Dutch and Brits top the best European tax regimes poll

ICAEW: The Netherlands and the UK have maintained their position as the top two most attractive European economies from a tax perspective for the second year running, Deloitte research reveals.

Full story: http://economia.icaew.com/news/november-2014/dutch-and-brits-top-the-best-european-tax-regimes-poll

Macfarlanes partners upped capital contributions by 13% last year, accounts show

Legal Week: Macfarlanes partners stumped up an extra 13% in capital contributions last financial year, according to the firm's limited liability partnership (LLP) accounts, filed with Companies House this week. 

Full story: http://www.legalweek.com/legal-week/news/2383612/macfarlanes-partners-upped-capital-contributions-by-13-last-year-accounts-show

Law Society withdraws practice note on Sharia succession rules

Private Client Adviser: The Law Society has withdrawn its controversial practice note on sharia succession principles following feedback received from its members.

Full story: http://www.privateclientadviser.co.uk/news/wills/law-society-withdraws-practice-note-sharia-succession-rules

Switzerland's wealthy expats braced for vote on tax break

Reuters: Many of Switzerland's foreign millionaires will be watching nervously on Sunday as voters decide whether or not to scrap one of the country's biggest tax perks for expatriates.

Full story: http://uk.reuters.com/article/2014/11/26/uk-switzerland-tax-vote-idUKKCN0JA1P920141126?rpc=401

Angelina Jolie: Ed Miliband's Mansion Tax 'Could Put Me Off' Buying a UK Home

International Business Times: Addressing rumours that she is on the hunt for a property around London, Angelina Jolie has said that she might be discouraged after Ed Miliband's proposed mansion tax.

Full story: http://www.ibtimes.co.uk/angelia-jolie-ed-milibands-mansion-tax-could-put-me-off-buying-uk-home-1476616

Tax crackdown: perfect storm brewing for undeclared offshore assets

CityWire: George Osborne’s Autumn Statement is likely to see an escalation in the crackdown on those with undeclared offshore assets.

Full story: http://citywire.co.uk/wealth-manager/news/tax-crackdown-perfect-storm-brewing-for-undeclared-offshore-assets/a785926?ref=wealth_manager_all_stories_list

A Labour Government Will Clobber High Pay, Big Houses, Banks And Public Schools. You See The Pattern. So What’s Next? Private Health Or Just Big Pension Pots?

Director of Finance: Bashing the rich is basic socialism of the sort debated by sixth-formers, but it may well win Labour the election. However, these attacks on success should be in addition to sound policies, not instead. Whoever runs Britain from 2015 needs to be looking for billions, not mere millions, to close the budget deficit.

Full story: http://www.dofonline.co.uk/index.php/edge-menu-item/8934-rich-people-have-votes-but-not-many

Labour targets UK's 'unfair society', threatens private school tax breaks

Reuters: The opposition Labour party said on Tuesday it would cut tax breaks worth 700 million pounds to fee-paying schools if elected unless they helped raise standards in state schools.

Full story: http://uk.reuters.com/article/2014/11/25/uk-britain-politics-schools-idUKKCN0J91M220141125?rpc=401

Credit Suisse fined $2.6bn by US for ‘decades’ of tax evasion

International Adviser: Credit Suisse has been hit with a $2.6bn (£1.7bn, €2bn) fine for operating an illegal cross-border banking business that helped thousands of American clients evade tax.

Full story: http://www.international-adviser.com/news/europe/credit-suisse-fined-2-6bn-for-tax-evasion?

Cable hits out at Tory tax plans

ICAEW: Vince Cable has hit out at George Osborne over planned tax cuts, branding their promises of £7bn of new tax cuts as “total fantasy” and said the government’s reputation for fiscal credibility could be damaged.

Full story: http://economia.icaew.com/news/november-2014/cable-hits-out-at-tory-tax-plans

Credit Suisse fined over tax evasion charges

STEP: A US court has sentenced Credit Suisse for helping American clients evade tax over a period of decades through 2009, and ordered it to pay the US authorities USD2.6 billion in penalties and compensation for lost tax.

