A look at the most read stories on eprivateclient this week....
Monday
Monday saw the publication of the 2021 eprivateclient Top Accountancy Firms rankings – the annual listing of the best UK tax advisory firms providing advice to domestic and international private clients, their businesses and their families. 2021 saw thirty-five firms feature in the rankings (down slightly from 36 firms in 2020 following the merger of EY and Frank Hirth) divided into three tiers.
International law firm Charles Russell Speechlys added to its art & luxury practice with the recruitment of Petra Warrington as a senior associate. Ms Warrington is a specialist art and luxury lawyer with a wide range of litigation experience involving the ownership, provenance, condition and authenticity of art, antiques and other luxury assets. Prior to becoming a lawyer, Ms Warrington studied History of Art at Bryn Mawr College in Pennsylvania and the Courtauld Institute of Art and worked in museums, galleries and auction houses in the United States and UK.
Tuesday
Former eprivateclient Top 35 Under 35 Imogen Buchan-Smith was promoted to director at Big Four advisory firm EY. Ms Buchan-Smith, who was named as a Top 35 Under 35 in 2012 and 2013, has worked at EY since joining as a senior manager in March 2020 from private client-focused law firm Wilsons.
The Jersey Financial Services Commission gave non-profit organisations an extra week to report on their activities and procedures to allow their risk of being used for financial crime to be assessed. Trust companies administering non-profit organisations must also submit the relevant information by Tuesday 12 October.
Wednesday
The Privy Council overruled a Court of Appeal ruling on the Convoy Collateral Limited (CCL) v Broad Idea International Limited et al case in the British Virgin Islands (BVI). This was an appeal brought by offshore law firm Harneys on behalf of its client CCL seeking clarification on the law of freezing injunctions.
The founder of a Russian bank pleaded guilty to filing a materially false tax return and agreed to pay $500 million in penalties after admitting to concealing more than $1 billion in assets when renouncing his US citizenship.
Thursday
Global law firm Stephenson Harwood strengthened its international private wealth offering with the arrival of partner Suzanne Johnston in the firm's Singapore office. Joining from UBS where she was an in house lawyer, Ms Johnston specialises in international tax and wealth planning, with a focus on advising high net worth individuals, professional trustees, family offices and private banks based in the UK and Asia.
Complex tax rules mean international students coming to study in the UK could be caught out, tax specialists at law firm Irwin Mitchell warned. In 2019/20 there were 538,600 overseas students studying at UK universities who may be unaware of their UK tax residence status, which largely depends on the number of days they spend in the UK.
Friday
KPMG Law in the UK hired 15-year Baker McKenzie veteran Richard Needham as a partner to further bolster its specialist international business reorganisation (IBR) team in London. In his new role, Mr Needham will advise clients on the planning and implementation of complex cross-border business reorganisations.
A company director and a cash and carry worker have been jailed for more than 11 years for laundering £25 million through a series of shell companies posing as legitimate alcohol businesses. Following an HMRC investigation, the men were found guilty in July 2021 of conspiracy to convert criminal property after a four-month trial at Southwark Crown Court.