Inheritance reforms do not offer enough protection, warns lawyer

Solicitors Journal: Cohabitants and children to be left in the cold as changes to intestacy law loom.  A legal expert has argued that the imminent passing of the Inheritance and Trustees' Powers Act, while significantly changing the law surrounding distribution of inheritance when an individual dies, will leave cohabiting partners, children from previous marriages, parents and siblings overlooked and ignored.

Full story: http://www.solicitorsjournal.com/news/private-client/wealth-management/inheritance-reforms-do-not-offer-enough-protection-warns-lawye

Mental health ranks highest accountant concern

ICAEW: Mental health concerns now top the bill of enquiries made by accountants and their families, according to the Chartered Accountants’ Benevolent Association (CABA).

Full story: http://economia.icaew.com/news/september-2014/mental-health-ranks-highest-accountant-concern

New Business Development Manager role for Nick Preskey

Isle of Man Govt: The Isle of Man Government’s Department of Economic Development has appointed Nick Preskey to the new role of Business Development Manager, High Net Worth Individuals.

Full story: https://www.gov.im/about-the-government/departments/economic-development/news/?altTemplate=ViewCategorisedNews&id=25866

KPMG staff offered ‘leg up' mortgage ladder

Accountancy Age: KPMG employees look set to enjoy cheaper mortgages - and the firm steal a recruitment march on its rivals - thanks to a deal struck with Clydesdale and Yorkshire Banks which opens up deals normally only available the banks' private clients.

Full story: http://www.accountancyage.com/aa/news/2372924/kpmg-staff-offered-leg-up-mortgage-ladder

Amendments to intestacy and reasonable provision rules in England and Wales

STEP: The rules of intestacy in England and Wales change this week, with the coming into force of the Inheritance and Trustees' Powers Act 2014 on Wednesday 1 October.

Full story: http://www.step.org/amendments-intestacy-and-reasonable-provision-rules-england-and-wales

Accountants call for inheritance tax to be scrapped

CityWire: The Institute of Chartered Accountants England and Wales (ICAEW) has called for inheritance tax to be scrapped.

Full story: http://citywire.co.uk/new-model-adviser/news/accountants-call-for-inheritance-tax-to-be-scrapped/a775277?ref=new-model-adviser-latest-news-list

Former ATT president ordered to repay £1.6m

Accounting Web: A former Association of Taxation Technicians (ATT) president and a fellow company director who were jailed for pension scheme tax fraud in 2013 have been ordered to pay back a total of £5.1m.

Full story: http://www.accountingweb.co.uk/article/former-tax-body-president-ordered-repay-16m/564973?

New Partner appointment boosts Steele Raymond Tax Team

Steele Raymond: Leading Dorset commercial law firm Steele Raymond LLP is delighted to announce the appointment of new partner Sue Adams.

Full story: http://www.steeleraymond.com/2014/09/new-partner-appointment-boosts-steele-raymond-tax-team/

Now we can use pensions to avoid inheritance tax

Daily Telegraph: George Osborne has already made pension saving far more attractive but this latest change could be his most generous – and revolutionary – move yet.

Full story: http://www.telegraph.co.uk/finance/personalfinance/pensions/11127940/Now-we-can-use-pensions-to-avoid-inheritance-tax.html

HMRC instilled with new powers – Taxman now able to take up to £17,000 straight from salaries

Money Expert: Top earners will be at risk of having up to £17,000, owed in arrears, plucked from their pockets due to new debt-recouping capabilities being afforded to the taxman.

Full story: http://www.moneyexpert.com/news/hmrc-instilled-with-new-powers-taxman-now-able-take-17-000-straight-from-salaries/800583032?

Robson Green: tax avoiders should be ashamed

Radio Times: The actor has some strong words for celebrities like Jimmy Carr.

Full story: http://www.radiotimes.com/news/2014-09-29/robson-green-tax-avoiders-should-be-ashamed?

Mansion tax could be very disruptive for housing market

The Guardian: Former member of monetary policy committee ramps up pressure on Labour to spell out details of how tax would work

Full story: http://www.theguardian.com/politics/2014/sep/25/mansion-tax-very-disruptive-housing-market?

Argentina uses drones to root out wealthy tax evaders

Daily Telegraph: Drones deployed by tax inspectors near Buenos Aires found 200 mansions and 100 swimming pools that hadn't been declared

Full story: http://www.telegraph.co.uk/news/worldnews/southamerica/argentina/11121984/Argentina-uses-drones-to-root-out-wealthy-tax-evaders.html

Mark Harper joins HFC from Withers

Jordan Publishing: Hughes Fowler Carruthers, is pleased to announce that Mark Harper has joined the firm. Mark was formerly a senior partner within Withers’ family department.

Full story: http://www.jordanpublishing.co.uk/practice-areas/family/news_and_comment/mark-harper-joins-hfc-from-withers#%2EVCMgq_ldV8E

Jack Ma heads China rich list

BBC News: Alibaba founder Jack Ma has become China's richest person following his company's record listing, according to a wealth survey by the Hurun Report.

