Final HMRC warning to Swiss bank account holders

Accountancy Live: British holders of Swiss-based bank accounts are being urged to pay any tax due, or face an HMRC probe and potential penalties of up to 150% of the taxes owed.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2386106

Private Client/Family Team of the Year: Harbottle & Lewis

Legal Week: Harbottle & Lewis sealed the prize for Private Client/Family Team of the Year after successfully proving to the judges that it has adapted its practice around this rapidly-evolving area of law. The firm has a strong traditional private client practice, covering areas such as divorce, private wealth and tax, as well as acting as the chosen advisers for several high net worth individuals including the Royal Family, David and Victoria Beckham, and Roman Abramovich.

Full story: http://www.legalweek.com/legal-week/news/2231850/private-client-family-team-of-the-year-harbottle-lewis?WT.rss_f=Home&WT.rss_a=Private+Client%2FFamily+Team+of+the+Year%3A+Harbottle+%26+Lewis

Tax evasion costs Greece 5 percent of GDP - EU tax chief

Reuters: Greece could generate budget revenues amounting to 5 percent of national output annually if it reforms tax collection and clamps down on tax cheats, the European Union's tax chief told a Greek newspaper.

Full story: http://uk.reuters.com/article/2012/12/16/uk-greece-taxation-idUKBRE8BE0C120121216

Fiscal cliff: Republican offered to 'increase tax rates'

The Telegraph: Republicans offered to increase tax rates on earners above $1m (£620,000), it has emerged, as talks with the White House continued over how to avoid America falling off the fiscal cliff.

Full story: http://www.telegraph.co.uk/news/worldnews/us-politics/9748544/Fiscal-cliff-Republican-offered-to-increase-tax-rates.html

Channel Islands rebuff UK's FATCA-style plans

LowTax.net: Jersey and Guernsey have released a joint statement indicating that they will not sign an enhanced Tax Information Exchange Agreement with British authorities unless the UK's proposed Foreign Account Tax Compliance Act (FATCA)-style initiative targets global adoption.

Full story: http://www.lowtax.net/asp/story/front/Channel_Islands_Rebuff_UKs_FATCAStyle_Plans____58771.html

Actor Depardieu hits back at French PM over tax exile

Reuters: Actor Gerard Depardieu, accused by French government leaders of trying to dodge taxes by buying a house over the border in Belgium, retorted that he was leaving because "success" was now being punished in his homeland.

Full story: http://uk.reuters.com/article/2012/12/16/uk-france-depardieu-exile-idUKBRE8BF05H20121216

Nomadic millionaires value quality of life, family over business interests: RBC study

AdvisorOne: A global, nomadic approach to personal and professional life is a key factor to the success of millionaires around the world.

Full story: http://www.advisorone.com/2012/12/10/nomadic-millionaires-value-quality-of-life-family

Finance Bill 2013 confirms statutory residency changes

Accountancy Live: The government has published draft legislation for Finance Bill 2013 and a tax policy update outlining key proposals including introduction of a GAAR, rules for above the line R&D credit and new residency and domicile rules.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2384826&BV_SessionID=@@@@2021363771.1355236752@@@@&BV_EngineID=cccgadfiielflhlcflgceggdfnfdgfh.0&channelId=-601049

Fernando Torres faces £2m tax bill over Twilight film scheme

CityWire: Footballer Fernando Torres could be hit with a £2 million tax bill for investing in a scheme that helped fund the Twilight films.

Full story: http://citywire.co.uk/wealth-manager/fernando-torres-faces-2m-tax-bill-over-twilight-film-scheme/a644809?ref=wealth-manager-latest-news-list

London’s luxury home market tumbles as tax rules tightened

London Loves Business: London’s £2m-plus property market has been hit hard by tax changes announced earlier this year. According to an industry survey, compiled by the Financial Times, the number of homes purchased by offshore companies has been all but “wiped out” since the March budget.

Full story: http://www.londonlovesbusiness.com/property/london-property-prices/4183.article?

Coutts: ‘Million pound’ donations up, total value down

Private Banker International: A record 232 separate 'million pound or more' philanthropic donations were made by charities, trusts and corporations in the UK in the past 12 months, Coutts' Million Pound Donor Report has found.

Full story: http://www.privatebankerinternational.com/news/coutts-million-pound-donations-up-total-value-down/

Bond Dickinson to target international growth post-merger

The Lawyer: Bond Pearce and Dickinson Dees are aiming to produce an international strategy within the next 12-18 months following the firms’ decision to merge.

Full story: http://www.thelawyer.com/bond-dickinson-to-target-international-growth-post-merger/1015947.article

Channel Islands surrender client confidentiality to UK 'son of Fatca'

CityWire: The UK is exploiting the widespread adoption of the US Foreign Account Tax Compliance Act (Fatca) rules on tax information sharing with plans to launch its own version, effectively ending client tax anonymity across UK dependencies.

Full story: http://www.citywire.co.uk/wealth-manager/channel-islands-surrender-client-confidentiality-to-uk-son-of-fatca/a640042?ref=wealth-manager-industry-news-list

US Republicans want to move beyond tax rate fight on the wealthy

Reuters: Conservatives have no choice but to give into White House demands on higher tax rates for the wealthy, if the fiscal debate is to move to their main goal, overhauling big government benefits programs, several Republicans said on Sunday.

Full story: http://uk.reuters.com/article/2012/12/09/usa-fiscal-sundayshows-idUKL1E8N90VM20121209?rpc=401&feedType=RSS&feedName=governmentFilingsNews

Tax avoidance schemes 'utterly immoral', says Hodge

BBC News: Tax avoidance schemes, such as the one used by comedian Jimmy Carr, are "completely and utterly immoral", Margaret Hodge, chair of the Public Accounts Committee (PAC), has said.

Full story: http://www.bbc.co.uk/news/business-20624848

Bond Pearce and Dickie Dees seal merger to create Bond Dickinson

Legal Week: Partners from Bond Pearce and Dickinson Dees have voted through a merger under the name Bond Dickinson, creating a £95m firm with offices in eight UK locations.

Full story: http://www.legalweek.com/legal-week/news/2230536/bond-pearce-and-dickie-dees-confirm-merger-under-name-of-bond-dickinson?WT.rss_f=Law+firms&WT.rss_a=Bond+Pearce+and+Dickie+Dees+seal+merger+to+create+Bond+Dickinson

Dickinson Dees and Bond Pearce to merge

Managing Partner.com: Partners at UK law firms Dickinson Dees and Bond Pearce voted today to merge their firms. The new top-40 UK law firm will launch on 1 May 2013. Dickinson Dees currently ranks at 58 and Bond Pearce at 57, by turnover.

Full story: http://www.managingpartner.com/news/business-strategy/dickinson-dees-and-bond-pearce-merge?

