Today’s news in brief – 31/7/2024

PwC UK has promoted 11 new equity partners across various teams in its deals practice, effective this month. The new partners include Nick Barlow, Karen Best, Mark Gregory, Craig Fitzpatrick, James Lewin, David Pedler, Tim De-Beger, Alan Hendry, Tom Williams, Laura Morroll, and Shamil Ganatra. These promotions span the lead advisory, restructuring and forensics, transactions, and value creation and realisation teams. More than half are based outside London. Lucy Stapleton, UK head of deals, who is also appointed as global head of deals, praised their dedication and commitment, reflecting PwC’s investment in its national deals practice. Saffery has acquired AWFM Sport, a specialist advisor to top sportspeople, to enhance its Sports and Entertainment group. AWFM Sport, known for advising elite tennis players and golfers, will join Saffery’s team, led by Pete Hackleton. AWFM Sport founder David Lumley will become a consultant. This acquisition merged Saffery’s extensive advisory services with AWFM’s niche expertise, broadening their reach and capabilities. Hackleton and Lumley emphasise their shared passion for sports and commitment to client service, aiming to unlock new opportunities for their high-profile clients through this strategic partnership. Advancetrack’s Accounting Talent Index survey reveals that almost 90% of accountants worldwide report significant mental health impacts due to increased working hours driven by a skills shortage. The shortage has led to longer partner hours, with 42% working an additional day per week. The profession faces a declining appeal, with 300,000 accountants leaving between 2019 and 2022 in the US alone, a trend also seen in the UK and Australia. The report calls for urgent action to address the widening gap between talent demand and supply, suggesting that large firms lead by example to mitigate the crisis. HMRC data reveals a 4% increase in inheritance tax (IHT) liabilities to £5.99bn for the 2021/22 tax year. This rise is attributed to higher asset values and more wealth transfers following deaths. The percentage of UK deaths resulting in an IHT charge rose to 4.39%. Agricultural and business property reliefs (APR, BPR) totaled £4.4bn, up 5% from the previous year. Laura Hayward, a tax partner at Evelyn Partners, noted that the increase in IHT receipts is largely due to frozen tax-free thresholds and rising asset prices, suggesting potential further scrutiny on IHT policies to address public finance gaps.