LG partner Garnham quits firm for social networking

From The Lawyer website:

LG private client partner Caroline Garnham has left the firm to concentrate on the social networking site she dreamed up five years ago.

Garnham has been an equity partner at LG since 2006. Before that she was head of private capital at Simmons & Simmons but left as part of a four-lawyer team when Simmons axed the department (31 July 2006).

Garnham will now devote her time to her role as managing director of Family Bhive, a social networking site for ultra high net-worth individuals, of which LG is a member.

On the trail of the offshore tax dodgers

From the BBC News website:

The government's attempts to squeeze more money from offshore tax dodgers is being run from just about the most nondescript set of offices you could possibly imagine.

Based at the back of a tax advice centre in the middle of Birmingham, the Offshore Co-ordination Unit (OCU) is the latest measure of HM Revenue & Customs (HMRC) to tackle offshore tax evasion.

As the name of the OCU suggests, it will try to co-ordinate the Revenue's scrutiny of the extra information it is now receiving on UK taxpayers with money abroad.

That includes data generated by recent tax deals with the Liechtenstein and Swiss governments.

Full story at:
http://www.bbc.co.uk/news/business-16111639

Tax boss to retire in summer 2012

The BBC is reporting that Lin Homer will take over from Dave Hartnett when he retires next Summer. BBC News website says:

"The controversial head of the UK tax authority - Dave Hartnett - will retire in the summer of 2012, HM Revenue and Customs (HMRC) has announced.

From January, the permanent secretary of tax, who turns 61 in February, will work with a new HMRC chief executive - Lin Homer.

Ms Homer is permanent secretary at the Department for Transport."

Full story at: http://www.bbc.co.uk/news/business-16112348

£68m in revenue raised from foreign sports stars and entertainers in 2009/10

A U.K. tax on the earnings of foreign sports and entertainment figures working in the country, including two-time Wimbledon tennis champion Rafael Nadal, yielded 68 million pounds ($105 million) in 2009-2010.
The Foreign Entertainers Unit of Her Majesty’s Revenue & Customs collected 56 million pounds from the tax on endorsement income, appearance fees and revenue in 2008-2009, according to data obtained by Bloomberg News under a Freedom of Information Act request. That compared to 58 million pounds in 2007-2008.


Full story from Bloomberg at:

http://www.bloomberg.com/news/2011-11-25/u-k-tax-that-pushed-rafael-nadal-to-germany-brings-in-105-million-a-year.html

LONDON TOP EUROPEAN CITY FOR UHNWS

Campden FO is reporting:

London is the European city with the highest number of ultra-high net worth individuals, says a study by international private wealth network Wealth-X.

According to the research, 5,955 individuals with a net worth of more than $30 million (€22.4 million) live in London, equivalent to more than 50% of the UK’s 10,450 ultra-rich individuals.

Paris is the second most popular city in Europe with affluent people, the study also found. The Ville Lumiere is home to 2,820 ultra-wealthy individuals, less than half of London.

The research also found that UHNW individuals are more dispersed throughout Switzerland and Germany than they are in the UK and France.
Full story at:
http://www.campdenfo.com/article/london-top-european-city-uhnws

UHY Hacker Young London appoints GT Director as new Personal Tax Partner

Chris has over twenty years of experience of advising on tax issues, including fourteen years at a senior level in Top 10 firms Grant Thornton and Tenon Plc. Most recently he was a private client tax director at Grant Thornton. Full story at link below:

http://www.uhy-uk.com/resources/news/former-tax-director-at-grant-thornton-joins-uhy-hacker-young/

Hill Dickinson makes strategic appointment for Manchester private client team

Leading law firm, Hill Dickinson, has appointed Sean Williams as a partner in the private client team in Manchester. Sean joins the firm from Addleshaw Goddard, where he worked for 11 years; three years as a legal director.

Sean brings with him particular expertise in advising clients on ways in which to mitigate tax, provide for the vulnerable, and protect wealth through tax efficient wills and gifts. Sean also acts as professional executor or trustee and is an expert on all aspects of trust and estate administration including disputes over wills and probate. Sean also advises trustee service providers and has previously worked in-house on secondment with a trust corporation to better understand the requirements of this particular client group.