EC gets tough on £800bn tax evasion and avoidance

Accoutancy Live: The European Commission has issued a plan to clamp down on the estimated one trillion euros (£800bn) lost to tax evasion and avoidance every year across the EU.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2374716

Most tax scams not caught through DOTAS – HMRC

Accountancy Age: The majority of tax-dodging arrangements are not caught by the taxman through the disclosure of tax avoidance schemes (DOTAS), according to HM Revenue & Customs' director-general.

Full story: http://www.accountancyage.com/aa/news/2230482/most-tax-scams-not-caught-through-dotas-hmrc?

UK and IoM to exchange tax information to cut evasion

Accountancy Live: The government is to sign a tax information sharing agreement with the Isle of Man which will provide HMRC with a range of additional information about potentially taxable income in Manx bank accounts.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2374719

European Commission’s action plan to fight tax fraud/ evasion

ICAEW: The EC yesterday published an action plan to fight tax fraud and tax evasion, which is a real opportunity to discuss a more effective, consistent and fair approach to corporate and personal tax across Europe. 

Full story: http://www.ion.icaew.com/MoorgatePlace/25899?

Swiss banking: Treaty to crackdown on Britain’s tax evaders

The Independent: It is the largest tax-evasion settlement in history, according to George Osborne, who fleshed out a treaty with Switzerland which will ensure, he said, “that for the first time in our history money will be flowing from bank  accounts in Switzerland to Britain rather than the other way around”.

Full story: http://www.independent.co.uk/news/uk/home-news/swiss-banking-treaty-to-crackdown-on-britains-tax-evaders-8386852.html

AS2012: Personal tax round-up

Accountancy Age: The Chancellor made several changes to personal tax as he sought to reduce reliance on benefits among the country's poorest, while maintaining the support of grassroots Conservatives and attracting investors to the UK.

Full story: http://www.accountancyage.com/aa/news/2229990/as2012-personal-tax-roundup?

Stamp duty avoidance doubles for £2m+ homes

Accoutancy Live: Stamp duty avoidance schemes have doubled since the Treasury hiked the rate for properties worth over £2m in March, research reveals.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2370911&BV_SessionID=@@@@1205562471.1354615727@@@@&BV_EngineID=ccceadfihikkmfecflgceggdfnfdgfh.0&channelId=-601049

HMRC uses covert credit checks in evasion hunt

Accountancy Live: Around 20,000 people will have their credit files covertly checked under a tax evasion crackdown, HMRC has revealed.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2370912&BV_SessionID=@@@@1205562471.1354615727@@@@&BV_EngineID=ccceadfihikkmfecflgceggdfnfdgfh.0&channelId=-601049

Over a third of UK’s richest are in south east

CityA.M.: Over a third of the UK’s wealthiest households are located in London and the south east, according to a data set released by the Office for National Statistics (ONS) yesterday.

Full story: http://www.cityam.com/latest-news/over-third-uk-s-richest-are-south-east

Coutts hires Lord Waldegrave and ex-UBS private equity head

Citywire: Coutts has appointed Lord Waldegrave of North Hill and Francesca Barnes to its board of directors, to act as senior ambassadors and provide expertise for the firm’s UK business.

Full story: http://citywire.co.uk/wealth-manager/coutts-hires-lord-waldegrave-and-ex-ubs-private-equity-head/a639494?ref=wealth-manager-home1-list

Where high earners can still get 98pc tax relief and guaranteed gains

The Telegraph: While the squeezed middle are targeted by HM Revenue & Customs (HMRC), high earners can still get 98pc tax relief and guaranteed gains from a relatively new and little-known shelter intended to encourage investment in small companies.

Full story: http://blogs.telegraph.co.uk/finance/ianmcowie/100021654/?

HMRC given fresh powers to tackle ‘cowboy’ tax advisers

FT Adviser: HM Revenue & Customs is to be given a range of new powers to issue sanctions against “cowboy” tax advisers that promote aggressive tax avoidance schemes, as chancellor George Osborne announces a fresh crackdown on evasion ahead of the Autumn Statement.

Full story: http://www.ftadviser.com/2012/12/04/regulation/regulators/hmrc-given-fresh-powers-to-tackle-cowboy-tax-advisers-GzIOBdDNvrhyH0gaKgN9hP/article.html?

UK FATCA to get tough on tax-lite islands

Accountancy Live: UK Crown dependencies Jersey, Guernsey and the Isle of Man, as well as the British Virgin Islands and the Cayman Islands, have met UK government officials to thrash out details for an enhanced exchange of information.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2370908&BV_UseBVCookie=yes&channelId=-601049

Castle Howard painting at centre of CGT dispute

Private Client Adviser: A dispute over whether a £9.4m painting from Castle Howard should be exempted from capital gains tax has reached London’s High Court.

Full story: http://www.privateclientadviser.co.uk/news/tax/castle-howard-painting-centre-cgt-dispute

Forget mansion tax…..get ready for garden tax

Citywire: The Liberal Democrat’s plans for a mansion tax may have been vetoed by David Cameron, but property size still matters as HM Revenue & Customs is looking to levy more tax against homeowners with big gardens.

Full story: http://www.citywire.co.uk/new-model-adviser/forget-mansion-tax-get-ready-for-garden-tax/a639360?ref=new-model-adviser-todays-news-list

HMRC gets extra £77m to tackle avoidance

Accountancy Live: In a bid to help the taxman fight multi-billion pound multinational corporations, Chancellor George Osborne today announced that he would provide an additional £77m a year for two years to fund HMRC staff efforts in tackling tax-avoiding companies.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2365881

Lord Oakeshott: One rule for the rich and one for the poor

The Telegraph: Former Liberal Democrat Treasury spokesman Lord Oakeshott says he does not think the Tories will tax the rich properly but will target the poor.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9717309/Lord-Oakeshott-One-rule-for-the-rich-and-one-for-the-poor.html

Osborne in new tax raid on wealthy

The Sunday Times: George Osborne is preparing to launch a raid on the pension benefits of high earners in his autumn statement as part of a deal with the Liberal Democrats to squeeze the rich. The chancellor has succumbed to pressure from Nick Clegg to tax the incomes of the better off as the price for keeping the benefits bill under control.

Full story: http://www.thesundaytimes.co.uk/sto/news/Politics/article1170477.ece

76% HNWI: web has big role in wealth creation

Private Banker International: More than three-quarters of high net worth individuals (HNWIs) believe their engagement with digital technology and the internet has played a role in their wealth creation, new research suggests.

Full story: http://www.privatebankerinternational.com/news/76-hnwi-web-has-big-role-in-wealth-creation/

Buffett calls for a minimum tax on America's super-rich

The Independent: Warren Buffett, the billionaire investor who favours a greater burden on the wealthy, yesterday called for a minimum tax on America's millionaires but proposed a higher threshold for increased taxes on the rich than the one put forward by the White House.

Full story: http://www.independent.co.uk/news/business/news/buffett-calls-for-a-minimum-tax-on-americas-superrich-8353062.html

Scrap higher-rate pension tax relief, says expert

Private Client Adviser: The government has wasted £360bn over the past decade trying to encourage pension savings by adopting an approach that has been “misguided and ineffectual”, an analyst has claimed.

