Wednesday 30 December 2015

Death of Motörhead frontman Lemmy could trigger legal battle over fortune

Daily Telegraph: The heavy metal lothario's death from cancer at the age of 70 could lead to an acrimonious legal contest over his estate, warn experts.

Full story: http://www.telegraph.co.uk/news/uknews/law-and-order/12073617/Death-of-Motorhead-frontman-Lemmy-could-trigger-legal-battle-over-fortune.html

HMRC trialling maps to decode 'galaxy' of British tax laws

The Independent: If the prospect of filling in your tax return next month inspires early onset January blues, spare a thought for the number-crunchers of Her Majesty’s Revenue and Customs.  This year, in a bid to help government officials understand the labyrinthine complexities of centuries of British laws and regulations, HMRC is for the first time trialling “maps” of British tax legislation.

Full story: http://www.independent.co.uk/news/uk/home-news/hmrc-trialling-maps-to-decode-galaxy-of-british-tax-laws-a6790051.html

Govt more than £600m behind tax avoidance targets

Money Marketing: Government measures to clamp down on tax avoidance are bringing in £615m less than originally forecast, according to an analysis from the Office for Budget Responsibility.

Full story: http://www.moneymarketing.co.uk/govt-more-than-600m-behind-tax-avoidance-targets/

Thursday 10 December 2015

Government softens plan to criminalise unwitting offshore tax evasion

The Guardian: Trigger for prosecution will be loss to HMRC of £25,000 a year, up from £5,000 – but experts say legislation is ‘step too far'.

Full story: http://www.theguardian.com/business/2015/dec/09/government-softens-plan-to-criminalise-unwitting-offshore-tax-evasion

Gov't clamps down on fund manager 'abusive tax planning'

CityWire: The government has set out new plans for taxing asset managers’ performance-related pay to stop ‘abusive tax planning’ in the sector.

Full story: http://citywire.co.uk/wealth-manager/news/govt-clamps-down-on-fund-manager-abusive-tax-planning/a866375?ref=wealth-manager-new-latest-news-test1-list

Monday 7 December 2015

Accountant convicted of £6m tax fraud

ICAEW: An accountant has been convicted of evading more than £6m in tax Dennis Christopher Carter Lunn ran a Sussex-based accountancy firm with over 7,000 clients. Many were from the media and entertainment industry.

Full story: http://economia.icaew.com/news/december-2015/accountant-convicted-of-6-million-pound-tax-fraud

Banks given immunity over enabling tax dodging

ICAEW: More than 50 banks have been given immunity from criminal prosecution in the US The banks, including Standard Chartered, Deutsche Bank and BNP Paribas, helped American clients evade tax in Swiss bank accounts.

Full story: http://economia.icaew.com/news/december-2015/banks-given-immunity-for-enabling-tax-dodging

Inheritance tax 'too toxic to save' says thinktank

CityWire: Voters on right and left of political spectrum consider inheritance tax as ‘beyond the pale', says Fabian Society, a leftwing think tank. 

Full story: http://citywire.co.uk/money/inheritance-tax-too-toxic-to-save-says-thinktank/a864853?ref=citywire-money-latest-news-list

Swiss bank to pay tax evasion penalty

Public Finance International: Switzerland’s EFG Bank is to pay a penalty of $29m to the US Department of Justice to avoid prosecution for helping its American account holders evade taxes.

Full story: http://www.publicfinanceinternational.org/news/2015/12/swiss-bank-pay-tax-evasion-penalty

Inheritance tax changes are too messy and complex, says Andrew Tyrie

Daily Telegraph: The new rules on passing your main home to your children are complicated and too slow, leaving the elderly with considerable uncertainty, according to the MP.

Full story: http://www.telegraph.co.uk/finance/budget/12037511/Inheritance-tax-changes-are-too-messy-and-complex-says-Andrew-Tyrie.html

Thursday 3 December 2015

European parliament endorses Liechtenstein deal

ICAEW: The European Parliament has endorsed a deal between the EU and Liechtenstein that will make it harder for EU citizens to hide cash in bank accounts in the state.

Full story: http://economia.icaew.com/news/december-2015/european-parliament-endorses-liechtenstein-deal

Tuesday 1 December 2015

Net closes on evaders

ICAEW: David Gauke, the financial secretary to the Treasury, has launched a new campaign warning off shore tax evaders that time is running out for them to make disclosures.

Full story: http://economia.icaew.com/news/november-2015/net-closes-on-evaders

RSM posts strong results following rebrand

ICAEW: Mid-tier firm RSM saw its revenues and profits rise for the financial year ended 31 March thanks to strong growth in all its service lines.

Full story: http://economia.icaew.com/news/december-2015/rsm-posts-strong-results-following-rebranding

Law firms merge to create private client force

Private Client Adviser: The union will create top-five private client team capable of advising on domestic and international issues.  Law firms Thomas Eggar and Irwin Mitchell have merged to create a private client team specialising in advising mid-market and high-net and ultra-high-net-worth clients.  The merger is estimated to complete in December 2015. The new business will be worth £250m and will create the UK's 11th largest legal business.

Full story: http://www.privateclientadviser.co.uk/news/legal-practice/law-firms-merge-create-private-client-force

Gordon Dadds appoints new Partner and Head of Tax

Gordon Dadds: We are delighted to announce the appointment of Huw Witty as partner and head of tax. Huw joins us from Fladgate LLP where he was partner and head of tax for six years.

Full story: http://www.gordondadds.com/firm-news/gordon-dadds-appoints-new-partner-and-head-of-tax/

Irwin Mitchell And Thomas Eggar Announce Merger And Target Further Expansion

Irwin Mitchell: Leading law firms Irwin Mitchell and Thomas Eggar today announce that they will merge to create a £250m dynamic legal services business, a top-five private wealth legal team and a platform to significantly grow their combined business legal services operation.

Full story: http://www.irwinmitchell.com/newsandmedia/2015/november/irwin-mitchell-and-thomas-eggar-announce-merger-and-target-further-expansion-jq-283939

Taylor Wessing announces addition of new lateral partner hire to its leading Private Client team

Taylor Wessing: International law firm Taylor Wessing has today announced the addition of a new lateral partner hire to its market leading Private Client practice.

Full story: http://united-kingdom.taylorwessing.com/en/taylor-wessing-announces-addition-of-new-lateral-partner-hire-to-its-leading-private-client-team

HMRC Collects GBP300m From Stamp Duty Crackdown

Tax-News: HM Revenue and Customs's (HMRC's) Counter Avoidance Directorate collected GBP301.8m (USD455.6m) in unpaid UK stamp duty land tax (SDLT) in the year to March 31, 2015, according to law firm Collyer Bristow.

Full story: http://www.tax-news.com/news/HMRC_Collects_GBP300m_From_Stamp_Duty_Crackdown____69830.html

Non-dom opportunities

The Lawyer: In what seems to be another step by the UK Government towards eliminating the perceived unfairness of the taxation rules in respect of long-term UK resident, non-UK domiciled individuals there may well be a glimmer of hope and an opportunity for offshore service providers to help such individuals enhance and preserve their wealth through the use of offshore trusts, prior to such individuals becoming deemed domiciled under the 15 year rule…

Full story: http://www.thelawyer.com/briefings/non-dom-opportunities/3041084.article

Gateley Plc appoints new Private Client head

Gateley PLC: Gateley Plc, the UK’s first AIM listed law firm has strengthened its offering with the appointment of partner and new head of its national Private Client team, Catriona Attride.

Full story: http://www.gateleyplc.com/news-and-events/news/item/gateley-plc-appoints-new-private-client-head/

Tuesday 24 November 2015

Coutts Private Office director departs

CityWire: Coutts Private Office executive director James Biggart has left the bank.   Biggart joined the private office team at Coutts in 2011 and was responsible for ultra-high net worth clients and family businesses.

Full story: http://citywire.co.uk/wealth-manager/news/coutts-private-office-director-departs/a858885?ref=wealth-manager-new-latest-news-test1-list

EY has appointed Katherine Bullock to lead its UK and Ireland private client services practice outside of London

ICAEW: The team offers tax planning and compliance advice to individuals and their businesses, as well as cross-border services.  Bullock said the practice has "great plans for helping our clients really maximise the UKs economic upturn, working across our worldwide network with our global colleagues to support those with international interests." Bullock previously headed PwC's client team and has over 25 years' experience.