Full story: http://www.step.org/credit-suisse-fined-over-tax-evasion-charges

Backlog of tax disputes reaches record high

Accountancy Age: HMRC's high profile clamp-down on suspected tax avoidance has pushed the backlog of tax disputes waiting to be heard to a new record high of 27,246, with a particular surge in the number of high value cases lodged with the Upper Tax Tribunal, law firm Pinsent Masons has said.

Full story: http://www.accountancyage.com/aa/news/2383144/backlog-of-tax-disputes-reaches-record-high

KPMG reviews tax measures expected in the 2014 Autumn Statement

KPMG: The Chancellor George Osborne will deliver his Autumn Statement on 3 December.  With an election next May, Chris Morgan, head of tax policy at KPMG in the UK, ponders what the statement might contain.

Full story: http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/NewsReleases/Pages/KPMG-reviews-tax-measures-expected-in-the-2014-Autumn-Statement.aspx?

Tax reliefs don’t cost money and they create wealth, so why do politicians hate them?

Daily Telegraph: The UK is cracking down on tax breaks just as they are starting to do some good for the economy.

Full story: http://www.telegraph.co.uk/finance/economics/11250967/Tax-reliefs-dont-cost-money-and-they-create-wealth-so-why-do-politicians-hate-them.html

HSBC Swiss private banking arm faces tax investigation

The Guardian: French magistrates examining whether the bank helped wealthy clients avoid a new tax, the European Union Savings Directive.

Full story: http://www.theguardian.com/business/2014/nov/21/hsbc-switzerland-private-bank-tax-french-investigation

Lionel Messi may leave Spain over tax jail threat

The Guardian: Sources close to Barcelona football star say he feels he is being singled out by having to stand trial over undeclared income.

Full story: http://www.theguardian.com/football/2014/nov/21/lionel-messi-may-leave-spain-tax-barcelona-football?

UK FATCA rules: what resident non-doms need to know

International Adviser: The reporting rules for UK resident non-domiciliaries (RNDs) with interests in non-UK structures are about to change, requiring them to provide information on participants in the structure.

Full story: http://www.international-adviser.com/news/tax-regulation/uk-fatca-rules-what-resident-non-doms?

New York-born London mayor Boris Johnson refuses to pay US tax bill

The Guardian: Politician says he is ignoring US demand for capital gains tax, despite row with country’s UK embassy over unpaid charges.

Full story: http://www.theguardian.com/politics/2014/nov/20/boris-johnson-us-tax-bill?

BDO sees profit rise 42%

ICAEW: BDO has had what it describes as a “great year”, with turnover up 27% to £384m and operating profit up by 42% to £78m.

Full story: http://economia.icaew.com/news/november-2014/bdo-sees-profit-rise-42-percent

DELOITTE EXPANDS FAMILY BUSINESS OFFERING WITH ACQUISITION

Campden: The proliferation of entrepreneurialism around the world means the family business sector has massive growth potential, according to Deloitte, and the Big Four firm is positioning itself to further take advantage of this market.

Full story: http://www.campdenfb.com/article/deloitte-expands-family-business-offering-acquisition?

HMRC's avoidance action 'unacceptably slow'

International Advisor: HMRC’s action against tax avoiders is “unacceptably slow”, according to MP Margaret Hodge.

Full story: http://www.international-adviser.com/news/tax-regulation/hmrcs-avoidance-action-unacceptably-slow?

Myleene Klass ‘goes full Paxman’ on Ed Miliband over mansion tax

The Guardian: Singer tells the Labour leader his ‘disturbing’ plan to impose a levy on £2m-plus homes would hit ‘little grannies’.

Full story: http://www.theguardian.com/politics/2014/nov/18/myleene-klass-ed-miliband-mansion-tax?

Baker Tilly’s Head of Private Client Gary Heynes has been named as one of the 50 Most Influential private client practitioners by eprivateclient.

Baker Tilly: Baker Tilly’s Head of Private Client Gary Heynes has been named as one of the 50 Most Influential private client practitioners by eprivateclient.  The 50 Most Influential is designed to identify, recognise and promote the leading practitioners of the private client professions. Those on the list are the leaders when it comes to providing the best possible advice & service for clients and innovation in the way the needs of wealthy individuals are met.