Full story at:
http://www.hilldickinson.com/news/news_articles-1/hill_dickinson_makes_strategic.aspx

Online access to Personal Tax records planned

The BBC is reporting:

Big changes to tax system planned

Every taxpayer may be given online access to their tax records, the government has suggested.

The idea is part of a public consultation on making the personal tax system easier to use and understand.

Other ideas include supplying pre-filled tax returns to people in the self-assessment system using information from employers and banks.

All taxpayers may be sent an annual tax statement in addition to their normal P60 form and PAYE tax code notice.

For full story see:

http://www.bbc.co.uk/news/business-15722698

HMRC announces 5 sectors for special scrutiny

The UK tax authority has announced five sectors that it is planning to target to ensure businesses are paying tax.

This includes fast food outlets in Scotland and builders in the north-west of England.

Previous campaigns by HMRC have targeted dentists and, most recently, those who own property overseas.

Full story from the BBC at:

http://www.bbc.co.uk/news/business-15619642?utm_source=twitterfeed&utm_medium=twitter

HMRC targeting HSBC Swiss Accounts

The BBC is reporting that HMRC is targeting HSBC Swiss bank accounts. The UK tax authority is targeting 6,000 UK-based Swiss bank account holders who may not have declared all their income and gains.

The names are understood to come from a disc originally stolen from HSBC's Geneva office.

See the following link for full story:

http://www.bbc.co.uk/news/business-15292013

Is the tide turning for tax havens?

The BBC reports:

'Around the world, grassroots opposition to tax avoidance is on the rise. But a survey shows that all but two of the UK's biggest 100 companies have subsidiaries in tax havens, from the Cayman Islands to Singapore. So is big business out of step with public opinion?'

Continued at http://www.bbc.co.uk/news/magazine-15239196

Swiss deal tightens evasion net

Tax evasion net tightening after Swiss deal, reports BBC.

'The "net is tightening" on tax evaders from the UK following a deal struck with the Swiss authorities, an industry body has said.

More details have been released about the agreement in which undeclared money held by UK taxpayers in Swiss accounts will be taxed for the first time.

Concerns were raised that it offered an amnesty to some tax dodgers.

But the Chartered Institute of Taxation (CIOT) said lawbreakers could still be prosecuted.'

For full story visit:

http://www.bbc.co.uk/news/business-15215867

Classic cars and an automobile hedge fund offer HNWIs opportunities

The BBC is reporting on the investment potential for classic cars and the launch of a new automobile hedge fund opportunity for HNWIs.

See link below:

http://www.bbc.co.uk/news/business-14956377

New targets set for HMRC

The BBC is reporting that an inquiry by a committee of MPs heard from accountants and taxpayers about how they thought HM Revenue and Customs (HMRC) seemed to be operating on "auto-pilot". See the link below for full story:

http://www.bbc.co.uk/news/business-14978052

Chancellor orders HMRC to check revenue stream from 50% rate of tax

BBC News website is reporting as follows:

Chancellor George Osborne has asked the Inland Revenue to check whether the 50p top rate of income tax is actually making money for the government.

Some economists have claimed that tax avoidance and evasion mean the rate is raising less income than expected.

Full story at: http://www.bbc.co.uk/news/business-14515518

Key reason for career moves is now pay, says CIPD

The prospect of better pay has overtaken job satisfaction as the main reason for moving to another job, a survey suggests.

Just over half of the 2,000 people surveyed by the Chartered Institute of Personnel and Development (CIPD) said a rise in wages and benefits was the key reason for changing employer.

In the same poll a year ago, job satisfaction was the main reason.

Full story from the BBC at http://www.bbc.co.uk/news/business-14307405

Pay freeze for 75% of workers reports CIPD

Only a quarter of workers in the UK have had a pay rise so far this year, the Chartered Institute for Personnel and Development (CIPD) has said.

Full story from the BBC at http://www.bbc.co.uk/news/business-14386032

Self-assessment: Paper problems caused tax delay

The UK tax authority has failed to order enough special paper, causing a delay in statements about unpaid tax.

HMRC usually tells people who have to pay their taxes "on account" that they should make two estimated tax payments, one by 31 January and the other by 31 July.

But this year the statements for July have been delayed for some people. HMRC said it underestimated the number of forms printed on special paper - similar to credit card statements - that were required.

For the full story see http://www.bbc.co.uk/news/business-14291641

Maitland & Co. appoint Partners from Withers and PwC Legal

The Lawyer reports:

Private client specialist Maitland has made a double partner hire into its London office.

