The acquisition will result in the addition of 55 staff, including 12 partners, as well as an annual fee income of approximately GBP180 million.

The acquired team will have private and corporate tax professionals who specialise in tax investigations consultancy as well as on the sports, media and entertainment sectors.

Following the acquisition the enlarged firm will have almost 300 tax professionals under who will be responsible of generating an income of about GBP40 million from its tax business.

Commenting on the acquisition, Kevin Stopps, managing director of Tax & Business Services at Smith & Williamson said that BTG Tax was a strategic fit for the firm in terms of geography and service provision.

"This combination of tax and investment advice will significantly enhance the services offered by Smith & Williamson to clients in the Midlands and helps to set us apart from others," he added.