Full story: http://www.bakertilly.co.uk/media/news/Pages/Gary-Heynes-is-named-as-one-of-50-Most-Influential-private-client-practitioners.aspx

HSBC's Private Bank Hit with Tax Fraud and Money Laundering Charges in Begium

International Business Times: Belgian prosecutors have accused the private banking arm of HSBC of facilitating tax fraud and money laundering to the tune of hundreds of millions of euros.  HSBC Private Bank, a subsidiary which is based in Switzerland,  allegedly helped hundreds of wealthy clients engage in tax fraud by burying taxable income and assets in shell companies based in tax havens.

Full story: http://www.ibtimes.co.uk/hsbcs-private-bank-hit-tax-fraud-money-laundering-charges-begium-1475219?

US billionaire’s heirs claim trustees mismanaged trust fund

STEP: Jennie and David Scaife, heirs to billionaire Richard Mellon Scaife, have demanded an accounting for a millionaire fortune which they would have received under the terms of a trust set up by their grandmother in 1935.

Full story: http://www.step.org/us-billionaire%E2%80%99s-heirs-claim-trustees-mismanaged-trust-fund

Hardman Lecture: Tax Avoidance – Game Over?

ICAEW: Jolyon Maugham’s question in the title for the 2014 Hardman lecture on 11 November raises the question of whether the rules of engagement for tax avoidance schemes have changed so much over the past ten years that there is no future for mass-marketed tax avoidance schemes. 

Full story: http://www.ion.icaew.com/TaxFaculty/post/Hardman-Lecture---Tax-Avoidance---Game-Over-?

France to introduce 20 per cent surcharge tax for owners of second homes in high-demand areas

STEP: The annual tax imposed on owners of second homes in France will rise by 20 per cent in high-demand areas in January 2015, under proposals in the government's latest supplementary budget.

Full story: http://www.step.org/france-introduce-20-cent-surcharge-tax-owners-second-homes-high-demand-areas

Mourant Ozannes promotes three to group partnership

Mourant Ozannes: Offshore law firm Mourant Ozannes has announced three internal promotions to group partner which will take effect from February.  Abel Lyall and Matthew Guthrie from Guernsey and Paul Martin from Jersey will join the group partnership within their respective practice areas of Litigation, International Trusts & Private Client and Finance & Corporate.

Full story: http://www.mourantozannes.com/news/news/mourant-ozannes-promotes-three-to-group-partnership.aspx

Leading UK Law Firm, Farrer & Co, Successfully Deploys NetDocuments Web-Based eFile Solution

PR Newswire: The leading London-based law firm, Farrer & Co LLP, has successfully deployed NetDocuments' cloud-based service to all 400 individuals in the firm. Farrer & Co represents the first mid-market UK firm to implement a true cloud-based electronic file solution for managing documents and emails - giving their lawyers, partners, and staff seamless and secure access to their files from anywhere on any device and providing increased efficiency for clients.

Full story: http://www.prnewswire.co.uk/news-releases/leading-uk-law-firm-farrer--co-successfully-deploys-netdocuments-web-based-efile-solution-281569751.html

50p tax rate would hit top earners in the UK with a bigger tax bill than most of their global peers

UHY Hacker Young: The Labour Party’s plans to reintroduce the 50p tax rate would see high earners in the UK pay 24% more in tax than the current global average, according to our research.

Full story: http://www.uhy-uk.com/news-events/news/50p-tax-rate-would-hit-top-earners-in-the-uk-with-a-bigger-tax-bill-than-most-of-their-global-peers/

Clarke Willmott's Private Client Team Continues to Grow

Clarke Willmott: Clarke Willmott is delighted to welcome Jane Halton as a Partner in our Private Client Team. This is a move back towards the sea for Jane who started her legal career with Blake Lapthorn in Portsmouth and joins from Gateley LLP in Birmingham where she worked in the Private Client Team for the last 14 years.

Full story: http://www.clarkewillmott.com/news/2996/clarke-willmotts-private-client-team-continues-to-grow

HMRC recovers record £3.65bn in unpaid taxes from avoidance schemes, evasion and fraud

City AM: A record amount of unpaid tax has been recovered from avoidance schemes, evasion and fraud by HMRC’s top team of specialist investigators – up by almost a quarter in the past year, says Pin­sent Masons, the international law firm.