Full story: http://www.privateclientadviser.co.uk/news/pensions/scrap-higher-rate-pension-tax-relief-says-expert

Top earners to enjoy £107,000 tax cut, says Ed Miliband

The Guardian: Britain's top earners are set to receive an "eyeboggling" tax cut averaging an extra £107,000 a year, Ed Miliband has claimed as he criticised the government for standing up for the "wrong people" and putting Britain on the wrong economic course.

Full story: http://www.guardian.co.uk/politics/2012/nov/27/top-earners-tax-cut-miliband?

Withy King launches new trust company in Wiltshire

Wiltshire Business:  A new trust company has been launched by Swindon law firm, Withy King, to act as executors of Wills and trustees of trusts as well as to manage the financial, property, social and welfare affairs of vulnerable children and adults unable to do so themselves.

Full story: http://www.wiltshirebusinessonline.co.uk/news/latest/10073357._/?

FATCA enforcement deal will create ‘substantial burden’ for UK trust practitioners

STEP Journal: The UK-US agreement on implementation of the US Foreign Accounts Tax Compliance Act (FATCA) will place an enormous burden on UK trust practitioners, says STEP.

Full story: http://www.stepjournal.org/news/news/secondary_news/fatca_enforcement_deal_will_cr.aspx?link=journalTitle

Macfarlanes rehires top-rated private client partner from Speechlys

Legal Week: Macfarlanes has turned to Speechly Bircham for a rare partner hire, with the reappointment of Charles Gothard to its private client practice.

Full story: www.legalweek.com/legal-week/news/2227248/macfarlanes-rehires-toprated-private-client-partner-from-speechlys

Government considering top-rate tax cuts for philanthropists

The Daily Telegraph:  An official report commissioned by ministers is to call for a cut in the top rate of income tax for the country’s most generous philanthropists.

Full story: http://www.telegraph.co.uk/culture/culturenews/9700481/Government-considering-top-rate-tax-cuts-for-philanthropists.html

Tax evasion flourishing with help from UK firms

BBC News: A flourishing industry which helps people evade UK tax has been uncovered following an investigation by the BBC's Panorama programme.

Full story: http://www.bbc.co.uk/news/uk-20451176

Tax avoiders to get warning shot from HMRC

BBC News: Hundreds of suspected tax avoiders are to receive letters in the coming weeks warning them that their financial affairs are facing special scrutiny.

Full story: http://www.bbc.co.uk/news/business-20466304

Cable: rich face property tax raid 'within weeks'

IFA Online: The country's rich face a further coalition tax raid 'in the next few weeks', according to business secretary Vince Cable.  Speaking on the BBC's Andrew Marr Show on Sunday, Cable signalled the government would use the Autumn Statement, on December 5, to unveil a new tax rate for the well off.

Full story: http://www.ifaonline.co.uk/ifaonline/news/2225535/cable-rich-face-property-tax-raid-within-weeks?WT.rss_f=Home&WT.rss_a=Cable%3A+rich+face+property+tax+raid+%27within+weeks%27

Commission calls for Welsh government income tax powers

BBC News: The Welsh government should have the power to vary income tax by 2020, an influential report on the future of devolution has said. The Silk Commission says a referendum should be held on whether Welsh ministers ought to have new powers over income tax rates.

Full story: http://www.bbc.co.uk/news/uk-wales-politics-20346118

Tax amnesty: own up now and avoid a fine

The Telegraph: HM Revenue & Customs is offering its first general amnesty in a bid to boost the tax take for the Treasury. The amnesty will target many middle-class taxpayers, who will now have the opportunity to own up to previous undeclared earnings and unpaid taxes and avoid some of the harshest penalties available.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9683961/Tax-amnesty-own-up-now-and-avoid-a-fine.html

Gerard Depardieu flees France to seek Belgium asylum from wealth tax

The Telegraph: Gerard Depardieu has become the latest rich Frenchman to flee his country and the stinging wealth taxes levied by Francois Hollande, the Socialist President of France.

Full story: http://www.telegraph.co.uk/news/worldnews/europe/france/9675714/Gerard-Depardieu-flees-France-to-seek-Belgium-asylum-from-wealth-tax.html

Decision time for Swiss account holders

Accountancy Live: UK residents with Swiss bank accounts are being warned that they must either provide full details to HMRC or pay over a proportion of the money in their account and a future withholding tax.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2341891&BV_SessionID=@@@@1924022836.1353008033@@@@&BV_EngineID=ccciadfifmghigicflgceggdfnfdgfg.0&channelId=-601049

Field Fisher and Osborne Clarke abandon talks over £200m merger

The Lawyer: Field Fisher Waterhouse (FFW) and Osborne Clarke have called off their merger talks after failing to agree a £200m combination.

Full story: http://www.thelawyer.com/field-fisher-and-osborne-clarke-abandon-talks-over-200m-merger/1015525.article

Barack Obama: US wealthiest must pay more tax

BBC News: US President Obama has reiterated his call for high earners in the US to pay more in taxes, in his first news conference since winning re-election.

Full story: http://www.bbc.co.uk/news/world-us-canada-20333066

Insider leaks HSBC Jersey client names to UK authorities

STEP Journal: UK taxpayers with undisclosed HSBC bank accounts in Jersey are being advised to act quickly, after it emerged that HM Revenue and Customs (HMRC) has obtained a complete list of their names, addresses and account balances from a secret source.

Full story: http://www.stepjournal.org/news/news/main_story/insider_leaks_hsbc_jersey_clie.aspx?link=journalTitle

Foundations set to increase in popularity

Private Client Adviser: Foundations are becoming increasingly attractive vehicles for private clients and will be particularly relevant to those in civil law jurisdictions, say wealth planning experts.

Full story: http://www.privateclientadviser.co.uk/news/financial-planning/foundations-set-increase-popularity

Jonathanfry poaches Coutts banker for south west push

CityWire: Boutique jonathanfry is the latest wealth manager to push into the South West, after poaching a senior private banker from Coutts’ Dorset office.

Full story: http://citywire.co.uk/wealth-manager/jonathanfry-poaches-coutts-banker-for-south-west-push/a632344?ref=wealth-manager-latest-news-list

Wilsons transfers Bristol office to Michelmores

The Lawyer: Wilsons is to offload its Bristol office to Michelmores following a protracted legal spat with two partners at the base.

Full story: http://www.thelawyer.com/wilsons-transfers-bristol-office-to-michelmores/1015478.article

VIEWING FAILURE POSITIVELY – THE KEY TO ECONOMIC GROWTH?

Campden FO: The rich must be reading all those books about the power of positive thinking. According to a new study, the majority of wealthy people reckon viewing failure positively is essential for economic growth.

Full story: http://www.campdenfb.com/article/viewing-failure-positively-key-economic-growth

Tax avoidance: is the tide turning?

CityWire: A pair of eyes peer out from a hole in a piece of card above an ominous warning: ‘We’re closing in on undeclared income.’ HM Revenue & Customs (HMRC) wants us to know it’s getting serious about tax avoidance.

