Accountant Fires Back In Wealth Manager's Bad-Advice Suit

Law360, London (September 2, 2020, 10:49 PM BST) -- A London accountant told a wealth manager that his plan to transfer his clients from one business to another while extracting the profits would have been seen by regulators as an aggressive form of tax avoidance, the latest development in a £1.1 million ($1.5 million) negligence suit.

Haines Watts (Westbury) LLP denied that William Orenstein has been forced to pay "excessive tax" and expenses after being advised not to immediately wind up Wigmore Associates Ltd. while transferring his client base and "goodwill," which are intangible assets, to a new vehicle.

Orenstein told the High Court that failures by accountant Julian Dabek...

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