Full story: http://www.cityam.com/1415594427/hmrc-takes-back-365bn-unpaid-taxes?

London property amasses 90% of HMRCs high-end tax bonanza

Accountancy Age: Nearly 90% of HMRC's income generated from a new national tax targeting high value homes is amassed from properties in London.

Full story: http://www.accountancyage.com/aa/news/2380153/london-property-amasses-90-of-hmrcs-high-end-tax-bonanza

'High risk' avoidance promoters could face £1m fines

International Advisor: Promoters of tax avoidance schemes deemed “high-risk” by HM Revenue & Customs (HMRC) have been sent letters warning them they could be named publically, monitored, and fined up to £1m.

Full story: http://www.international-adviser.com/news/tax-regulation/hmrc-posts-warnings-high-risk-avoidance?

Downton Abbey: life, death, tax

Saffery Champness: Downton Abbey’s long awaited series five has now started; we will once again be keeping a watchful eye on what is happening in the life of the Granthams. We will draw parallels where we can, but also consider how their challenges might be different today in terms of tax, property, agriculture, wealth, succession and so on – with insight and wit where possible! 
 Full story: http://www.saffery.com/news-and-events/articles/2014/downton-abbey-life-death-tax-aug-2014.aspx

Irwin Mitchell acquires Mayfair-based Berkeley Law

The Lawyer: Irwin Mitchell has acquired Mayfair based private wealth specialists Berkeley Law in a bid to gain ground in London.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/merger-watch/irwin-mitchell-acquires-mayfair-based-berkeley-law/3028041.article

Mansion tax could wipe 5pc off the value of high-end London homes

Daily Telegraph: Mansion tax could wipe an average of 5pc off homes worth more than £2m should Labour win the next general election and make the proposals a reality.

Full story: http://www.telegraph.co.uk/finance/personalfinance/houseprices/11213934/Mansion-tax-could-wipe-5pc-off-the-value-of-high-end-London-homes.html

Report Examines Effect Of FATCA On BVI Entities

LowTax: International law firm Conyers Dill & Pearman has published a detailed article on the impact of the US Foreign Account Tax Compliance Act (FATCA) on British Virgin Islands entities, which also discusses equivalent legislation in the UK.

Full story: http://www.lowtax.net/news/Report-Examines-Effect-Of-FATCA-On-BVI-Entities-66330.html?

Accountants concerned about work life balance

ICAEW: Long working hours and a poor work-life balance are top concerns for accountants, according to research by financial protection specialist Unum.

Full story: http://economia.icaew.com/news/november-2014/accountants-concerned-about-work-life-balance

Law firms unite to create major wealth management force

Wealth Manager: Law firms Charles Russell and Speechly Bircham have combined to create a significant player in wealth management.

Full story: http://citywire.co.uk/wealth-manager/news/law-firms-unite-to-create-major-wealth-management-force/a781473

Introducing Howard Kennedy – a new law firm with a new address

Howard Kennedy: Law firm Howard Kennedy, formerly HowardKennedyFsi, has today revealed a new brand identity and a new address.

Full story: http://www.howardkennedy.com/information-hub/news/press-release-introducing-howard-kennedy-a-new-law-firm-with-a-new-address/

Charles Russell and Speechly Bircham complete merger

Private Client Adviser: Charles Russell and Speechly Bircham have completed their merger to create the new firm, Charles Russell Speechlys, which will be one of the world's largest private wealth and business law firms.

Full story: http://www.privateclientadviser.co.uk/news/legal-practice/charles-russell-and-speechly-bircham-complete-merger

Tax traps: 10 reasons to steer clear of avoidance schemes

Citywire: HM Revenue & Customs (HMRC) has been hot on the heels of tax avoidance schemes over the past few years as it has cracked down on providers and investors.

Full story: http://citywire.co.uk/new-model-adviser/news/tax-traps-10-reasons-to-steer-clear-of-avoidance-schemes/a781875?ref=new-model-adviser-picture-galleries-list

How rising French property taxes hit British buyers

Daily Telegraph: British buyers are being tempted back to the French property market thanks to the strong British pound and access to cheap loans, but there’s a nasty sting in the tail in the form of local taxes.