Full story: http://www.citywire.co.uk/money/tax-avoidance-is-the-tide-turning/a633724?

HMRC launches website in tax evasion amnesty

FT: HM Revenue & Customs has launched an advertising campaign warning tax cheats to declare all their income before it is too late and has set up a website to provide an effective amnesty for individuals that may not currently paying the correct level of tax.

Full story: http://www.ftadviser.com/2012/11/12/regulation/regulators/hmrc-launches-website-in-tax-evasion-amnesty-qbVhII7dAdrFPSnnuQrBAP/article.html?

Art gems donated to pay £25m tax

BBC News: Paintings by Sir Joshua Reynolds, JMW Turner and Peter Paul Rubens have been donated to the nation in lieu of tax after the deaths of their owners. Fifty-one items of "major cultural significance" worth a total of £40m were offered in place of £25m of inheritance tax between 2010 and 2012.

Full story: http://www.bbc.co.uk/news/entertainment-arts-20252653?

BDO and PKF confirm "advanced merger discussions"

Accountancy Age: BDO and PKF are in "advanced discussions" to merge in the new year, they have confirmed. A merged entity would create a firm with more than £400m in revenues, with 3,500 staff.

Full story: http://www.accountancyage.com/aa/news/2222986/bdo-and-pkf-confirm-advanced-merger-discussions

StanChart private bank to focus on super-rich clients

Reuters: Standard Chartered Plc's private banking arm says it aims to focus on business from super-rich clients as it expands its services to the wealthy in Asia, Africa and the Middle East.

Full story: http://uk.reuters.com/article/2012/11/05/gulf-stanchart-wealth-idUKL5E8M42RA20121105

STEP appoints new chair

Private Client Adviser: British Virgin Islands-based private client practitioner Hélène Anne Lewis TEP has been named new chair of the Society of Trust and Estate Practitioners (STEP), the international body for practitioners in estate planning.

Full story: http://www.privateclientadviser.co.uk/news/international/step-appoints-new-chair

Revenue strikes deal with tax evaders

Accountancy Age: Several tax evaders included on a list passed to the taxman by the French authorities will not be prosecuted and retain their anonymity after they struck deals with the HMRC.

Full story: http://www.accountancyage.com/aa/news/2222069/revenue-strikes-deal-with-tax-evaders

Bradley Wiggins withdraws from controversial tax-dodging scheme linked with company in Caymans

This is Money: Olympic gold medalist and Tour de France winner Bradley Wiggins has withdrawn from a controversial tax-avoidance scheme, he said today. The 32-year-old cyclist was criticised last week after it was revealed he was using a scheme named Twofold First Services, reportedly owned by a company based in the Cayman Islands.

Full story: http://www.thisismoney.co.uk/money/news/article-2227264/Bradley-Wiggins-withdraws-controversial-tax-dodging-scheme-linked-company-Caymans.html?

Britain's taxes among highest in world, accountants say

The Telegraph: Wealthy Britons are being taxed at a higher rate than almost any other leading nation in the world, new analysis shows, as stealth taxes mean that entrepreneurs are being driven away.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9654465/Britains-taxes-among-highest-in-world-accountants-say.html

UK’s higher earners have one of world’s biggest tax burdens

The Scotman: Higher earners in the UK face one of the highest tax burdens in the world, according to figures from a Scottish accountancy firm. Campbell Dallas LLP said out of 26 countries analysed, the UK had the ninth highest tax burden on those earning £125,000 and £160,000 per year, and the sixth highest for those earning £950,000.

Full story: http://www.scotsman.com/news/uk/uk-s-higher-earners-have-one-of-world-s-biggest-tax-burdens-1-2614346?

Mishcons targets 25% increase in revenues to £100m over three years

Legal Week: Mishcon de Reya has set out plans to grow revenues to £100m by 2016, with the target representing a 25% increase on where the firm expects to be at the close of the current financial year. 

Full story: http://www.legalweek.com/legal-week/news/2219891/mishcons-targets-25-increase-in-revenues-to-gbp100m-over-three-years?WT.tsrc=Email&WT.mc_id=694&utm_source=Newsletters&utm_medium=Email&utm_campaign=LW_Daily

‘Confusing’ pensions rules trip up high earners

Private Client Adviser: Recent changes to pension benefits have left high earners “confused and bamboozled” as to what action they need to take in order to comply with the rules, says an independent financial adviser.

Full story: http://www.privateclientadviser.co.uk/news/pensions/%E2%80%98confusing%E2%80%99-pensions-rules-trip-high-earners

Goldman Sachs to open UK bank for HNW clients

Private Banker International: Goldman Sachs’ commercial bank has filed an application to open a branch in London to lend to private clients.  Goldman Sachs Bank USA has held a commercial banking licence since becoming a bank holding company in 2008 and filed an application for a new UK office with its local regulator, New York’s Department of Financial Services.

Full story: http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2012/goldman-sachs-to-open-uk-bank.aspx

Fladgate is delighted to announce the appointment of private capital partner Helena Luckhurst

Fladgate LLP: Fladgate LLP is delighted to announce the appointment of private capital partner Helena Luckhurst. Helena joins from Speechly Bircham, where she has been a partner since 2010.

Full story: http://www.fladgate.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=925aeffa-ab2c-478d-8ca9-1d425e814ad7

Think-tank Civitas urges cuts in tax and energy costs

The Independent: Cutting energy costs, assistance to some industries as well as slashing corporate and personal tax are essential if the UK is to boost economic growth, according to a new report published today by Civitas.

Full story: http://www.independent.co.uk/news/business/news/thinktank-civitas-urges-cuts-in-tax-and-energy-costs-8219265.html

UK tax gap closing, says HMRC

Accountancy Live: HMRC has issued its estimate of the UK tax gap for 2010/11 - a staggering £32bn – some 6.7% of tax due, compared to 7.1% in 2009/10. Calculated from 30 separate estimates for different taxes, HMRC said the deficit was down to a combination of ‘tax evasion and avoidance, as well as customer error, the hidden economy, criminal attacks and where tax cannot be collected because businesses have become insolvent’.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2312910

Osborne wrong to shelve mansion tax, say readers

Accountancy Age: The Chancellor was wrong to row back on plans to impose a ‘mansion tax' on expensive properties, according to our online audience.

Full story: http://www.accountancyage.com/aa/news/2218514/osborne-wrong-to-shelve-mansion-tax-say-readers?

UK tax crackdown to suffer as investigators retire

The Telegraph:  The Government’s clampdown on tax evasion risks being undermined by a shortage of experienced tax investigators as a growing proportion of workers near retirement, an internal HM Revenues and Customs (HMRC) presentation has revealed.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9620197/UK-tax-crackdown-to-suffer-as-investigators-retire.html

US expats pledge to make tax an election issue

QROPS.net: US expats living in Switzerland are trying to make new tax laws on the Presidential election agenda. The Americans in Switzerland Working Group (AMISWG) claims FATCA and other foreign banking laws are making the lives of around 7 million US expats “a misery”.