Full story: http://www.bbc.co.uk/news/business-29324409

London rules: the world's 12 most expensive cities

CityWire: A new report from estate agents Savills shows London is now the costliest city in the world to live and work in, overtaking Hong Kong for the first time in five years.

Full story: http://citywire.co.uk/wealth-manager/news/london-rules-the-worlds-12-most-expensive-cities/a774123?ref=wealth-manager-new-latest-news-test1-list

Labours mansion tax plans condemned by estate agents

The Guardian: Ed Miliband’s proposal to levy £2m-plus tax to fund NHS would create discriminatory Upstairs, Downstairs divide, say critics.

Full story: http://www.theguardian.com/money/2014/sep/23/labour-party-mansion-tax-estate-agents-ed-miliband?

Ed Miliband to announce mansion tax to improve NHS health and social care

City A.M.: Ed Milliband is set to announce a "mansion tax" to fund new an NHS spending increase.

Full story: http://www.cityam.com/1411409025/ed-miliband-announce-mansion-tax-improve-nhs-health-and-social-care?

Charge capital gains tax on main residences, says property expert

The Guardian: Kate Barker, formerly of Bank of England monetary policy committee, says controversial charge would tackle housing shortage.

Full story: http://www.theguardian.com/business/2014/sep/22/charge-capital-gains-tax-main-residencies-says-housing-expert?

Labour confirms intention to bring back 50p tax

CityWire: Labour is set to confirm plans to bring back the 50p income tax rate alongside a new mansion tax, if it returns to power in 2015

Full story: http://citywire.co.uk/wealth-manager/news/labour-confirms-intention-to-bring-back-50p-tax/a773735?ref=wealth_manager_all_stories_list

Probate costs set to fall by ‘a third’ as lawyers face competition

Solicitors' Journal: Chartered accountants set to be licensed to offer probate services.  The licensing of chartered accountants to offer probate work follows from the deregulation of the legal profession in 2011. This began the process of opening up certain reserved legal activities to outside competition.

Full story: http://www.solicitorsjournal.com/news/private-client/estate-planning/probate-costs-set-fall-%E2%80%98-third%E2%80%99-lawyers-face-competition?

Farrer & Co welcomes back Marianne Kafena to Private Client Team

Farrer & Co: Farrer & Co has continued to invest in its international private client team with the re-appointment of Marianne Kafena, formerly of Kleinwort Benson.  Marianne joins Farrer & Co as a partner practising in the private client team as of 29 September 2014.

Full story: http://www.farrer.co.uk/News/press-releases/Farrer--Co-Welcomes-Back-Marianne-Kafena-to-Private-Client-Team/

Wealth industry split on impact of Scottish independence

CityWire: As the Scottish referendum dominates headlines ahead of the referendum next week, a narrow majority of wealth managers expects that a ‘yes’ vote will not impact their clients.

Full story: http://citywire.co.uk/wealth-manager/news/wealth-industry-split-on-impact-of-scottish-independence/a771610?ref=wealth-manager-new-latest-news-test1-list

'Thousands' of pay-up tax notices to hit doormats

Accountancy Age: Advanced Payment Notices to thousands of investors in tax avoidance schemes are to be issued by HM Revenue & Customs in the coming weeks, Accountancy Age has learned.

Full story: http://www.accountancyage.com/aa/news/2367422/thousands-of-pay-up-tax-notices-to-hit-doormats

Boodle Hatfield appoints first female senior partner since 1722

The Lawyer: Boodle Hatfield has appointed its first female senior partner in its 300-year history, with head of private client Sara Maccallum set to take over the running of the firm on 1 May next year.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/boodle-hatfield-appoints-first-female-senior-partner-since-1722/3025730.article

Fears over tax loophole as Scottish independence could see thousands of wealthy people start claiming 'non-domicile' status

This is Money: Scottish independence could see thousands of wealthy people start to claim ‘non-domicile’ tax status, experts predict.

Full story: http://www.thisismoney.co.uk/money/news/article-2754853/Fears-tax-loophole.html?

Conservative MP implicated in tax avoidance scheme

Accountancy Age: A Conservative  MP invested in an alleged tax avoidance scheme currently under investigation by HM Revenue & Customs.

Full story: http://www.accountancyage.com/aa/news/2367540/conservative-mp-implicated-in-tax-avoidance-scheme?

Probate just got interesting

Solicitors Journal: As the ICAEW starts to license accountants to undertake probate work, what will this mean for solicitors, asks Stuart Bushell.

Full story: http://www.solicitorsjournal.com/legal-profession/other-professionals/probate-just-got-interesting?