Full story: http://www.telegraph.co.uk/finance/personalfinance/expat-money/11210448/How-rising-French-property-taxes-hit-British-buyers.html

Benefits of devolved tax must outweigh costs, says ICAS

Accountancy Age: Devolved tax powers should only be implemented where they generate genuine benefits that outweigh the costs of setting up such powers, said ICAS.

Full story: http://www.accountancyage.com/aa/news/2378840/benefits-of-devolved-tax-must-outweigh-costs-says-icas

Switch to OECD bank account reporting will cost UK non-doms their privacy

STEP: The general adoption of the OECD automatic information exchange agreement will deprive UK non-doms of their right to keep offshore assets secret from HM Revenue and Customs, according to law firm Pinsent Masons.

Full story: http://www.step.org/switch-oecd-bank-account-reporting-will-cost-uk-non-doms-their-privacy

Listen up, Griff Rhys Jones, the mansion tax is the soft option

The Guardian: If unearned income from property were taxed proportionately in the UK, several of our structural economic problems could be solved.

Full story: http://www.theguardian.com/commentisfree/2014/nov/04/griff-rhys-jones-mansion-tax-soft-option?

Labour's 50p tax plan makes Britain less attractive than Australia for the wealthiest

Daily Telegraph: Accountants argue a return to the 50p top rate of tax would be 'a backwards step'.

Full story: http://www.telegraph.co.uk/finance/budget/11203950/Labours-50p-tax-plan-makes-Britain-less-attractive-than-Australia-for-the-wealthiest.html

Tougher disclosure rules for offshore accounts held by 'non-doms' once single tax reporting standard in force

Pinsent Masons: Financial institutions based in certain British Overseas Territories (BOTs) and Crown Dependencies (CDs) will be subject to stricter reporting requirements covering accounts held with them by UK resident non-UK domiciled taxpayers from 2016 if specific "carve outs" are not negotiated, an expert has said.

Full story: http://www.out-law.com/en/articles/2014/october/tougher-disclosure-rules-for-offshore-accounts-held-by-non-doms-once-single-tax-reporting-standard-in-force/?

Non-doms urged to protect assets in case of rule change

International Adviser: Old Mutual Wealth is urging advisers with non-domiciled clients in the UK to take steps to protect their assets from IHT, in case changes to the domicile rules come into effect.

Full story: http://www.international-adviser.com/news/tax-regulation/speculation-about-new-domicile-rules-concern?

Ex-UBS Executive Weil Acquitted of U.S. Tax Conspiracy

Bloomberg: Former UBS AG (UBSN) global wealth-management chief Raoul Weil was cleared of tax conspiracy charges despite the bank’s historic admission that it helped thousands of U.S. clients cheat the Internal Revenue Service.

Full story: http://www.bloomberg.com/news/2014-11-03/ex-ubs-executive-weil-acquitted-of-u-s-tax-conspiracy.html

HMRC steps up transparency efforts

ICAEW: HMRC has stepped up its efforts to increase transparency by sending more than 24 million people a summary of how their tax is spent.

Full story: http://economia.icaew.com/news/november-2014/hmrc-steps-up-transparency-efforts

Labour 50p rate a “step backwards”

ICAEW: Labour’s planned 50p tax rate would put the UK at a “significant disadvantage” to its rivals, research has found.

Full story: http://economia.icaew.com/news/november-2014/labour-50p-rate-a-step-backwards

Pay Labour's mansion tax? I'm moving abroad, says Griff Rhys Jones

Daily Telegraph: Griff Rhys Jones says he would move to a 'massive palace' abroad if Labour introduce the 'fatuous' tax.

Full story: http://www.telegraph.co.uk/news/politics/labour/11204463/Pay-Labours-mansion-tax-Im-moving-abroad-says-Griff-Rhys-Jones.html

Autumn statement 2014: six plain English suggestions to improve the tax system

ICAEW: ICAEW Tax Faculty suggestions for inclusion in the Autumn Statement 2014 are now published as TAXREP 55/14. These suggestions were made to Government in response to the invitation Autumn Statement 2014: Have Your Say, published by HM Treasury in September 2014.

Full story: http://www.ion.icaew.com/TaxFaculty/post/Autumn-statement-2014--six-plain-English-suggestions-to-improve-the-tax-system?