Full story: http://www.qrops.net/us-expats-pledge-to-make-tax-an-election-issue/?

Crackdown on tax relief schemes leads to GC hire for Rebus

The Lawyer: A company that specialises in tax relief scheme litigation for investors has hired its first general counsel to head up legal action.

Full story: http://www.thelawyer.com/crackdown-on-tax-relief-schemes-leads-to-gc-hire-for-rebus/1015021.article

Esure founder ponders tax haven move

Accountancy Live: The founder of Direct Line and Esure is weighing up a move to Jersey in an effort to dramatically reduce his tax bill.  Multimillionaire Peter Wood whose wealth is estimated at £500m has been scouting out potential homes on the tax haven Channel Island, according to reports on Sky News, refuelling the debate about the government’s treatment of the UK’s super rich.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2312899

Coutts Names Isle Of Man Director

Wealth Briefing: Coutts, the wealth management arm of Royal Bank of Scotland, has appointed David Batey as director of its Isle of Man business, a role in which he will lead the wealth management team located in the UK Crown Dependency.

Full story: http://www.wealthbriefing.com/html/article.php?title=Coutts_Names_Isle_Of_Man_Director_&id=50039

McDermott bolsters London private client team with Withers partner hire

Legal Week: McDermott Will & Emery has sealed the hire of Withers partner Astrid Owen for the firm’s private client practice in London.  New York-qualified Owen joined McDermott last Thursday (11 October) after ten years as a partner at Withers, one of the UK's leading private client firms.

Full story: http://www.legalweek.com/legal-week/news/2216849/mcdermott-bolsters-london-private-client-team-with-withers-partner-hire

Singapore and Germany agree deal to tackle tax evasion

BBC News: Singapore and Germany have agreed to increase the level of information they exchange in a bid to crack down on tax dodgers.

Full story: http://www.bbc.co.uk/news/business-19944057

More than 100 advisers targeted after tax schemes unravel

CityWire: Claims management and law firms are targeting more than 100 advisers in a battle for compensation after the failure of tax avoidance schemes, according to the Mail on Sunday.

Full story: http://citywire.co.uk/wealth-manager/more-than-100-advisers-targeted-after-tax-schemes-unravel/a626394?ref=wealth-manager-latest-news-list

HMRC’s foreign expat tax-take increases by a quarter

International Adviser: The tax-take from investigations into high income foreign workers has increased by 23% over the past two years, according to figures obtained by international law firm Pinsent Masons, indicating a heightened focus by HM Revenue & Customs on the financial affairs of those working in the City.

Full story: http://www.international-adviser.com/news/tax---regulation/hmrcs-foreign-expat-tax-take-increases

Expat Wealth Heads to Southeast Asia

PR Newswire: Southeast Asia has come to the fore as a leading destination for expat earning potential according to the latest findings from HSBC Expat's Expat Explorer survey. The largest global survey of expats shows that Singapore this year tops the Expat Explorer Economics league table, which ranks countries based on a number of factors such as earning levels, disposable income and ability to accumulate luxuries. Four additional countries in the region also make the top ten, including Thailand (3rd), Hong Kong (4th), China (7th) and Vietnam (10th).

Full story: http://www.prnewswire.com/news-releases/expat-wealth-heads-to-southeast-asia-173434711.html

Plan to tax art sparks new fiscal row in France

Reuters: A push to extend France's wealth tax to artworks is stirring up a new fiscal flap for President Francois Hollande's Socialist government as it carries out an unpopular belt-tightening drive.

Full story: http://uk.reuters.com/article/2012/10/11/us-france-budget-art-idUKBRE89A0WY20121011?rpc=401&feedType=RSS&feedName=lifestyleMolt&rpc=401

Top personal income tax rates increase in 2012: KPMG International reports

KPMG press release: The 2011 holding pattern for personal income tax rates is now seeing a return to the 2010 trend of increasing rates with the global average top personal income tax rate going up by 0.3 percent, according to analysis by KPMG International.  However, the UK stands out from this global trend with plans to reduce its top rate of personal income tax from 50 percent to 45 percent next April.

Full story: http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/NewsReleases/Pages/Top-personal-income-tax-rates-increase-in-2012-KPMG-International-reports.aspx?

UK's top tax rate cut bucks the global trend

Accountancy Live: The UK government’s plan to cut the top rate of tax is an exception to a global trend of an upward rise of tax for the highest earners.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2297850

Sir Elton John loses libel action in tax avoidance case

London Evening Standard: Sir Elton John was not libelled by The Times in a series of articles about tax avoidance, the High Court has ruled.

Full story: http://www.standard.co.uk/news/uk/sir-elton-john-loses-libel-action-in-tax-avoidance-case-8205539.html

Boris Johnson calls for 40p top rate of tax

Accountancy Age: The top rate of income tax should be lowered from 45% to 40%, according to mayor of London Boris Johnson.

Full story: http://www.accountancyage.com/aa/news/2215979/boris-johnson-calls-for-40p-top-rate-of-tax?

ATT and ITI join forces

Accountancy Live: The Association of Taxation Technicians (ATT) and the Irish Tax Institute (ITI) have formed an alliance to develop and promote the Taxation Technician designation on the world stage.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2297849

Tax havens sign up to FATCA

Investment Week: Offshore tax havens Guernsey, Jersey and the Isle of Man are working towards an agreement with the US government on FATCA, the incoming regime to prevent tax evasion.

Full story: http://www.investmentweek.co.uk/investment-week/news/2215771/tax-havens-jersey-guernsey-and-isle-of-man-sign-up-to-fatca?WT.rss_f=&WT.rss_a=Tax+havens+sign+up+to+FATCA

Wealthy business people leave France in light of tax changes

OPP Connect: France is seeing a large number of high-end properties come into the market as business people seek to leave France before a tax-rise comes into effect, according to professionals in the sector.

Full story: http://www.opp-connect.com/index.php?option=com_postwebsites&view=postnews&id=506

Taylor Wessing announces new lateral partner hire to its leading UK Private Client Practice

Taylor Wessing: Taylor Wessing continues to grow its UK Private Client practice with a new strategic lateral partner hire.  Amanda Nelson joins the firm from Manches LLP, where she was a partner in the Private Client/International Wealth practice.

Full story: http://www.taylorwessing.com/news-insights/details/taylor-wessing-announces-new-lateral-partner-hire-to-its-leading-uk-private-client-practice-2012-10-01.html

Freeth Cartwright invests in Henmans with view to merger

The Lawyer: Freeth Cartwright is taking a stake in Oxford firm Henmans with one eye on a full merger in the future.  As part of the deal, Henmans will be renamed Henmans Freeth, with most of its 21 partners becoming partners in Freeth Cartwright. The deal will go live on 1 Febuary 2013.

Full story: http://www.thelawyer.com/freeth-cartwright-invests-in-henmans-with-view-to-merger/1014756.article

Bear Grylls gets sinking feeling as HMRC probes deep sea tax scheme

New Model Adviser: TV adventurer Bear Grylls is among a host of celebrities and businessmen to have invested £110 million in under water treasure hunts, allowing them to avoid tax on millions of pounds, according to reports.

