£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