A look back at the most read stories on eprivateclient this week...
Monday
Monday saw the publication of the 2023 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. This is the first of five rankings published by eprivateclient this year and will be followed over the next month by the 2023 Top Family Law Firms, the 2023 Top Offshore Law Firms, the 2023 Top Private Client Law Firms and the 2023 Top Trust Companies. [Read more]
UK law firm Weightmans added Naomi Woods as a partner as the firm continues to expand and enhance its international private wealth offering. Ms Woods has over 13 years’ experience advising businesses, families and individuals in all aspects of structuring and protecting their private wealth, with standout expertise in agriculture and rural affairs, and the administration of complex estates which includes high net worth and diverse assets including landed estates and family businesses. She also provides strategic tax planning and advice on succession.
Tuesday
HMRC sold a £2.1 million Buckinghamshire mansion owned by a pair of VAT fraudsters after they refused to repay money gained in a £12.6 million VAT fraud. Syed Ahmed and Shakeel Ahmad were sentenced to jail for seven years in 2007 for their role in a fraud that has seen an organised crime gang of 21 individuals receive a total of 74 years prison time. [Read more]
RSM UK recorded an increase of £60.9 million in revenue with total revenue of £486.3 million for the financial year ending on 31 March 2023. The audit, tax and consulting firm’s 14.3 percent revenue increase is up by more than a percentage point from the 13 percent increase recorded in the previous financial year.
Wednesday
Societe Generale Private Banking and SG Kleinwort Hambros launched an art advisory service for clients based in the UK, Channel Islands and Gibraltar. SG Kleinwort Hambros, in partnership with Laurant Issaurat, head of art banking at Societe Generale Private Banking, now offers “introductions to professional partners in the art world who can deliver an array of services to facilitate client art requirements." [Read more]
A crooked tax agent who stole more than £750,000 in a tax and mortgage fraud has been jailed for 10 years. Robin Moss, who is an internationally ranked chess player, lied about his income, made bogus claims in the names of unsuspecting clients, and provided false documents that were used in fraudulent mortgage applications. [Read more]
Thursday
International law firm Charles Russell Speechlys formally launched Charles Russell Speechlys Private Office. The new offering is aimed at catering for the "changing demands of global private capital clients, entrepreneurs, families, and their businesses", Charles Russell Speechlys said. The Charles Russell Speechlys Private Office is led by Marcus Yorke-Long, who is based in the firm’s London office having joined in 2023 following over 15 years in the banking, investment and finance industry. [Read more from Will Sidery]
Taylor Wessing considered some of the issues which may arise for trustees where they have beneficiaries and/or assets in the UK and EU post Brexit. [Read more from Alexander Erskine, Partner & Kate Silbermann, Senior Counsel, Taylir Wessing]
Friday
Billionaire businessman Bernie Ecclestone pleaded guilty to fraud. His plea followed a "lengthy, complex and worldwide" investigation into his tax affairs by HMRC. The 92 year old former Formula One motor racing boss admitted fraud by failing to declare a trust, which held assets worth more than £416 million. [Read more]
Recent years have seen a clear trend for high and ultra-high net worth individuals and families to move increasingly towards a virtual family office (VFOs) model to help manage their increasingly diverse assets, investments and business affairs - something that Crestbridge Family Office Services director Daniel Channing explained to eprivateclient. In essence, a VFO is a wide group of consultants servicing the assets and supporting the specialist needs of families from afar, with responsibilities usually divided amongst the group and clearly delineated, as opposed to the more traditional, physical family office with salaried staff. [Read more from Will Sidery]