Full story: http://www.citywire.co.uk/new-model-adviser/bear-grylls-gets-sinking-feeling-as-hmrc-probes-deep-sea-tax-scheme/a624558?ref=new-model-adviser-todays-news-list

Conservative conference: Cameron rules out 'mansion tax'

BBC News: Prime Minister David Cameron has ruled out a new tax on expensive properties but vowed "further action to ensure rich people pay their fair share".

Full story: http://www.bbc.co.uk/news/uk-politics-19860672

Global wealthy keep London firmly in their sights

Cluttons: 57 per cent of overseas high-net-worth individuals (HNWI) name London real estate as their top target investment class, according to Cluttons, international property consultants and chartered surveyors, in association with VPC Asia Pacific, as it launches the Cluttons International Private Capital Survey 2012.

Full story: http://www.cluttons.com/news/cluttons-global-wealthy-keep-london-firmly-in-their-sights

Swiss residents to lose banking secrecy as well as foreigners

STEP Journal: The Swiss government is proposing to allow cantonal tax authorities access to bank details of residents suspected of tax evasion - that is, failing to declare their assets or income.

Full story: http://www.stepjournal.org/news/news/main_story/swiss_residents_to_lose_bankin.aspx?link=journalTitle

Ex-Brooks Macdonald duo join forces to launch wealth firm

CityWire: Former Brooks Macdonald director James Keen has returned to the market with new venture Mountstreet Partners, which aims to provide a ‘family office-style’ service to a select number of clients. Keen launched the firm with ex-Brooks colleague Alex Fray last month and is looking to build a portfolio of around 100-150 high net worth clients over the next three years and will then close to new business.

Full story: http://citywire.co.uk/wealth-manager/ex-brooks-macdonald-duo-join-forces-to-launch-wealth-firm/a624017?ref=wealth-manager-latest-news-list

Anne Robinson 'avoided tax on £4m of income'

The Telegraph: A single tax avoidance scheme used by celebrities from BBC presenter Anne Robinson to Take That star Gary Barlow helped about 2,000 wealthy individuals avoid tax on more than £1bn of income between 2004 and 2008, it has been claimed.

Full story: http://www.telegraph.co.uk/finance/9589228/Anne-Robinson-avoided-tax-on-4m-of-income.html

BBC contacted over tax arrangements

BBC News: The Chief Secretary to the Treasury has written to the new BBC director general over the tax arrangements of thousands of members of staff at the corporation.

Full story: http://www.bbc.co.uk/news/uk-19845926

Banks agree new protocol for estate administration

Law Society Gazette: New rules for the exchange of information between banks and solicitors administering an estate have been agreed by the British Bankers’ Association (BBA), the Law Society and the Society of Trust and Estate Practitioners (STEP).

Full story: http://www.lawgazette.co.uk/news/banks-agree-new-protocol-estate-administration?

JK Rowling lambasts 'contemptible' tax evasion

Management Today:  A little snippet of author JK Rowling's view on paying your taxes has spent that last few days viral on the internet. She explains why she has remained a domiciled taxpayer, despite her vast wealth.

Full story: http://www.managementtoday.co.uk/features/1152888/jk-rowling-lambasts-contemptible-tax-evasion/?

Britain's highest earner actually pays his fair share of taxes: Hedge fund chief pays £34m out of £87m salary

This is Money: Britain's highest earner has revealed that he paid £34million in tax last year.

Full story: http://www.thisismoney.co.uk/news/article-2210717/Britains-highest-earner-actually-pays-fair-share-taxes-Hedge-fund-chief-pays-34m-87m-salary.html

Accountants oppose reservation of estate administration

STEP Journal: The Chief Executive of the Institute of Chartered Accountants of England and Wales (ICAEW) has spoken out against official proposals to reserve estate services to licensed providers.

Full story: http://www.stepjournal.org/news/news/secondary_news/accountants_oppose_reservation.aspx?link=journalTitle

Ed Miliband: Labour would have kept the 50p tax and is ready to break up banks

CityA.M.: If Labour won an election tomorrow, it would keep the 50p rate of tax, introduce a new tax on bankers and spend the proceeds of the upcoming 4G spectrum auction on building 100,000 affordable homes, Ed Miliband said yesterday.

Full story: http://www.cityam.com/latest-news/ed-miliband-labour-would-have-kept-the-50p-tax-and-ready-break-banks

Taylor Wessing ramps up private client with Manches hire

The Lawyer: Taylor Wessing has hired Manches partner Amanda Nelson and is relocating partner Ryan Myint to Singapore in key moves for its private client practice.

Full story: http://www.thelawyer.com/taylor-wessing-ramps-up-private-client-with-manches-hire/1014547.article

L’Oréal chief hits out at 75% income tax

FT.com: France will find it “almost impossible” to hire top talent if the government goes ahead with plans to impose a 75 per cent marginal income tax rate, the head of L’Oréal, one of the country’s biggest companies by market value, has said.

Full story: http://www.ft.com/cms/s/0/21ac83e2-07db-11e2-9df2-00144feabdc0.html#axzz27aQ0Kyng

Manchester is Europe's most attractive 'tax' city, says KPMG

Manchester Evening News: Manchester has been ranked Europe's most attractive location from a tax perspective. Business advisory group KPMG has studied the business-related tax costs in 113 cities in 14 countries around the world to come up with a league table.

Full story: http://menmedia.co.uk/manchestereveningnews/news/business/s/1589710_manchester-is-europes-most-attractive-tax-city-says-kpmg

Super-rich in Asia to reach 2.67 mn by 2015: Julius Baer survey

Economic Times: The number of super-rich in Asia is set to reach 2.67 million people by 2015 with a net worth of an estimated $16.7 trillion, Swiss private bank Julius Baer said Tuesday. 

Full story: http://economictimes.indiatimes.com/news/economy/indicators/super-rich-in-asia-to-reach-2-67-mn-by-2015-julius-baer-survey/articleshow/16541021.cms

Romney's tax return deflates Democrat attacks

STEP Journal: US Republican presidential candidate Mitt Romney has at last published his 2011 tax return after months of Democrat goading.

Full story: http://www.stepjournal.org/news/news/main_story/romneys_tax_return_deflates_d.aspx?link=journalTitle

Clegg Says U.K. Could Apply Mansion Tax ‘in Five Seconds’

Bloomberg: U.K. Deputy Prime Minister Nick Clegg said the government could determine without difficulty which homes would be subject to a “mansion tax,” brushing aside arguments that it would be tough to apply.

Full story: http://www.bloomberg.com/news/2012-09-24/clegg-says-u-k-could-apply-mansion-tax-in-five-seconds-flat-.html?

Lib Dem conference: Tax avoidance crackdown 'on track'

BBC News: The government is "on track" to raise £4bn this year via schemes to crack down on tax dodgers, Chief Secretary to the Treasury Danny Alexander will say.