Government accepts works of art in lieu of £125 million in tax

Daily Telegraph: Heritage objects and works of art are handed over instead of inheritance tax.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11088299/Government-accepts-works-of-art-in-lieu-of-125-million-in-tax-payments.html

HSBC Private Bank moves Swiss trust business to Jersey

Business Life: HSBC Private Bank is moving its trust administration services business from Switzerland to Jersey, which will effectively consolidate its European private trust and fiduciary administration services in the island.

Full story: http://www.businesslife.co/BusinessNews.aspx?id=hsbc-private-bank-moves-swiss-trust-business-to-jersey

Accountancy Rich List: 10-1

ICAEW: Who will take top spot? The top ten revealed.

Full story: http://economia.icaew.com/news/september-2014/accountancy-rich-list-10-1

Cayman wealth advisor jailed following US sting

STEP: Investment advisor Joshua Vandyk, formerly of Cayman Islands firm Clover Asset Management, has been jailed for 30 months in the USA for offering to help conceal clients' funds in anonymous offshore accounts.

Full story: http://www.step.org/cayman-wealth-advisor-jailed-following-us-sting

TWM Solicitors appoint experienced private tax adviser

TWM Solicitors: TWM Solicitors has appointed Stephanie Sharpe to head its private client tax advisory service.  She joins TWM from a firm of London accountants.  However, the majority of her 20+ year career has been spent in Guildford and this is where she will be based working for TWM.  Her previous Guildford tax roles have included at PKF (UK) LLP (now part of BDO) and Smith & Williamson.

Full story: http://www.twmsolicitors.com/news-and-blogs/twm-solicitors-appoint-experienced-private-tax-adviser/

Foreign Accounts Tax Compliance Act (FATCA) – updated HMRC Guidance

ICAEW: HMRC sets out the changes made by its latest guidance notes.

Full story: http://www.ion.icaew.com/TaxFaculty/post/Foreign-Accounts-Tax-Compliance-Act--FATCA----updated-HMRC-Guidance-Notes-EFA4E3A8DA4C42B881618BF6EAD871E0?

EY appoints new head of tax

Economia: EY has announced the appointment of a new head of tax in the UK and Ireland.  Jason Lester, who has been working with the Big Four auditing firm for the last 20 years, will take over the position immediately.

Full story: http://economia.icaew.com/news/september-2014/ey-appoints-new-head-of-tax

Property tax avoiders targeted by new HMRC taskforce

International Adviser: HM Revenue & Customs has established a taskforce to deal specifically with people trying to dodge property tax in the south west of England and in south Wales.

Full story: http://www.international-adviser.com/news/tax-regulation/property-tax-avoiders-targeted-by-new-hmrc?

Spain condemned for discriminatory inheritance tax

STEP: The European Court of Justice has ruled that Spain is acting illegally by allowing its regional governments to charge extra inheritance tax (IHT) on gifts and legacies left to non-resident beneficiaries of an estate. 

Full story: http://www.step.org/spain-condemned-discriminatory-inheritance-tax

No more secrets - Swiss banks learn to shape up, not shut up

Reuters: Switzerland's allure as a place to stash cash has been badly damaged by a U.S.-led campaign against tax cheats, and the country's roughly 140 private banks can no longer rely on a reputation for secrecy to attract wealthy customers.

Full story: http://uk.reuters.com/article/2014/09/04/swiss-private-banks-idUKL5N0R45CH20140904?rpc=401&feedType=RSS&feedName=governmentFilingsNews

New tax on over-40s and middle classes proposed to pay for free elderly care

Daily Telegraph:  Commission recommends effectively merging NHS and social care to offer free care paid for with a higher National Insurance rate for the over-40s and anyone earning over £42,000

Full story: http://www.telegraph.co.uk/health/elderhealth/11072877/New-tax-on-over-40s-and-middle-classes-proposed-to-pay-for-free-elderly-care.html

Autumn Statement date announced

ICAEW: Chancellor of the Exchequer George Osborne has announced that he will give this year’s Autumn Statement to Parliament on Wednesday, 3 December.

Full story: http://economia.icaew.com/news/september-2014/autumn-statement-date-announced

Gary Barlow apologises for tax row and will 'settle things'

Daily Telegraph: Take That members reportedly invested at least £26m in a scheme that potentially avoided tax.

Full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11071478/Gary-Barlow-apologises-for-tax-row-and-will-settle-things.html

Arthur Andersen returns 12 years after Enron scandal

Daily Telegraph: Former partners at accountant buy rights to name more than a decade after one of world's biggest corporate scandals.

Full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11069713/Arthur-Andersen-returns-12-years-after-Enron-scandal.html

Taylor Wessing announces addition of two new partners to its market-leading Private Client practice

Taylor Wessing: International law firm Taylor Wessing has announced the addition of two new partners to its market- leading Private Client practice.

Full story: http://www.taylorwessing.com/news-insights/details/taylor-wessing-announces-addition-of-two-new-partners-to-its-market-leading-private-client-practice-2014-09-02.html