Full story: http://economia.icaew.com/news/november-2015/ey-hires-regional-leader-of-uk-private-client-services

UK Autumn Statement may target tax reliefs

STEP: The Chancellor's Autumn Statement will appear on Wednesday 25 November. Most tax specialists predict it will be harsher than previously expected, for two reasons. First, the Chancellor has failed to push through legislation cutting tax credits for the low-paid, so that the public sector borrowing requirement will be larger than planned at the time that Finance Bill (no.2) 2015 was drafted. Second, that Finance Bill also contained a measure precluding increases in the rates of the three main taxes – income tax, national insurance contributions and value-added tax – for this parliament. This means the public sector borrowing requirement (PSBR) deficit cannot be reduced by adjusting these rates.

Full story: http://www.step.org/news/uk-autumn-statement-may-target-tax-reliefs

City minnow Welbeck Solutions named as Britain’s biggest seller of tax avoidance products

Evening Standard: A little-known City firm has been exposed as Britain’s biggest seller of tax avoidance products.

Full story: http://www.standard.co.uk/business/city-minnow-welbeck-solutions-named-as-britain-s-biggest-seller-of-tax-avoidance-products-a3121021.html

UK non-dom changes unfair, unreasonable, disproportionate

International Adviser: Plans that would effectively end the UK’s non-domicile status for tax purposes have the potential to do more harm than good and could be contrary to EU law, according to the Institute of Chartered Accountants.

Full story: http://www.international-adviser.com/news/1026036/uk-dom-changes-unfair-unreasonable-disproportionate

Autumn Statement: tax avoidance and business top agenda

Accountancy Live: Wednesday sees the Chancellor deliver a combined autumn statement and spending review, following on from two Budgets earlier in the year, with predictions suggesting a focus on tax avoidance, pensions and business taxes, and warnings against making the tax system unnecessarily complex and hitting businesses too hard, reports Pat Sweet.

Full story: https://www.accountancylive.com/autumn-statement-tax-avoidance-and-business-top-agenda

Monday 16 November 2015

HMRC operation overhaul questioned by experts

International Adviser: HM Revenue & Customs’ plans to modernise its operation, consolidating 170 offices into 13 regional centres has seen tax experts question its motives.

Full story: http://www.international-adviser.com/news/1025913/hmrc-operation-overhaul-questioned-experts

Largescale philanthropy increases in UK by £200m

Private Client Adviser: As well as giving more money than ever before, philanthropists are also developing structured and long-term ways of donating their time and expertise.

Full story: http://www.privateclientadviser.co.uk/news/charities/largescale-philanthropy-increases-uk-%C2%A3200m

Leading Trusts and Private Client lawyer joins Mourant Ozannes

Mourant Ozannes: Mourant Ozannes is pleased to announce the recruitment of prominent trusts and private client lawyer, Tony Pursall, as a partner in the firm's International Trusts and Private Client practice. Tony will be based in the London office, and will join the firm as soon as he is free to do so under his existing contractual arrangements.

Full story: http://www.mourantozannes.com/news/news/leading-trusts-and-private-client-lawyer-joins-mourant-ozannes.aspx

HMRC Wins £5.5m Non-Residence Tax Appeal

iExpats.com: A landmark ruling has overturned a leading UK expat non-resident tax case with a damning indictment of how a lower court considered their verdict.

Full story: http://www.iexpats.com/hmrc-wins-5-5m-non-residence-tax-appeal/

Lucian Freud archive given to nation in lieu of £2.9m in inheritance tax

The Guardian: Extensive trove of sketchbooks, letters and drawings will be exhibited in National Portrait Gallery as family seek to reduce tax liability.

Full story: http://www.theguardian.com/artanddesign/2015/nov/16/lucian-freud-archive-national-portrait-gallery-inheritance-tax

HMRC grows Affluent Unit in tax avoidance crackdown

International Adviser: A sharper focus on offshore banking activity and tax avoidance has seen HM Revenue & Customs grow its Affluent Unit by more than 50% in the past two years.

Full story: http://www.international-adviser.com/news/1025929/hmrc-grows-affluent-unit-tax-avoidance-crackdown

Thursday 12 November 2015

HMRC reveals tax office shake-up

BBC News: The UK's tax authority is to close 137 local offices and replace them with 13 regional centres, raising fears over job losses.

Full story: http://www.bbc.co.uk/news/business-34796299

Tuesday 10 November 2015

EY launches legal trainee scheme

ICAEW: EY has announced that it will be offering legal training contracts for aspiring solicitors, as its UK law practice continues to grow.

Full story: http://economia.icaew.com/news/november-2015/ey-launches-legal-trainee-scheme

Britain's £34bn uncollected 'tax gap' is no worse than other countries', says HMRC tax head

The Independent: The amount of tax going uncollected in the Britain is no worse than in other countries around the world, a senior official at the tax authority has said.

Full story: http://www.independent.co.uk/news/uk/politics/britain-s-34-billion-uncollected-tax-gap-is-no-worse-than-other-countries-says-hmrc-tax-head-a6728401.html

Taxman urges people to use Twitter and 'web chats' rather than call

Daily Telegraph: Lin Homer, HMRC's chief executive, says taxman will 'always struggle' answering calls as she apologises to 'unacceptable poorly' customer service.

Full story: http://www.telegraph.co.uk/finance/personalfinance/11986963/Taxman-urges-people-to-use-Twitter-and-web-chats-rather-than-call.html

Thursday 5 November 2015

KPMG hires ex-Barclays advisory boss as family office head

CityWire: KPMG has hired Catherine Grum to spearhead the launch of a dedicated family office service.

Full story: http://citywire.co.uk/wealth-manager/news/kpmg-hires-ex-barclays-advisory-boss-as-family-office-head/a853251?ref=wealth-manager-private-office-list

PAC: tax evasion prosecution “woefully inadequate”

ICAEW: The Public Accounts Committee (PAC) has demanded that HMRC increase the “woefully inadequate” number of criminal prosecutions of offshore tax evasion.

Full story: http://economia.icaew.com/news/november-2015/pac-tax-evasion-prosecution-woefully-inadequate

HMRC waives 'correct and complete' declaration for agents' online IHT returns

STEP: Practitioners who submit an online inheritance tax (IHT) return on behalf of a client no longer need to provide a declaration that the information is 'correct and complete to the best of their knowledge and belief'.

Full story: http://www.step.org/news/hmrc-waives-correct-and-complete-declaration-agents-online-iht-returns

HMRC leaves taxpayers scratching their heads

Moneywise: Half of all telephone calls to HM Revenue and Customs go unanswered - meaning many people with questions about the complicated UK tax system are being left adrift.

Full story: http://www.moneywise.co.uk/news/2015-11-05/hmrc-leaves-taxpayers-scratching-their-heads

Capital gains tax take rises 43pc in a year

The Daily Telegraph: Higher property and share prices, plus tougher rules, mean capital gains tax is the fastest-growing source of tax revenues.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11971060/Capital-gains-tax-take-rises-43pc-in-a-year.html

The mega-haven

The Economist: The world is becoming less welcoming to tax dodgers. That is the conclusion of the latest Financial Secrecy Index, published every two years by the Tax Justice Network (TJN), an NGO. It looks at various measures of financial transparency and information-sharing in more than 90 countries, then weights them according to the level of financial services each country provides to non-residents. Most countries’ scores have fallen since 2013, indicating greater transparency. Among the biggest improvers are the Cayman Islands, once a notorious tax haven, and Luxembourg, which tax campaigners used to call Europe’s “death star” of financial secrecy.

Full story: http://www.economist.com/news/finance-and-economics/21677647-index-financial-secrecy-highlights-american-hypocrisy-mega-haven

Thursday 22 October 2015

HMRC non-dom loans tax becomes unstuck

Private Client Adviser: The government has been gradually softening its pre-election position on non-doms since securing another term in office.

Full story: http://www.privateclientadviser.co.uk/news/international/hmrc-non-dom-loans-tax-becomes-unstuck

McDermott Further Strengthens its London Private Client Practice with Appointment of Charles Lubar

MWE: International law firm McDermott Will & Emery announced today it has appointed Charles (Chuck) Lubar as senior counsel in its fast growing London Private Client group.
Full story: http://www.mwe.com/McDermott-Further-Strengthens-its-London-Private-Client-Practice-with-Appointment-of-Charles-Lubar-10-01-2015/

Wednesday 7 October 2015

PwC replaces Deloitte as biggest global firm

ICAEW: PwC has retaken number one spot from Deloitte as the world’s largest firm by revenue.