Full story: http://www.bbc.co.uk/news/uk-politics-19706505?

Revealed: Britain's biggest taxpayers

The Independent: They are Britain's billionaires and multi-millionaires who stay and pay their way, the super-wealthy that Her Majesty's tax officials have no need to hunt down.

Full story: http://www.independent.co.uk/news/uk/home-news/revealed-britains-biggest-taxpayers-8166703.html

Legal 500 names UK’s leading private client law firms

Private Client Adviser: Farrer & Co and Withers continue to lead the way in providing private client legal services as they are named in the top tier in several categories in the latest edition of the Legal 500.  Research published today (20 September 2012) by the legal directory names Withers in the top tier for art, family and personal tax, trusts and probate, and Farrer & Co as top tier providers in agriculture and estates and art.

Full story: http://www.privateclientadviser.co.uk/news/legal-practice/legal-500-names-uk%E2%80%99s-leading-private-client-law-firms

Tax evasion cases investigated by HM Revenue & Customs drops by 25%

The Guardian: The number of tax evasion cases being pursued by HM Revenue & Customs has fallen to its lowest level in five years, according to a survey which comes amid a pledge by the Liberal Democrats to crack down on individuals who are not paying their fair share of tax.

Full story: http://www.guardian.co.uk/business/2012/sep/24/tax-evasion-cases-drops?

CIOT issues world-first Indian tax exam paper

Accountancy Live: The first examination paper to test students on Indian international taxation issues is to be offered by CIOT.  The three hour written exam will serve as an extra option for students enrolled on the ADIT (Advanced Diploma in International Taxation) course, bringing the total number of jurisdictions available for students to be tested on to nine.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2281559

HMRC targets £1m homeowners as Clegg calls for rich to pay more

CityWire: The government is set to target homeowners with houses worth over £1million through a new ‘anti-affluence’ unit in a further clampdown on tax avoidance, according to the reports.

Full story: http://www.citywire.co.uk/new-model-adviser/hmrc-targets-1m-homeowners-as-clegg-calls-for-rich-to-pay-more/a620845?ref=new-model-adviser-todays-news-list

Australia tightens regulation of tax-relief for expats

STEP Journal: Changes in Australia's rules on the taxation of expatriates' fringe benefits have finally been agreed in parliament, and will come into force on 1 October.

Full story: http://www.stepjournal.org/news/news/main_story/australia_tightens_regulation.aspx?link=journalTitle

Monaco-based Britons cost UK economy £1bn a year

CityWire: More than 2,000 Britons in Monaco are costing the UK economy around £1 billion in lost tax revenue, according to reports.

Full story: http://citywire.co.uk/wealth-manager/monaco-based-britons-cost-uk-economy-1bn-a-year/a619864?ref=wealth-manager-latest-news-list

Super-wealthy are on “tipping point” of leaving London

London Loves Business: The super-wealthy are on the point of leaving London due to excessive taxation, according to David Scott, senior partner at Vestra Wealth.

Full story: http://www.londonlovesbusiness.com/business-news/super-wealthy-are-on-tipping-point-of-leaving-london/3457.article?

HMRC claim victory over stamp duty dodge

Taxation: HMRC have claimed success in their attempts to shut down an aggressive scheme for avoiding stamp duty land tax (SDLT), which has been widely marketed by accountancy firms.

Full story: http://www.taxation.co.uk/taxation/Articles/2012/09/20/47201/hmrc-claim-victory-over-stamp-duty-dodge?

Keep taxman away from tax scheme panel, says CIoT

Accountancy Age: The taxman must stay clear of an advisory panel proposed to determine whether tax schemes are abusive, according to the CIoT and ATT.

Full story: http://www.accountancyage.com/aa/news/2206170/keep-taxman-away-from-tax-scheme-panel-says-ciot?

Bern to vote on expat tax deal

Tax-News: The Swiss canton of Bern will vote on whether to keep the tax deal currently available for wealthy expatriates in a referendum scheduled for September 23.

Full story: http://www.tax-news.com/news/Bern_To_Vote_On_Expat_Tax_Deal____57235.html

HMRC taskforce to target tax evasion by London lawyers

Legal Week: HM Revenue & Customs (HMRC) has launched a taskforce to target tax evasion by London lawyers, as part of wider efforts to recover almost £20m for the public purse, reports Accountancy Age.

Full story: http://www.legalweek.com/legal-week/news/2206276/hmrc-taskforce-to-target-tax-evasion-by-london-lawyers?WT.tsrc=Email&WT.mc_id=694&utm_source=Newsletters&utm_medium=Email&utm_campaign=LW_Daily

HMRC netted £90m on IHT challenges last year

IFAonline.co.uk: Her Majesty's Revenue & Customs (HMRC) claimed back almost £90m last year by challenging the inheritance tax (IHT) valuations on the property of people who died, figures show.

Full story: http://www.ifaonline.co.uk/ifaonline/news/2205830/hmrc-netted-gbp90m-on-iht-challenges-last-year?WT.rss_f=Home&WT.rss_a=HMRC+netted+%C2%A390m+on+IHT+challenges+last+year

US and UK sign anti-tax dodge agreement

Accountancy Age: A bilateral agreement intended to secure information on tax dodgers and stem tax evasion has been signed by the US and UK.  The Foreign Account Tax Compliance Act (FATCA) is a US 2010 law designed to target people using foreign accounts or foreign entities in which American tax payers hold a significant stake.

Full story: http://www.accountancyage.com/aa/news/2205908/us-and-uk-sign-antitax-dodge-agreement

Statutory residence test needs more work, says CIOT

Accountancy Live: The long-running saga of introducing a statutory test for individual tax residence in the UK now looks set to reach the statute books, but more work needs to be done before full implementation.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2270263&BV_SessionID=@@@@1877893680.1347625331@@@@&BV_EngineID=ccceadfhkikmiedcflgceggdfnfdgfh.0&channelId=-601049

IT helps HMRC recover £26m in IHT

Accountancy Age: HM Revenue & Customs has managed to recover more than £26m missing inheritance tax in the last year with the aid of new software.

Full story: http://www.accountancyage.com/aa/news/2205594/it-helps-hmrc-recover-gbp26m-in-iht?

Dickinson Dees and Bond Pearce in merger talks over £90m-plus tie-up

Legal Week: Dickinson Dees and Bond Pearce have revealed they are in talks over a potential merger that would create a combined firm with revenues of more than £90m. The move, which will put the combined firm in the UK top 40, comes after talks between Bond Pearce and Scottish firm Maclay Murray & Spens broke down in March this year.

Full story: http://www.legalweek.com/legal-week/news/2204809/dickinson-dees-and-bond-pearce-open-merger-talks-over-gbp90mplus-tieup

Tory peer Flight calls for capital gains tax cut

Investment Week: A Conservative peer has urged the coalition to cut capital gains tax (CGT), arguing it discourages savings and investment and damages growth.