John Langan joins Maitland after five years as a partner at Withers. He will lead Maitland’s funds team in London and brings experience in advising asset managers on collective investment vehicles for high-net-worth individuals and family offices.

Meanwhile, Hed Amitai also joins Maitland in London as a partner, joining the private client department. Amitai is moving from PricewaterhouseCoopers Legal, where he set up and led the private wealth structuring department.

EY Partner Andrew Tailby-Faulkes joins Barclays Wealth.

Barclays Wealth announced today the appointment of Andrew Tailby-Faulkes as a Managing Director within its Wealth Advisory business. Andrew will report to Rob Withecombe, Head of Wealth Advisory, when he joins in September, and will work closely with Jonathan Burt, Head of Key Clients, who oversees the Wealth Advisory proposition for Ultra-High Net Worth clients.

Andrew will focus on advising current clients and attracting new ones, with a remit including entrepreneurs, private business owners and family offices. The Wealth Advisory business helps clients where specific tax, trusts and insurance considerations are of particular importance, leveraging the relationship with Barclays Capital and Barclays Corporate where necessary.

Revenue covets Olympians’ income

The FT reports:

Usain Bolt and other international Olympians face being taxed for promotional work they are asked to do by their sponsors during next year’s Games, despite assurances from the tax authorities that they would be exempt during their time in the UK.
When London bid for the 2012 Olympics seven years ago, the International Olympic Committee was assured that overseas-based athletes would not be taxed on their “Games-related income”. It is a standard obligation expected of all bidding cities.

See http://www.ft.com/cms/s/48a7a868-a0ea-11e0-adae-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F48a7a868-a0ea-11e0-adae-00144feabdc0.html&_i_referer=http%3A%2F%2Frereferyned#ixzz1QYWcQ4CA

Zurich initiative from Farrer & Co.

Farrer & Co has announced a new initiative for the firm, building on existing strong relationships with clients and contacts based in Switzerland.

In early June 2011 they established a presence in Zurich, with a view to strengthening the international work and profile they already enjoy in some of the key off-shore jurisdictions around the world. By doing this, the Firm intends to raise its profile within Switzerland and build on the strong relationships we already have there whilst looking to develop the international reach of all aspects of our business.

Private client partner Nick Dunnell and head of tax Robert Field are leading the initiative, which will involve regular visits to Zurich. The Firm will operate out of serviced offices in the centre of Zurich and there are no plans at present to set up a permanent base.

How Private Client work filled the Corp gap for City firms

The Lawyer magazine is reporting that, "With corporate funds evacuating the market as the recession took hold, international private investors filled the gap. The result was that mid-tier firms such as Berwin Leighton Paisner, Macfarlanes and Taylor Wessing, to name but three, were able to shore up their conventional corporate ­practices during the downturn.

And the opportunities are ample: Credit Suisse Research Institute, in its Global Wealth Report published in October 2010, calculated that at the top of the wealth pyramid there are more than 1,000 billionaires globally, of whom 245 are in the Asia-Pacific region, 230 are in Europe and 500 are in North America. Further down, there are 80,000 ultra-high-net-worth individuals, which Credit Suisse defines as average wealth per adult of more than $50m (£30.8m)."

For the full story see http://www.thelawyer.com/family-value-how-private-client-filled-the-corp-gap/1008008.article

The 25 most obscure interview questions of 2010

The following link provides a great compilation of 25 of the most obscure interview questions asked by some of the World's leading companies last year. See http://www.bnet.com/blog/business-research/the-25-weirdest-interview-questions-of-2010/520

Boodle Hatfield appoints new Head of Private Client

Law firm Boodle Hatfield is reporting that Sara Maccallum has been appointed as the new head of Boodle Hatfield's Private Client & Tax department. The position of Department Head is rotated between partners and from 1 May 2011 Sara will take over this role from Sue Laing, who has led the department for the last 10 years.

Full story at http://www.boodlehatfield.com/default.asp?sID=1302614314973

Vince Cable hints at 'Mansion' tax for high value homes

The BBC is reporting that Business Secretary Vince Cable has said tax on high value properties may have to rise - if the 50p tax rate is axed.

Chancellor George Osborne said in the Budget that the 50p rate would be temporary but the government would look at tax on "very high value" properties.