Full story: http://economia.icaew.com/news/october-2015/pwc-replaces-deloitte-as-biggest-global-firm

Tax fraud charges against Messi dropped

ICAEW: Spanish prosecutors have dropped tax fraud charges against Argentinian footballer Lionel Messi, but his father could still face jail.

Full story: http://economia.icaew.com/news/october-2015/tax-fraud-charges-against-messi-dropped

Monday 5 October 2015

Comments to UK government consultation on non-doms to be filed by 11 November

STEP: Observations on the Treasury's plans to restrict claims for non-dom status for tax purposes must be filed by early November as part of a government consultation.

Full story: http://www.step.org/news/comments-uk-government-consultation-non-doms-be-filed-11-november

UK firms sceptical of new government consultation on tax rules for non-doms

CityAm: Accounting and legal experts have said that they are sceptical of a new government consultation out this week on changes to tax rules for non-domiciles, or “non-doms”.

Full story: http://www.cityam.com/225662/uk-firms-sceptical-new-government-consultation-tax-rules-non-doms

Non-dom rules harsh on those born in UK, claims CIoT

Accountancy Age: Advisers are concerned that government proposals for the reform of taxation of non-domiciles could lead to an unfair result for those born in the UK who live most of their life abroad.

Full story: http://www.accountancyage.com/aa/news/2428679/non-dom-rules-harsh-on-those-born-in-uk-claims-ciot

HMRC defeats tax avoidance scheme over DTA misuse

International Adviser: A tax avoidance scheme which exploited the UK’s double-taxation agreement with the Isle of Man has been defeated by HM Revenue & Customs.

Full story: http://www.international-adviser.com/news/1025197/hmrc-defeats-gbp200m-tax-avoidance-scheme-dta-misuse

Monday 28 September 2015

Corbyn: £1m IHT threshold is 'a tax break for the richest'

CityWire: Labour leader Jeremy Corbyn has called for a 'graded' inheritance tax (IHT) regime arguing that the current rules allow the 'very rich to become richer'.

Full story: http://citywire.co.uk/new-model-adviser/news/corbyn-1m-iht-threshold-is-a-tax-break-for-the-richest/a844673?ref=new-model-adviser-latest-news-list

Labour to 'redistribute wealth' with middle class tax raids

Daily Telegraph: The shadow chancellor, will set out an economic plan that will include an income tax hike, scrapping the Conservative inheritance tax reforms.

Full story: http://www.telegraph.co.uk/news/politics/Jeremy_Corbyn/11894989/Labour-to-redistribute-wealth-with-middle-class-tax-raids.html

Friday 25 September 2015

Treasury to ‘struggle’ if non-dom consultation waylaid

International Adviser: The UK Treasury accidentally alerted the public to a long-awaited consultation paper on the tax treatment of non-domiciles, despite the document not yet being in the public domain.

Full story: http://www.international-adviser.com/news/1025016/treasury-struggle-dom-consultation-waylaid

Tax specialists criticise use of DOTAS against IHT planning

STEP: New measures extending the disclosure of tax avoidance schemes (DOTAS) regulations to cover inheritance tax planning have been sharply criticised by the Chartered Institute of Taxation (CIOT).

Full story: http://www.step.org/news/tax-specialists-criticise-use-dotas-against-iht-planning

A non-dom speaks: ‘The Swiss, Hong Kong, the Singaporeans, they are all saying “Come”!’

The Spectator: Indian magnate Nirmal Sethia on what the English get wrong about tea and taxation.

Full story: http://www.spectator.co.uk/features/9642972/a-non-dom-speaks-the-swiss-hong-kong-the-singaporeans-they-are-all-saying-come/

Wednesday 23 September 2015

New twist in IHT rules allows non property owners to gain

International Adviser: People do not need to own a property to take advantage of the new UK inheritance tax rules, according to a detailed technical note released by HM Revenue & Customs.

Full story: http://www.international-adviser.com/news/1024957/twist-iht-rules-allows-property-owners-gain

Tuesday 22 September 2015

Proposed amendments to clarify UK Finance Bill's residence nil-rate band for homes left in trust

STEP: Last week the government proposed amendments to the Finance Bill clauses introducing a new inheritance tax (IHT) residence nil-rate band (NRB) for deaths from 6 April 2017, to clarify the treatment of family residences left in trust.

Full story: http://www.step.org/news/proposed-amendments-clarify-uk-finance-bills-residence-nil-rate-band-homes-left-trust

Thursday 17 September 2015

Boodle Hatfield slashes real estate costs post move south of the river

The Lawyer: London private wealth boutique Boodle Hatfield has fallen from the top of the UK 200 real estate costs table following its move last year from Mayfair to south of the river.

Full story: http://www.thelawyer.com/analysis/the-lawyer-business-leadership/business-leadership-news/boodle-hatfield-slashes-real-estate-costs-post-move-south-of-the-river/3038976.article

How does UK inheritance tax compare with that in other countries?

The Guardian: We looked at the laws around the world to find out how much people pay.

Full story: http://www.theguardian.com/money/ng-interactive/2015/sep/17/how-does-uk-inheritance-tax-compare-with-that-in-other-countries

Tuesday 15 September 2015

HMRC nets £1bn from tax avoidance crackdown

CityWire: HM Revenues & Customs (HMRC) has collected £1 billion from users of tax avoidance schemes after introducing new rules to collect disputed tax upfront.

Full story: http://citywire.co.uk/new-model-adviser/news/hmrc-nets-1bn-from-tax-avoidance-crackdown/a841855?ref=new-model-adviser-latest-news-list

Thursday 10 September 2015

Clubs urged to advise their players on tax

Private Client Adviser: Some former footballers will have to sell their homes to pay disputed tax to HMRC. The vast majority of professional football clubs in England and Scotland (85 per cent) do not take an active role in their players' tax affairs, potentially exposing them to illegal tax avoidance schemes.

Full story: http://www.privateclientadviser.co.uk/news/tax/clubs-urged-advise-their-players-tax

Revenue & Customs 'winding down' inquiries into HSBC Swiss tax evaders

The Guardian: After reopening investigation into HSBC clients hiding money in Switzerland, HMRC admits it has still only prosecuted one tax cheat.

Full story: http://www.theguardian.com/business/2015/sep/09/revenue-customs-hmrc-winding-down-inquiries-hsbc-swiss-tax-evaders

Childless people will not get new inheritance tax break, Government confirms

Daily Telegraph: David Gauke insists the extra £350,000 'family home' inheritance tax allowance per couple won't go to those without children.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11855279/Childless-people-will-not-get-new-inheritance-tax-break-Government-confirms.html

Tuesday 8 September 2015

TV couple caught up in tax scandal

ICAEW: Strictly Come Dancing co-host Tess Daly and her TV presenter husband Vernon Kay are at the centre of a tax avoidance probe after they invested in a £14m film partnership.

Full story: http://economia.icaew.com/news/september-2015/tv-couple-caught-up-in-tax-scandal

Number of Swiss banks continues to decline

STEP: The number of Swiss banks declined from 283 in 2013 to 275 at the end of 2014, according to the Swiss Bankers Association's (SBA) annual report on the sector.

Full story: http://www.step.org/news/number-swiss-banks-continues-decline

HMRC investigates public attitudes to the IHT process

STEP: HM Revenue & Customs has published some research it commissioned to investigate family members' experiences of the inheritance tax process.

Full story: http://www.step.org/news/hmrc-investigates-public-attitudes-iht-process

Tuesday 1 September 2015

KPMG opens a Mayfair members' club to entertain clients

Daily Telegraph: KPMG is opening a private members’ club in Mayfair for entertaining clients who would rather not make the journey to its Canary Wharf headquarters.

Full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11836535/KPMG-opens-a-Mayfair-members-club-to-entertain-clients.html

Non-doms hit with £6.6bn tax bill

CityWire: UK-based non-doms forked out £6.6 billion in tax bills last year. According to research from law firm Pinsent Masons, this is a 7% increase on the £6.18 billion paid in the 2012/13 financial year.

Full story: http://citywire.co.uk/wealth-manager/news/non-doms-hit-with-6-6bn-tax-bill/a835056?ref=wealth_manager_all_stories_list

Monday 31 August 2015

UK millionaire population rises by 41% to 715,000 over 5 years

International Business Times: The number of millionaires in the UK has increased by 41% over the last five years, with every region in the country seeing a rise. The country's property market boom and stock market gains have contributed largely to the gain.

