A look back at the most read stories this week on eprivateclient…
Monday
High net worth individuals (HNWIs) in the UK underestimated how much money they need for the retirement they want by almost £300,000 on average, according to research from wealth manager Saltus.
The Saltus Wealth Index surveyed more than 1000 people in the UK with investible assets of over £250,000.
In an important Court of Appeal decision (Hoey and others v HMRC [2022] EWCA Civ 656), the Court rejected the taxpayer’s appeal in a disguised remuneration loan scheme, whereby he sought to obtain a credit for notional PAYE on employment income paid through a third party.
Tuesday
Irwin Mitchell reorganised its private client team, comprised of 165 people, to take advantage of the shift to more flexible working patterns.
Paula Myers headed up the team which works across wills, tax and trusts, probate, rural and landed estates, will disputes, and international tax.
Wealth management consolidator Progeny made plans to acquire The Fry Group as it expands into international markets.
The Fry Group specialises in tax, estate, and financial planning, employing 191 people across four UK offices in London, Worthing, Cheltenham, and Exeter.
Wednesday
The US Securities and Exchange Commission (SEC) fined EY $100 million for cheating by its audit professionals on exams.
EY was also found to have withheld evidence of this misconduct from the SEC’s Enforcement Division during the division’s investigation of the matter.
International multi-family office Stonehage Fleming opened a representative office in Florida and appointed Lowry Brescia as a client relationship manager in Miami.
The office was opened in the Brickell Avenue Financial District, as part of the firm's aim to expand its North American presence.
Thursday
Evelyn Partners and CliftonLarsonAllen, the 8th largest accountancy firm in the US, formed a new multinational organisation.
Both firms are founding members of CLA Global.
Evelyn Partners - which recently rebranded from Tilney Smith & Williamson - said CLA Global is significant to the broader industry and fills a gap among top global professional services organisations with its focus on middle-market cross-border businesses, while also concentrating on assisting international public interest and listed entities.
This article focuses on the registration requirements for trust structures holding UK real estate:
Part 1 of the Economic Crime (Transparency and Enforcement) Act 2022 establishes the register of overseas entities (ROE) and requires non-UK incorporated legal entities which are registered owners of UK real estate to register and provide information regarding their beneficial owners.
Friday
Law firm Russell-Cooke made four partner promotions.
These included: Suzanne Mynors in the private client team; Jemma Pollock in the family team; Carla Whalen in the charity and social business team; and Thomas Bond in the insolvency and restructuring team.
A group of international inheritance and succession specialists formed the International Succession Network (ISN), which aims to assist individuals, family offices, and other professional advisers on international succession matters.
Over one million families worldwide deal with succession issues each year.