worldwide assets.
Friday
UK law firm Harbottle & Lewis updated its senior leadership structure with the election of Charlie Leveque and Tony Littner as co-managing partners. Mr Leveque and Mr Littner were elected by their fellow partners for a term of five years, effective from 1 November 2023.
For polyamorous individuals, a difficult legal system means complexity is not only found in the emotional aspects of a relationship, wrote Ethan Almond. The article covers challenges relating to IHT, trust structures and marriage allowance among other factors for polyamorous individuals.