Full story: http://www.ibtimes.co.uk/uk-millionaire-population-rises-by-41-715000-over-5-years-1517408

HMRC to chase unnecessary levels of tax payer information

Solicitors Journal: Boodle Hatfield believe HMRC's desire to increase transparency will only succeed in creating an unnecessary layer of bureaucracy.

Full story: http://www.solicitorsjournal.com/news/commercial/tax/23765/hmrc-chase-unnecessary-levels-tax-payer-information

Monday 24 August 2015

UK Gov’t lowers wealth sights for tax investigations

International Adviser: The UK government is targeting more individuals in the £10m to £20m wealth bracket for tax non-compliance investigation, according to accountancy firm Crowe Clark Whitehill. 

Full story: http://www.international-adviser.com/news/1024378/uk-gov-lowers-wealth-sights-tax-investigations

Accountants and solicitors encouraged to work together

Private Client Adviser: The managing partner of a chartered accountancy firm has challenged solicitors to embrace collaboratively working with other professional advisers.

Full story: http://www.privateclientadviser.co.uk/news/legal-practice/accountants-and-solicitors-encouraged-work-together

Large bequests to charities are incentivising heirs to contest wills

Solicitors Journal: Inheritance tax relief on charitable donations hits record high of £630m as government is told to align incentives with the way people contribute.

Full story: http://www.solicitorsjournal.com/news/private-client/wealth-management/23753/large-bequests-charities-are-incentivising-heirs-contest

Monday 17 August 2015

UK's oldest private bank to 'fully adopt' digital age

CityWire: The UK's oldest private bank is set to enter the digital age. C Hoare, which was founded in 1672 by Sir Richard Hoare and remains family-owned, said it intends to launch a mobile app for customers at the start of next year.

Full story: http://citywire.co.uk/wealth-manager/news/uks-oldest-private-bank-to-fully-adopt-digital-age/a831748?ref=wealth-manager-private-office-list

New EU inheritance law should prompt wills reviews, say experts

Law Society Gazette: UK residents with assets in Europe could unwittingly be opting to apply English law on them, lawyers have warned as new rules on cross-border inheritance in the European Union come into effect today.

Full story: http://www.lawgazette.co.uk/law/new-eu-inheritance-law-should-prompt-wills-reviews-say-experts/5050595.article

Friday 14 August 2015

Monitoring of super-rich finances may rise as a result of tax information exchange, says expert

Pinsent Masons: The OECD said this week that tax authorities around the world must improve their monitoring of the super-rich. While 85% of revenue bodies have set up dedicated divisions to manage large corporate taxpayers, far fewer have similar arrangements for high net worth individual (HNWI) taxpayers, the OECD said.

Full story: http://www.out-law.com/en/articles/2015/august/monitoring-of-super-rich-finances-may-rise-as-a-result-of-tax-information-exchange-says-expert/

Tuesday 11 August 2015

Coutts launches concierge service for ultra-rich

CityWire: Coutts has launched an online concierge service for clients who have the bank's Silk Card.

Full story: http://citywire.co.uk/wealth-manager/news/coutts-launches-concierge-service-for-ultra-rich/a831701

Non UK domiciliary proposed changes

ICAEW: The ICAEW Tax Faculty has published TAXGUIDE 04/15, giving more details about the proposed changes to the tax rules on domicile.

Full story: http://www.ion.icaew.com/TaxFaculty/post/Non-UK-domiciliary-proposed-changes

IHT relief prompts investment in SMEs

Accountancy Age: Taxpayers are expected to reduce their inheritance tax bills by a record £565m this year by investing in unlisted companies, according to private equity firm Radius Equity.

Full story: http://www.accountancyage.com/aa/news/2421519/iht-relief-prompts-investment-in-smes

Tuesday 4 August 2015

HMRC is taking 20pc longer to look into your tax affairs

Daily Telegraph: HMRC is taking longer to carry out 'disruptive and costly' checks to ensure that taxpayers have declared all their income or profits.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11782271/HMRC-is-taking-20pc-longer-to-look-into-your-tax-affairs.html

Monday 3 August 2015

Farrers launches firmwide three-year strategy for growth

The Lawyer: Farrer & Co has unveiled its three-year strategy, as the independent firm plans to expand its offering with the introduction of a child protection unit and provisions to help new foreign clients.

Full story: http://www.thelawyer.com/news/practice-areas/private-client-news/farrers-launches-firmwide-three-year-strategy-for-growth/3037778.article

Friday 31 July 2015

Gordons quartet leave to start private client boutique

The Lawyer: A team of private client lawyers from Leeds based firm Gordons has split away from the firm to set up a private law boutique.

Full story: http://www.thelawyer.com/news/practice-areas/private-client-news/gordons-quartet-leave-to-start-private-client-boutique/3037784.article

HMRC wins High Court battle over tax avoidance demands

CityWire: HM Revenue & Customs (HMRC) has secured victory after Ingenious tax avoidance scheme investors' challenge to its tax avoidance crackdown process were rejected.

Full story: http://citywire.co.uk/new-model-adviser/news/hmrc-wins-high-court-battle-over-tax-avoidance-demands/a830323?ref=new-model-adviser-todays-news-list

Wednesday 29 July 2015

Lawyers split over ramifications of landmark Court of Appeal ruling on wills

Solicitors Journal: Daughter awarded £164,000 inheritance after being disinherited by estranged mother.  A landmark Court of Appeal ruling has left lawyers reeling as they try to comprehend the potential ramifications of the decision on testamentary freedom.

Full story: http://www.solicitorsjournal.com/news/private-client/estate-planning/23505/lawyers-split-over-ramifications-landmark-court-appeal-rul

Facebook launches 'online executor' function

Private Client Adviser: UK based Facebook users can now nominate someone to 'inherit' and manage their profile following their death.  The 'online executor' will not be given complete control of the account, but will be able to change things such as the profile picture, approve new friends, and write a final status update.

Full story: http://www.privateclientadviser.co.uk/news/probate/facebook-launches-online-executor-function

Will power: what court ruling means for inheritance

CityWire: A landmark court ruling has confirmed that wishes set out in a will are not guaranteed after a judge awarded £164,000 to a disinherited daughter.

Full story: http://citywire.co.uk/money/will-power-what-court-ruling-means-for-inheritance/a829617?ref=citywire-money-latest-news-list

'World's rich are turning London into capital of inequality and tax evasion'

Evening Standard: London is being "skewed in dangerous ways" by the world’s rich using its property market to dodge tax and make money, an award-winning New York Times columnist has claimed.

Full story: http://www.standard.co.uk/news/london/worlds-rich-are-turning-london-into-capital-of-inequality-and-tax-evasion-10423185.html

Gov’t considers scrapping ‘regressive’ HNWI pension relief

International Adviser: UK pensions minister Ros Altmann has confirmed that the Government is considering the abolishment of the remaining “regressive” pension tax relief for high earners after slashing the benefits in last month’s Budget.

Full story: http://www.international-adviser.com/news/1024032/gov-considers-scrapping-regressive-pension-relief-hnwis

Krista Woodman promoted at Cheltenham office of Smith & Williamson

South West Business: A tax specialist has been promoted at an accountancy and investment management group.  Krista Woodman, pictured, has become director and head of private client tax services at the Cheltenham office of Smith & Williamson.

Full story: http://www.southwestbusiness.co.uk/sectors/professional-services/27072015082500-krista-woodman-promoted-at-cheltenham-office-of-smith---williamson/

Tuesday 28 July 2015

Thomson Snell & Passmore: Karl Wingfield is appointed as joint head of our private client practice

Thomson Snell & Passmore: Karl Wingfield has recently been appointed the role of joint head of department at Thomson Snell & Passmore after spending nine years with BP Collins as chief operating officer and then chief executive before later stepping down in December 2014.

Full story: http://www.ts-p.co.uk/knowledge/publications/articles/karl-wingfield-joins-our-private-client-practice

Daughter wins £164,000 after decade-long legal battle over will with charities

The Guardian: Court of appeal increases Heather Ilott’s share of inheritance after she fell out with her mother, who left her entire estate to three animal charities.