Full story: http://www.investmentweek.co.uk/investment-week/news/2205226/lord-flight-calls-for-capital-gains-tax-cut?WT.rss_f=&WT.rss_a=Tory+peer+Flight+calls+for+capital+gains+tax+cut

Swiss parliament backs tax hike for wealthy foreigners

Reuters: Switzerland will keep its special low-tax deals for wealthy foreigners such as music and sports celebrities but increase the amount of tax they pay following a vote by parliament which faced pressure to scrap the system.


Full story: http://uk.reuters.com/article/2012/09/13/us-swiss-rich-idUKBRE88C0J620120913

Drop CGT for three years, urges Liam Fox

Accountancy Age: Suspend capital gains tax for three years to stimulate economic growth, says former defence secretary Liam Fox. His call for a CGT postponement came in an interview with The Times, in which he also asks for employment laws to be relaxed to make it easier to hire and fire employees.

Full story: http://www.accountancyage.com/aa/news/2205180/drop-cgt-for-three-years-urges-liam-fox?

Extra £500m squeezed from very rich taxpayers

BBC News: An extra £500m has been squeezed out of the UK's 5,000 wealthiest taxpayers, according to HM Revenue & Customs (HMRC).

Full story: http://www.bbc.co.uk/news/business-19558532

Online tool helps track enquiry status

Taxation: Tax agents and PAYE taxpayers can use a new digital tool to find out when they can expect to receive an HMRC response to an enquiry.

Full story: http://www.taxation.co.uk/taxation/Articles/2012/09/10/46571/online-tool-helps-track-enquiry-status

Arbuthnot hires private banking head from Coutts

Citywire: Arbuthnot Latham has kick started its ambitious expansion plans with the appointment of a new head of private banking from Coutts. Liz Bottomley worked as senior manager and client partner in Coutts' international banking division. She has worked in private banking and wealth management for 25 years and Arbuthnot says her hire is one of a string of planned additions to the senior team.

Full story: http://citywire.co.uk/wealth-manager/arbuthnot-hires-private-banking-head-from-coutts/a617197?ref=wealth-manager-latest-news-list

HMRC admits that in the majority of tax complaints the taxman is at fault

This is Money: Well over half the complaints made against the taxman are upheld by HM Revenue & Customs’ own internal complaints system.  Of 58,110 complaints received in the year to the end of March 2011, HMRC found against itself in 57 per cent of cases, while its performance is getting steadily worse, according to internal data.

Full story: http://www.thisismoney.co.uk/news/article-2200671/HM-Revenue-Customs-admit-wrong-majority-complaints.html

Luxury, treachery and a break for Belgium's border

The Independent: Bernard Arnault, the fourth-richest man in the world and founder of the LVMH luxury goods empire, provoked a political firestorm in France at the weekend when he confirmed he is seeking dual French-Belgian citizenship.

Full story: http://www.independent.co.uk/news/world/europe/luxury-treachery-and-a-break-for-belgiums-border-8120843.html

Hollande hikes taxes as rich flee for London

City A.M.: French President Francois Hollande last night confirmed plans to raise taxes, particularly on the rich, as he fights to return the country to full strength within two years. Those earning more than €1m a year will be hit by a 75 per cent marginal rate, Hollande confirmed, with “no exceptions”. However, the levy could be dropped after two years if France’s economy recovers as hoped.

Full story: http://www.cityam.com/latest-news/hollande-hikes-taxes-rich-flee-london?

TUC 'sabre-rattling' over tax concerns

Accountancy Age: The TUC's spoof guide to tax dodging is no more than inflammatory, ill-informed, misleading sabre-rattling ahead of the annual TUC Annual Congress. The call for loop-holes to be shut down and the perennial targets - non-domiciles - is tiresome and old-hat.

Full story: http://www.accountancyage.com/aa/opinion/2203225/tuc-sabrerattling-over-tax-concerns

Bernard Matthews’ children lose High Court case

Private Client Adviser: The adopted children of businessman Bernard Matthews lost their case at the High Court yesterday (5 September 2012) in relation to the inheritance tax (IHT) liability they face on their late father’s villa in France. The turkey tycoon’s three children, whom he adopted with his wife Joyce, had argued that the £2m IHT bill on Villa Bolinha in the south of France that they inherited after his death in 2010 should be paid out of Matthews’ English estate.

Full story: http://www.privateclientadviser.co.uk/news/international/bernard-matthews%E2%80%99-children-lose-high-court-case

Labour plans wealth tax, and it won't be temporary

CityWire: Shadow chancellor Ed Balls has taken his lead from the Liberal Democrats and announced that Labour would introduce a permanent ‘wealth tax’ should the party be re-elected.

Full story: http://www.citywire.co.uk/money/labour-plans-wealth-tax-and-it-wont-be-temporary/a616105?

Boris attacks ‘misguided’ Lib-Dem plan for wealth tax

London Evening Standard: Boris Johnson today warned against introducing a wealth tax, claiming it would hit Londoners too hard. The Mayor waded in as shadow chancellor Ed Balls offered a deal with the Liberal Democrats to hit owners of high-value properties.

Full story: http://www.standard.co.uk/news/mayor/boris-attacks-misguided-libdem-plan-for-wealth-tax-8113199.html

HMRC targets higher rate taxpayers over late returns

Bytestart.co.uk: In the latest of a string of initiatives, HMRC has given higher rate taxpayers one month’s warning to complete any overdue tax returns, or face penalties of up to 100% of the amount of tax due.

Full story: http://www.bytestart.co.uk/hmrc-targets-higher-rate-taxpayers-over-late-returns.html?

Industry ‘horrified’ by Lib Dems threats to savings tax relief

IFAonline.co.uk: Industry experts are “horrified” that the Liberal Democrats are considering cutting tax relief on ISAs and pension contributions for the wealthy.

Full story: http://www.ifaonline.co.uk/ifaonline/news/2203093/industry-horrified-by-lib-dems-threats-to-savings-tax-relief?WT.rss_f=Home&WT.rss_a=Industry+%E2%80%98horrified%E2%80%99+by+Lib+Dems+threats+to+savings+tax+relief

Celebrities “regularly” dodge tax, says TUC

Accountancy Age: Celebrities and corporations frequently use complex tax arrangements in order to reduce their effective tax rate, according to a study by the Trades Union Congress.

Full story: http://www.accountancyage.com/aa/news/2202960/celebrities-regularly-dodge-tax-says-tuc?

Howard Kennedy FSI aims to take on Mishcons

Private Client Adviser: London-based law firm Howard Kennedy intends to increase its private client offering after its merger with Finers Stephens Innocent has been finalised. The two firms have signed heads 
of agreement with a view to merging under the name Howard Kennedy FSI by 1 November this year. Private client services will be one of Howard Kennedy FSI’s main focuses, with the combined firm claiming it 
“will become the pre-eminent legal advisers to entrepreneurs, wealthy individuals and families and their businesses and funders”.

Full story: http://www.privateclientadviser.co.uk/news/legal-practice/howard-kennedy-fsi-aims-take-mishcons