THE SPEAR’S 500 Tax & offshore


Sarah Farrow EY Frank Hirth


FOCUS US-UK tax


Sarah.Farrow@uk.ey.com ey.com


Tom Evennett EY


FOCUS Tax planning


Tom.Evennett@uk.ey.com, +44 (0)20 7980 0890 ey.com


Tom Evennett, who became a partner at EY in 2018, is one of the pioneers in the company’s recent merger with boutique tax agency Frank Hirth. ‘Private clients are a real key focus area, both in the UK and globally, for [EY],’ he says. ‘As part of that growth strategy we’re always thinking about where there might be excellent teams in the marketplace with good clients and a reputation that would be complementary to our business.’ Evennett looks forward to supercharging EY’s ambition in the private tax space and bringing an enhanced offering to its clients: ‘It’s great for our clients because they get the absolute best, both from a UK but also a UK/US perspective.’


Adviser profile As a Partner in the private client practice within the UK&I Private Tax team (EY’s specialist offering to High Net Worth individuals and private businesses), Tom Evennett’s current client list comprises everyone from high-growth entrepreneurs to long-standing family businesses and family offices seeking to plan for the future. ‘It is a privilege to support the complex needs of multi-jurisdictional, multi-generational families,’ says Evennett, who was awarded Accountant of the Year at the 2014 Spear’s Young Turk Awards. Then a rising star in Deloitte’s private tax team, Evennett joined EY as a partner in 2018, before taking a leading role in the firm’s private client services shortly afterwards. Asked what he finds so rewarding about his current role, Evennett cites the diversity of his clients, not just in their geography (he lists the UK, the US, continental Europe and the Middle East as particular hot-spots) and status, but also in their wider tax and business needs. Evennett is well-placed to draw from an equally diverse pool of specialists around him. ‘I sit within a nexus of similar leads in 50 countries,’ he says, referring to EY’s Private Tax international network. The initiative is also intended to give private clients a direct route to access the firm’s wealth of specialisms. Within the tax team alone, this includes services associated with owning, managing and preserving privately-owned business and wealth, including tax and structuring advice, asset protection, and succession planning. Evennett says the consolidation of the private client team within EY


Private Tax and the ambition of the firm in this space, as demonstrated by the acquisition of the Frank Hirth (now called EY Frank Hirth) business earlier this year, is a career highlight. ‘The resilience of the team and their dedication to delivering exceptional client service has been extraordinary in this environment.’


Sarah Farrow is at the helm of EY Frank Hirth’s tax team. She has more than two decades’ experience in complex tax issues that HNWs, businesses, family offices and sophisticated investors face. Farrow recalls advising a Middle Eastern client who approached her for help after inadvertently under-reporting their UK tax after ‘years of miscommunication between the client’s bankers and their former tax advisers. The numbers were very large, and it took three months just to calculate the tax due.’ She adds: ‘We agreed on the amount with HMRC without them raising any queries, which is unusual.’ She remarks that the client successfully saved £350,000 as a result.


Adviser profile With over 20 years’ experience in private client tax, Sarah Farrow heads up EY Frank Hirth’s UK tax team, helping non-domiciliaries structure their tax affairs in the most efficient way possible – after understanding clients’ priorities and family dynamics first. ‘I keep the planning and advice I provide as simple as possible,’ she


says. ‘The more complex the structuring, the more likely something will be misunderstood, and this can lead to expensive tax mistakes.’ EY Frank Hirth (formerly Frank Hirth) has been specialising in tax advice for those with a US nexus for over 40 years. She describes the acquisition of Frank Hirth by EY in May 2021 as very exciting and notes the huge benefits to her clients of being able to access the many services provided by EY worldwide. ‘This is a real benefit for international clients who move assets, such as yachts, planes, all over the world and often need tax advice in different jurisdictions at short notice,’ she says. She has extensive experience in advising very wealthy multinational families, entrepreneurs and highly sophisticated investors from private equity and hedge fund backgrounds on structuring their worldwide affairs efficiently. She sees a noticeable increase in clients deciding to move to the UK or move back to the UK. As many of these clients hold wealth via structures, without advice, they can become UK resident on a move to the UK. She tries to advise clients before they arrive in the UK to avoid problems and unforeseen tax at a later stage. The tax adviser previously trained with KPMG and is a qualified


Chartered Tax Adviser (CTA) and also a member of the Society of Trust and Estate Practitioners (TEP). Prior to embarking on a career in Tax, Farrow read Law and has a Bachelor’s degree along with a Master’s degree from Bristol University.


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