Full story: http://www.theguardian.com/uk-news/2015/jul/28/daughter-wins-164000-decade-long-legal-battle-mother-will-charities

Tuesday 21 July 2015

New UK offshore tax laws must prove criminal intent - CIOT

International Adviser: The UK government’s plans for a new law to make offshore tax evasion a criminal offence must include a requirement that prosecutors prove criminal intent, according to the Chartered Institute of Taxation (CIOT).

Full story: http://www.international-adviser.com/news/1023859/uk-offshore-tax-laws-mush-prove-criminal-intent-ciot

More IHT planning brought under DOTAS rules

STEP: HM Revenue & Customs is proposing to strengthen the 'hallmarks' it uses to identify inheritance tax (IHT) planning arrangements that must be notified by promoters and users under the Disclosure of Tax Avoidance Schemes (DOTAS) regime.

Full story: http://www.step.org/news/more-iht-planning-brought-under-dotas-rules

Bumpy landing for multiple pilot trusts in inheritance review

BP Collins: New rules confirmed in the summer Finance Bill, published on the 15 July, mean an end to the inheritance tax advantages created by setting up multiple pilot trusts.

Full story: http://www.bpcollins.co.uk/news-and-articles/news-article/bumpy-landing-for-multiple-pilot-trusts-in-inheritance-review

Experts question focus of HMRC offshore tax evasion powers

International Adviser: Experts have criticised HM Revenue & Customs for using scare tactics and having an incorrect focus after the government body announced new “strict liability” powers to tackle offshore tax avoidance last week.

Full story: http://www.international-adviser.com/news/1023894/experts-question-focus-hmrc-offshore-tax-evasion-powers

Friday 17 July 2015

Strict liability offence for offshore tax evasion will apply to all jurisdictions

Out-Law: A strict liability offence for those evading UK tax by not declaring overseas income and gains will apply to income and gains in all overseas jurisdictions and not, as was originally proposed,  just income and gains concealed in states which have not signed up to the Common Reporting Standard (CRS).

Full story: http://www.out-law.com/en/articles/2015/july/strict-liability-offence-for-offshore-tax-evasion-will-apply-to-all-jurisdictions/

HMRC takes record tax receipt

Accountancy Age: HMRC announced today that it collected a record £517.7bn in tax in 2014/15 (an increase of £12bn on the previous year), as a result of economic growth and the continued crackdown on tax evasion and avoidance.

Full story: http://www.accountancyage.com/aa/news/2418256/hmrc-takes-record-tax-receipt

Wednesday 15 July 2015

Cameron dismisses calls to cut top rate tax

CityWire: David Cameron has dismissed calls to cut the 45p top rate of income tax, stating his government had more important priorities.

Full story: http://citywire.co.uk/new-model-adviser/news/cameron-dismisses-calls-to-cut-top-rate-tax/a826712?ref=new-model-adviser-latest-news-list

Review of Deeds of Variation for tax purposes: call for evidence

Gov.UK: At Budget 2015 the government announced a review into the use of Deeds of Variation (DoV) for tax purposes. The government wants to work with stakeholders to review how DoV are used to ensure that they are not being abused.

Full story: https://www.gov.uk/government/consultations/review-of-deeds-of-variation-for-tax-purposes-call-for-evidence

Tuesday 14 July 2015

Investors sue Ingenious

ICAEW: A group of investors are suing the Ingenious film investment scheme and a number of investment advisors, including HSBC and Coutts Bank.

Full story: http://economia.icaew.com/news/july-2015/investors-sue-ingenious

Non-doms leaving UK

ICAEW: The number of non-doms is falling each year and more could be open to relocating.

Full story: http://economia.icaew.com/news/july-2015/nondoms-leaving-uk

Multiple-trust IHT planning restricted but still possible

STEP: It was confirmed in last week's Budget that estate planners can continue to use multiple trusts to mitigate inheritance tax provided they are set up and funded on different days.

Full story: http://www.step.org/news/multiple-trust-iht-planning-restricted-still-possible

UK 'successful' in attracting wealthy migrants since 2000

STEP: The UK has been far more successful at attracting high-net-worth migrants than any other country in the past 14 years, according to a report from the consultancy New World Wealth.

Full story: http://www.step.org/news/uk-successful-attracting-wealthy-migrants-2000

Experts React To UK Non-Dom Rule Changes

Tax-News: Experts have warned of the impact of UK Chancellor George Osborne's decision to abolish permanent non-dom status and tighten non-dom inheritance tax (IHT) rules.

Full story: http://www.tax-news.com/news/Experts_React_To_UK_NonDom_Rule_Changes____68575.html

UK Non-Dom Changes 'May Cause Exodus'

Tax-News: New figures show that 1.5 percent of UK non-domiciled individuals were born in the country, leading international law firm Pinsent Masons to deduce that this population is highly mobile and has strong ties overseas.

Full story: http://www.tax-news.com/news/UK_NonDom_Changes_May_Cause_Exodus_Pinsent_Masons____68587.html

Friday 10 July 2015

Swiss banks agree US tax evasion deal with Justice Department

BBC News: Two more Swiss banks have agreed deals with the US Justice Department over tax evasion by Americans.

Full story: http://www.bbc.co.uk/news/business-33470118

Summer Budget 2015: the good, the bad and the ugly?

Accountancy Live: Stephen Herring, head of taxation at the Institute of Directors, on a mixed Summer Budget for business, flagging the pros and cons from a good decision to reduce corporation tax to stimulate inward investment but a lukeward welcome for the limited retention of the annual investment allowance.

Full story: https://www.accountancylive.com/summer-budget-2015-good-bad-and-ugly

UK Budget: Non-dom change threatens ‘mass exodus’, boosts UK as family office centre

Campden Family Business: UK government proposals to abolish permanent non-domiciled status and reduce the status timeframe to 15 years could lead to “a mass exodus of older money”, a private client lawyer predicts.

Full story: http://www.campdenfb.com/article/uk-budget-non-dom-change-threatens-mass-exodus-boosts-uk-family-office-centre

Observations on the UK's Summer Budget

Collyer Bristow: General impact of non-dom changes: The changes in the availability of non-dom status will have a huge impact on some very wealthy individuals and a much more manageable impact on a wider class. The biggest immediate impact is to create uncertainty about the UK as a destination for the internationally mobile. A longer term issue is that there is now a disproportionately complex regime which benefits very few. The Government should look at a new, simpler, more certain offering for individuals with very complex affairs - they might even attract some talented Brits back to the country. Clients should not make rash decisions because a consultation process will begin in the autumn and changes will only come into effect from April 2017.

Full story: http://www.collyerbristow.com/archive/view/mailid-128/key-54acf27dc74b2793d808fe2a2c640454/subid-9-62526838c113724bc620b3f91a15b3c3

Wednesday 8 July 2015

Serial tax avoiders to be ‘named and shamed’, Osborne reveals

International Adviser: The UK’s chancellor of the exchequer has said serial users of tax avoidance schemes will be ‘named and shamed’ as he promised to introduce further measures to tackle evasion, avoidance and aggressive tax planning in his Summer Budget.  

Full story: http://www.international-adviser.com/news/1023655/serial-tax-avoiders-named-shamed-osborne-reveals

Summer budget: Private client summary

Private Client Adviser: The Chancellor of the Exchequer, George Osborne, delivered his emergency summer budget to the House of Commons today (Wednesday). Here we go through all the announcements relevant to private clients and their advisers.

Full story: http://www.privateclientadviser.co.uk/news/financial-planning/summer-budget-private-client-summary

Inheritance tax Summer Budget 2015 – new exemption for passing on the family home

ICAEW: An extra nil rate band will be phased in from April 2017 and could mean IHT relief of up to £1m for a couple
Full story: http://www.ion.icaew.com/TaxFaculty/post/Inheritance-tax---new-exemption-for-passing-on-the-family-home

Summer Budget 2015 Permanent non-domicile status is to come to an end and there are new IHT rules

ICAEW: Permanent non-domicile status for tax purposes will be abolished from April 2017 and there will be new IHT rules for UK residential property held indirectly by non-UK domiciled individuals or by excluded property trusts.

Full story: http://www.ion.icaew.com/TaxFaculty/post/Permanent-non-domicile-status-is-to-come-to-an-end-and-there-are-new-IHT-rules

Call for non-dom changes to be coherent with other tax incentives

CIOT: Reform of the tax regime for non-doms needs to be accompanied by a review of Business Investment Relief aimed at attracting investment by wealthy non-doms, says the Chartered Institute of Taxation (CIOT).