See full story at:http://www.bbc.co.uk/news/uk-politics-12876058

Budget 2011: Osborne to unveil private jet flight tax

The Chancellor George Osborne will announce in the Budget a tax on private jet flights as part of a crackdown on tax loopholes, the BBC understands. Travellers using corporate jets do not currently have to pay any duty.

Airline passengers will also see passenger duty frozen this year, it is understood.

Mr Osborne wants to raise an extra £1bn a year by tackling tax avoidance - targeting the wealthy and businesses, it is believed.It will be billed as the biggest tax avoidance crackdown for several years.

Full story at: http://www.bbc.co.uk/news/business-12813681

Budget 2011: Government 'due £8bn windfall'

The BBC reports: The government appears to be gaining control of the public finances and could benefit from an £8bn windfall this year due to higher tax revenue and lower spending, a report suggests.

Full story at: http://www.bbc.co.uk/news/business-12800725

Dawsons close to merger with private client firm Penningtons.

The Lawyer is reporting that Lincoln’s Inn firm Dawsons is close to sealing a merger with private client firm Penningtons after ­coming under pressure to recapitalise and keep a grip on its core partnership.

For the full story see:

http://www.thelawyer.com/dawsons-and-penningtons-set-for-imminent-merger/1007245.article

Heartwood Wealth Management appoint Lesley Britton as Head of Tax Solutions

Lesley has over 18 years’ experience in the industry and joins Heartwood from Deloitte where she spent eight years as a Senior Manager in the company’s private client team. She will be based in the firm's Tunbridge Wells office.

Heartwood provides integrated investment, tax and retirement planning solutions for ultra high net worth individuals from its offices in London and the South East.

Private Client Expert Rupert Ticehurst to join BLP

Berwin Leighton Paisner (BLP) has recruited one of the UK’s leading private client experts, Rupert Ticehurst, to its Trusts and Personal Tax team.

Rupert has been a partner at Herbert Smith since 2005 and headed its Private Wealth and Charities practice. He specialises in tax and trusts, particularly legal disputes for families, individuals and charities, with clients based in both the UK and overseas. He is a regular keynote speaker at major industry events and was also voted one of City Wire’s ‘Top 10 Lawyers Wealth Managers Need to Know in 2010’.

Full story at:

http://www.blplaw.com/index.cfm/Press_Releases_Articles/1408/element/88044

Target appoint Rachel Sestini as Head of Private Client, Bath

Rachel joins from Coutts & Co. in London where she was a senior advisor in their Offshore Tax team, managing a portfolio of ultra wealthy non-dom clients. Rachel will lead Target's already significant Private Client offering in the West of England, providing advice on the full range of personal tax issues effecting entrepreneurial HNWIs, as well as developing new client relationships.

Coutts Private Office hires Maeve Colley-Russell

Coutts Private Office has hired Maeve Colley-Russell as Senior Client Partner
With over 20 years' experience, Maeve joins Coutts Private Office from Barclays Wealth and will oversee the affairs of ultra HNWIs with assets exceeding £30m.

See:

http://www.coutts.com/news-and-insights/press-releases/2011/coutts-private-office-appointment-/?goback=%2Egmp_2301341%2Egde_2301341_member_42065550

Boodle Hatfield hires Penningtons private client star Mark Lindley

Private client law firm Boodle Hatfield has strengthened its award winning contentious private client team with the appointment of solicitor Mark Lindley.

Mark joined the firm on 4 January from Penningtons and specialises in advising clients on contentious matters including disputes between trustees, beneficiaries, challenges to the validity of wills, professional negligence and disputed applications in the Court of Protection. Mark was also named as one the country’s top 35 private client solicitors under the age of 35 by Private Client Practitioner magazine in 2010.

http://www.boodlehatfield.com/default.asp?sID=1296149259622&goback=%2Egmp_2301341%2Egde_2301341_member_41850254

Aussie Flood Tax

Australian's earning more than 50,000 Aus Dollars face a new flood tax aimed at helping to pay for the recent devastation.
The new tax will charge an extra 0.5% on those earning A$50,000-A$100,000 and 1% more on those earning more than A$100,000.

It is expected to raise about A$1.8bn.

See:

http://www.bbc.co.uk/news/world-asia-pacific-12294834?goback=%252Egmp_2301341%252Egde_2301341_member_41678322