Full story: http://www.tax.org.uk/media_centre/Press+Releases/PR_nondom_coherant_other_tax_incentives

Osborne set to raise 40p tax threshold

CityWire: Chancellor George Osborne is set to bring forward plans to increase the threshold at which workers begin paying the 40p tax rate in the first Tory-only Budget for almost 20 years later today.

Full story: http://citywire.co.uk/new-model-adviser/news/osborne-set-to-raise-40p-tax-threshold/a825224?ref=new-model-adviser-latest-news-list

Wednesday 1 July 2015

Jeb Bush releases 33 years of personal tax returns

Accountancy Live: US presidential hopeful Jeb Bush has released 33 years of personal tax returns into the public domain as part of a bid to encourage greater transparency about the tax affairs of public figures, in a move which will increase the pressure on UK politicians to review their own decisions about disclosing how much tax they pay.

Full story: https://www.accountancylive.com/jeb-bush-releases-33-years-personal-tax-returns

Swiss bank Julius Baer could settle US fine to put probe of assisting tax evasion aside

STEP: Zürich-based bank, Julius Baer, has set aside USD350 million to cover penalties likely to be imposed on the bank by the US Department of Justice (DoJ) for allegedly helping American clients evade tax.

Full story: http://www.step.org/news/swiss-bank-julius-baer-could-settle-us-fine-put-probe-assisting-tax-evasion-aside

Mills & Reeve significantly expands private client team in Birmingham

Mills & Reeve: Four members of SGH Martineau’s private client team have transferred to our Birmingham office. The move significantly strengthens Mills & Reeve’s existing private client team in Birmingham and increases the number of private client lawyers to 46 in total across the firm’s six offices

Full story: http://www.mills-reeve.com/mills--reeve-significantly-expands-private-client-team-in-birmingham-06-18-20151/

Lloyds expands expat service for non-doms in UK

International Adviser: Lloyds Bank has announced an expansion of its London Expat Service to tap to the growing number of high net worth individuals moving into the UK.

Full story: http://www.international-adviser.com/news/1023355/lloyds-expands-expat-service-doms-uk

Osborne faces growing calls to cut top tax rate

CityWire: Up to 160 Tory MPs want the top rate of income tax cut to 40p in next month’s Budget as chancellor George Osborne faces mounting pressure to make the move.

Full story: http://citywire.co.uk/new-model-adviser/news/osborne-faces-growing-calls-to-cut-top-tax-rate/a823393?ref=new-model-adviser-latest-news-list

Thursday 18 June 2015

UK's first new private bank in 30 years opens doors

CityWire: The UK's first private bank launch in 30 years has been given the regulatory green light.

Full story: http://citywire.co.uk/wealth-manager/news/uks-first-new-private-bank-in-30-years-opens-doors/a821558?ref=wealth-manager-new-latest-news-test1-list

Guernsey and Hong Kong named on tax haven blacklist

International Adviser: Guernsey, Hong Kong, and the British Virgin Islands have been named among the 30 most un-cooperative tax jurisdictions in a blacklist published by the European Commission.

Full story: http://www.international-adviser.com/news/1023240/guernsey-hong-kong-named-tax-haven-blacklist

Margaret Thatcher's papers donated in lieu of inheritance tax

The Guardian: Personal documents from her time as prime minister given to Arts Council in exchange for £1m reduction on inheritance tax bill.

Full story: http://www.theguardian.com/politics/2015/jun/18/margaret-thatchers-papers-donated-in-lieu-inheritance-tax

Monday 15 June 2015

Zurich becomes most expensive city in Europe for expats

Expat Forum: Shanghai has become Asia Pacific’s most expensive location for expats and for the first time while Zurich, Switzerland has been named as the most expensive location in Europe.

Full story: http://www.expatforum.com/articles/cost-of-living/zurich-becomes-most-expensive-city-in-europe-for-expats.html

Baker Tilly renamed RSM as firms adopt global brand

Accountancy Age: One of the UK's largest accounting practices is to change its name as part of major image shake-up at the international network it joined last year.

Full story: http://www.accountancyage.com/aa/news/2412573/baker-tilly-renamed-rsm-as-firms-adopt-global-brand

Who will have to pay the new Scottish income tax?

STEP: HM Revenue & Customs has published technical guidance to determine who will have to pay the new Scottish rate of income tax starting in April 2016.

Full story: http://www.step.org/news/who-will-have-pay-new-scottish-income-tax

Berkeley Law appoints Taylor Wessing’s Tom Gauterin

Berkeley Law: Berkeley Law, the London-based, boutique legal and wealth advisory business, which specialises in advising high net worth private clients, announces the appointment of Tom Gauterin as a senior associate in its international tax and structuring team. Gauterin, who joins a growing team at Berkeley Law, specialises in trust and tax planning advice, primarily for clients whose affairs have an international dimension.

Full story: http://www.berkeley-law.com/press.php

HMRC pays out its highest ever amount to tax whistleblowers

CityAM: HMRC paid a record amount to tax informants in the year ending 31 March, City law firm RPC said today.
Full story: http://www.cityam.com/217889/hmrc-pays-out-its-highest-ever-amount-tax-whistleblowers

Wednesday 10 June 2015

Pension tax relief changes could hit top earners

City A.M.: Wealth managers have warned that changes to pension tax reliefs, which could come as soon as next month's emergency budget, will hit the UK's top earners who should act soon.

Full story: http://www.cityam.com/217617/pension-tax-relief-changes-could-hit-top-earners

Lionel Messi faces tax fraud trial after appeal rejected again

BBC News: Argentina and Barcelona star Lionel Messi has moved a step closer to being tried for tax evasion after a Spanish high court rejected his latest appeal.

Full story: http://www.bbc.co.uk/news/world-europe-33084879

Tuesday 9 June 2015

Creaseys, Tunbridge Wells, announce Simon Linley as new head of private client practice

Kent Online: An accountancy firm has announced a new senior role will be filled this week.
Creaseys, based in Tunbridge Wells, have made Simon Linley the head of private client practice – he will take up the position on Monday, June 8.

Full story: http://www.kentonline.co.uk/kent-business/county-news/senior-role-at-accountancy-firm-38134/

Monday 8 June 2015

Foreign tax rules may be unfairly targeting US expats

Expat Forum: An organisation that represents American expats has called on the United States Treasury to amend tax regulations to exempt those living abroad from the Foreign Account Tax Compliance Act (FATCA).

Full story: http://www.expatforum.com/america/foreign-tax-rules-may-be-unfairly-targeting-us-expats.html

Actor loses tax relief claim as rented London flat was not 'exclusively' for work

STEP: The actor Tim Healy has lost his claim for tax relief on a flat he rented while working away from home. Healy, who lives in Cheshire, was cast in the West End musical Billy Elliott for nine months during the 2005-06 tax year. He decided to rent a flat in London for the period. The GBP875 weekly cost of renting the flat was comparable to that of staying in a hotel or similar accommodation, and also allowed him extra room for practice and coaching. He never intended to make London his home.

Full story: http://www.step.org/news/actor-loses-tax-relief-claim-rented-london-flat-was-not-exclusively-work

BVI gives UK non-doms four more months to opt out of automatic reporting

STEP: The British Virgin Islands (BVI) has allowed UK non-doms an additional four months to notify their intention to elect for the UK's Alternative Reporting Regime (ARR).

Full story: http://www.step.org/news/bvi-gives-uk-non-doms-four-more-months-opt-out-automatic-reporting

Wednesday 3 June 2015

Tax profession just doesn’t get it

Accounting Web: It took a top flight lawyer to tell the tax profession what they didn’t want to hear: That they are out of touch with the zeitgeist on matters of tax avoidance.

Full story: http://www.accountingweb.co.uk/article/tax-profession-just-doesn-t-get-it/577349

Tax evader crackdown by HMRC widens to smaller cases

International Adviser: A sharp fall in the average length of custodial sentences given to criminal tax evaders is a clear signal that HM Revenue & Customs is increasingly targeting smaller cases, according to research by Pinsent Masons.

Full story: http://www.international-adviser.com/news/1020096/tax-evader-crackdown-hmrc-widens

Monday 1 June 2015

Four more Swiss banks sign US non-prosecution deals

STEP: Another four Swiss private banks have signed non-prosecution agreements with the US Department of Justice (DoJ) over allegations that they helped their American clients evade tax.

Full story: http://www.step.org/news/four-more-swiss-banks-sign-us-non-prosecution-deals

Ecclestone fights £1 billion tax bill

Daily Telegraph: The head of Formula One, Bernie Ecclestone, could face a £1 billion bill to the tax man over a trust fund for his ex-wife and daughters.

Full story: http://www.telegraph.co.uk/news/uknews/law-and-order/11621126/Ecclestone-fights-1-billion-tax-bill.html

800 UK-born taxpayers claim non dom status

Accountancy Live: The non dom status adopted by those who wish to be considered as being truly domiciled in another jurisdiction to the UK, now numbers 800 among British-born taxpayers.

Full story: https://www.accountancylive.com/800-uk-born-taxpayers-claim-non-dom-status

HMRC waives £100 fine for late tax returns

CityWire: HM Revenue & Customs (HMRC) is to waive £100 fines for up to 890,000 people who failed to file their tax returns on time, according to reports.

Full story: http://citywire.co.uk/wealth-manager/news/hmrc-waives-100-fine-for-late-tax-returns/a817880?ref=wealth_manager_all_stories_list

Wednesday 20 May 2015

HMRC increases number of 'detentions' handed out to tax defaulters

Private Client Adviser: Tax expert predicts even more people will be referred to special monitoring programme in this financial year.

Full story: http://www.privateclientadviser.co.uk/news/tax/hmrc-increases-number-detentions-handed-out-tax-defaulters

HMRC ramps up tax avoidance crackdown programme

CityWire: HM Revenue & Customs (HMRC) has referred 30% more individuals and businesses who it thinks have not paid all the taxes they owe, to its specialist unit for ‘serious defaulters’, signalling a toughening up of its approach to tax avoidance.

Full story: http://citywire.co.uk/new-model-adviser/news/hmrc-ramps-up-tax-avoidance-crackdown-programme/a816114?ref=new-model-adviser-latest-news-list

Monday 18 May 2015

Summer Budget announced

ICAEW: Chancellor George Osborne has announced that there will be a second Budget this year, on Wednesday, 8 July.

Full story: http://economia.icaew.com/news/may-2015/budget-mark-2-announced

Pennington Manches announces new head of Private Client

Pennington Manches: Clare Archer has been appointed as the new head of Penningtons Manches’ private client and tax practice, replacing Lesley Lintott who has stepped down as a partner after more than 40 years with the firm to become a senior counsel. 

Full story: http://www.penningtons.co.uk/news-publications/latest-news/penningtons-manches-announces-new-head-of-private-client/

Portugal's 'golden visa' trade for rich immigrants

DW: Portugal is selling EU residency permits to any rich foreigners willing to pay. The opposition calls them corrupt deals that encourage organized crime, but the government simply wants to lower the prices.

Full story: http://www.dw.de/portugals-golden-visa-trade-for-rich-immigrants/a-18306516

Thursday 14 May 2015

Non-doms remain under threat despite Labour defeat

International Adviser: Changing legislation and rising charges will mean that non-doms cannot rest on their laurels following the election of a majority Conservative government in the UK general election last week, warns law firm Stephenson Harwood.

Full story: http://www.international-adviser.com/news/1019461/-doms-remain-threat-despite-labour-defeat

Private client looks a picture of wealth

The Lawyer: Private client issues such as inheritance tax, wills and trusts are top of the political agenda right now, and lawyers should prepare themselves for change.

Full story: http://www.thelawyer.com/analysis/market-analysis/practice-areas/private-client-analysis/private-client-looks-a-picture-of-wealth/3034817.article?

Using pension to dodge IHT could land you tax bill

CityWire: Those planning to avoid inheritance tax by passing on their pensions could find themselves in hot water.

Full story: http://citywire.co.uk/money/using-pension-to-dodge-iht-could-land-you-with-tax-bill/a813400?ref=citywire-money-latest-news-list

Non doms and real estate portfolios: tax liability

Accountancy Live: Non doms need to review their real estate portfolios to mitigate their potential tax liability in a complex tax environment where increasingly the rules are changing and the government is attempting to clamp down on potential abuse.

Full story: https://www.accountancylive.com/non-doms-and-real-estate-portfolios-tax-liability?

Tuesday 5 May 2015

Bank chief: Labour victory will spark exodus of wealthy

Daily Telegraph: A Labour government would spark an exodus of wealthy foreign investors and entrepreneurs if Ed Miliband scraps non-domicile rules and introduces a mansion tax, one of Britain’s most prestigious private banks has warned.

Full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11577830/Bank-chief-Labour-victory-will-spark-exodus-of-wealthy.html

HMRC to take banks to court over tax avoidance on bonuses

CityWire: HM Revenue & Customs (HMRC) is set to take two banks to the Supreme Court over using alleged tax avoidance schemes to avoid paying big tax bills on bonuses for its staff.

Full story: http://citywire.co.uk/new-model-adviser/news/hmrc-to-take-banks-to-court-over-tax-avoidance-on-bonuses/a812766?ref=new-model-adviser-latest-news-list

Wednesday 29 April 2015

EY pays more than Big Four rivals

ICAEW: EY pays both its junior and senior staff more than fellow Big Four firms.

Full story: http://economia.icaew.com/news/april-2015/ey-pays-more-than-big-four-rivals

Bond Dickinson recruits Senior Wealth Adviser to London office

Bond Dickinson: Leading UK law firm Bond Dickinson has appointed Neil Long as a Partner to join its Private Wealth division. Neil is a private client lawyer with over 15 years’ experience in wills, probate and trust law, with extensive specialist experience dealing with contentious probate and trust disputes.

Full story: http://www.bonddickinson.com/news/bond-dickinson-recruits-senior-wealth-adviser-london-office

Political parties are offering 'piecemeal changes' to tax

Private Client Adviser: Study finds 'little evidence of any coherent strategy and numerous proposals that would complicate the tax system'.

Full story: http://www.privateclientadviser.co.uk/news/tax/political-parties-are-offering-piecemeal-changes-tax

General Election: David Cameron promises to stop tax increases with new law

City A.M.: If the Conservatives are voted in at the General Election, David Cameron has promised to introduce a new law that would prevent tax increases for five years. 

Full story: http://www.cityam.com/214814/general-election-david-cameron-promises-stop-tax-increases-new-law?

Margaret Hodge benefited from tax haven

Accounting Web: Margaret Hodge has received more than £1.5m in shares from the tax haven of Liechtenstein, according to The Times.

Full story: http://www.accountingweb.co.uk/article/margaret-hodge-benefited-tax-haven/575950?

Monday 27 April 2015

Take That could take another two years to pay back £20m in tax

The Independent: Take That have not yet repaid the £20 million in tax after an illegal tax shelter scheme was discovered last year.

Full story: http://www.independent.co.uk/news/business/news/take-that-could-take-another-two-years-to-pay-back-20m-in-tax-10205924.html

HMRC ramps up investigations into quick rich earners

International Advisor: The tax affairs of individuals with a rapidly rising wealth are to come under more intense scrutiny by HM Revenue & Customs (HMRC).

Full story: http://www.international-adviser.com/news/tax-regulation/hmrc-ramps-up-investigations-into-quick-rich?

Wednesday 22 April 2015

Clegg reveals plans to tax second homes

Accountancy Age: Second homeowners  could face council tax bills of up to 200% if the Liberal Democrats return to government, Nick Clegg has revealed.

Full story: http://www.accountancyage.com/aa/news/2405137/clegg-reveals-plans-to-tax-second-homes

Tuesday 21 April 2015

Return Of UK's 50 Percent Rate 'Would Encourage Avoidance'

Tax-News: The London School of Economics's Centre for Economic Performance (CEP) has said that proposals to reintroduce a 50 percent top rate of income tax would likely result in a negligible fall in the working hours of higher earners but will lead to an increased tax avoidance risk. It says tougher enforcement will be required to ensure payment of tax at the higher rate.

Full story: http://www.tax-news.com/news/Return_Of_UKs_50_Percent_Rate_Would_Encourage_Avoidance____67864.html

Top City bosses back Labour’s non-dom reform plan

CityWire: The City has come out in support of Labour’s plans to overhaul non-dom tax status.

Full story: http://citywire.co.uk/wealth-manager/news/top-city-bosses-back-labour-s-non-dom-reform-plan/a810009?ref=wealth_manager_all_stories_list

Wednesday 8 April 2015

Russia’s ultra wealthy set to wait out crisis

Opalesque: The number of wealthy Russian investors employing a conservative wealth management strategy has more than quadrupled in two years. The findings come from a new report on Russian wealth holders, one of the most discreet communities worldwide, titled /The UBS / Campden Wealth Russian Entrepreneurship Report 2015/, released by Campden Wealth Research, in partnership with UBS.

Full story: http://www.opalesque.com/industry-updates/4126/ultra-wealthy-set-to-wait-out-crisis.html

Non-doms pay £6bn in income tax and Labour's ban could damage the UK's ability to attract entrepreneurs

City AM: As Labour looks to hit non-doms in one of the few substantive policy announcements of the campaign so far, some experts are warning Labour not to kill the goose that lays the golden egg.

Full story: http://www.cityam.com/213266/non-doms-pay-6bn-income-tax-and-labours-ban-could-damage-uks-ability-attract-entrepreneurs?

'Stay tuned' for more Swiss bank deals over tax evasion - U.S. official

Reuters: More Swiss banks that helped wealthy Americans evade taxes will soon strike agreements with the U.S. Department of Justice to avoid prosecution, an official overseeing the U.S. government programme told Reuters.

Full story: http://uk.reuters.com/article/2015/04/08/uk-banks-swiss-usa-idUKKBN0MZ1W920150408?rpc=401

Wealthy shelve plans to buy homes amid election fears

Daily Telegraph: Labour's mansion tax and possibility of a hung parliament threaten 'prime' property prices.

Full story: http://www.telegraph.co.uk/finance/property/11523716/Wealthy-shelve-plans-to-buy-homes-amid-election-fears.html

Labour's non-dom adviser represented celebrity tax dodge film schemes

Daily Telegraph: Jolyon Maugham, who advised Labour on its non-dom tax crackdown, represented controversial film investment schemes used by celebrities which were in fact tax avoidance vehicles.

Full story: http://www.telegraph.co.uk/news/politics/ed-miliband/11522525/Labours-non-dom-adviser-represented-celebrity-tax-dodge-film-schemes.html

Non-doms in charts: will Labour's plan to scrap the tax loophole actually boost the UK economy?

The Independent: Ben Chu crunches the numbers behind the headline.

Full story: http://www.independent.co.uk/news/business/news/nondoms-in-charts-will-labours-plan-to-scrap-the-tax-loophole-actually-boost-the-uk-economy-10163049.html

Tuesday 7 April 2015

‘Black Jack’ Dellal argues that deceased husband gave away fortune

Solicitors Journal: A widow's own wealth should not defeat claim for reasonable financial provision.  The widow of 'Black Jack' Dellal has been encouraged to reach a settlement with her husband's family by a after she won the latest battle for 'reasonable provision'.

Full story: http://www.solicitorsjournal.com/news/private-client/wealth-management/22400/%E2%80%98black-jack%E2%80%99-dellal-argues-deceased-husband-gave-away-fo

Non-dom capital gains tax comes into effect

Private Client Adviser: Changes may prompt high-net worth individuals to reconsider their property investment plans.

Full story: http://www.privateclientadviser.co.uk/news/international/non-dom-capital-gains-tax-comes-effect

Wednesday 1 April 2015

British Expats Facing Confusion Over Onshore and Offshore Bank Accounts

Expat Forum: British people and expats with accounts with international banks in the Channel Island of Jersey are facing confusion over a global clampdown on tax avoidance and money laundering.

Full story: http://www.expatforum.com/britain/british-expats-facing-confusion-over-onshore-and-offshore-bank-accounts.html?

Our response to concerns about the tax profession’s role in tax avoidance

ICAEW: The government’s paper, Tackling Tax Avoidance and Evasion, published the day after the Budget raises some important questions for the profession. 

Responding to ongoing public concern, this paper talks about the Government’s track record in clamping down on tax evasion and avoidance – for example the General Anti-Avoidance Rule and the Diverted Profits Tax included in the Finance Act - as well as floating further action. 

Full story: http://www.ion.icaew.com/MoorgatePlace/post/Our-response-to-concerns-about-the-tax-profession-s-role-in-tax-avoidance-?

Landed estates to join forces with conservation bodies to protect inheritance

Spears Wealth Management: Land owning families may now ally with conservation organisations to ensure they maintain ownership of their land while guaranteeing its natural protection.

Full story: http://www.spearswms.com/blog/landed-estates-to-join-forces-with-conservation-bodies-to-protect-inheritance?#.VRxTl_nF_rg

OECD launches tax avoidance mandatory disclosure plan

Accountancy Age: As part of its Base Erosion and Profit Shifting (BEPS) project, the OECD has launched a public consultation on Action 12 - the mandatory disclosure of tax avoidance strategies by multinational companies.

Full story: http://www.accountancyage.com/aa/news/2402423/oecd-launches-tax-avoidance-mandatory-disclosure-plan

Tuesday 31 March 2015

Swiss bank fined $211m over tax evasion

ICAEW: BSI, one of the 10 largest private banks in Switzerland, has agreed to pay a penalty of $211m (£143m), the US Department of Justice (DoJ) has announced. 

Full story: http://economia.icaew.com/news/march-2015/swiss-bank-fined-211m-over-tax-evasion

Monday 30 March 2015

Largest concentration of wealth now rests with NWBs

Private Client Adviser: The size of their assets and rate of growth will outstrip high net worth individuals and mass market segments.

Full story: http://www.privateclientadviser.co.uk/news/financial-planning/largest-concentration-wealth-now-rests-nwbs

Wealthy Russians are pushing up London rental prices by paying an entire year's rent upfront - as stamp duty and the mansion tax scare buyers into becoming tenants

City A.M.: Wealthy tenants from Russia, Ukraine, Nigeria and China are pushing up high-end rents in the capital by paying for an entire year of tenancy upfront, a new study has suggested.

Full story: http://www.cityam.com/212753/wealthy-russians-are-pushing-london-rental-prices-paying-entire-years-rent-upfront-stamp-duty?

Tax avoidance investigations up by a quarter as HMRC rakes in extra £39m by targeting the rich

The Independent: A Finance Team set up by HM Revenue and Customs to target wealthy fund managers and investment bankers has brought in £39 million since it started in September 2012, while the number of investigations is up by a quarter in the last year.

Full story: http://www.independent.co.uk/news/business/news/tax-avoidance-investigations-up-by-a-quarter-as-hmrc-rakes-in-extra-39m-by-targetting-the-rich-10142885.html

HMRC bowled over after three more tribunal wins against tax avoidance

Accountancy Age: HMRC has secured a hat-trick of tribunal wins against tax avoidance schemes, protecting over £260m in tax. 

Full story: http://www.accountancyage.com/aa/news/2401984/hmrc-bowled-over-after-three-more-tribunal-wins-against-tax-avoidance

Tuesday 24 March 2015

Existing UK codes of conduct are adequate protection against aggressive tax planning, says industry

STEP: Professional bodies have responded cautiously to the government's request for tighter regulatory supervision of tax and accountancy practitioners.

Full story: http://www.step.org/existing-uk-codes-conduct-are-adequate-protection-against-aggressive-tax-planning-says-industry

New Swiss-EU treaty will replace Savings Tax Agreement

STEP: Switzerland has signed an agreement to exchange bank account information automatically with the European Union within three years.

Full story: http://www.step.org/new-swiss-eu-treaty-will-replace-savings-tax-agreement

UK wealthy failing to plan for IHT, says Canada Life International

International Adviser: Less than one tenth of wealthy UK citizens have sought advice for inheritance tax planning, putting their families at risk of a large tax bill when they die.

Full story: http://www.international-adviser.com/news/tax-regulation/uk-wealthy-failing-to-plan-for-iht?

Former HMRC boss Dave Hartnett forced to defend new job – with HSBC

The Independent: The former boss of HM Revenue & Customs told MPs that the fact that only one of HSBC’s Swiss account holders had been prosecuted for tax evasion was “a miserable result”.

Full story: http://www.independent.co.uk/news/business/news/former-hmrc-boss-dave-hartnett-forced-to-defend-new-job-with-hsbc-10129195.html

Friday 20 March 2015

Tax disclosure opportunities to close early

Solicitors Journal: The government is successfully making it extremely difficult to hide undeclared funds from HMRC. All existing tax disclosure opportunities will be closed by the end of 2015 instead of 2016, as the government continues its relentless drive to quash tax evasion.

Full story: http://www.solicitorsjournal.com/news/commercial/tax/22238/tax-disclosure-opportunities-close-early