Mills & Reeve: We're pleased to announce the promotion of three associates in key target sectors including Virginia Edgecombe, a private tax specialist based in Norwich. Virginia joined Mills & Reeve in 2003 from the City firm Travers Smith Braithwaite.


Full story: http://www.mills-reeve.com/new_partners/

CIOT reaches 16,000 member milestone

CIOT: The Chartered Institute of Taxation (CIOT) has announced that it now has more than 16,000 members. This means the Institute’s membership has doubled in the last 21 years.


Full story: http://www.tax.org.uk/media_centre/LatestNews-migrated/CIOT_16000_member

Family team expands with appointment of partner Emily Brand

Winckworth Sherwood: City Law firm Winckworth Sherwood continues to expand its Family team with the appointment of partner Emily Brand.  Previously a director at a boutique matrimonial firm where she worked on a number of high profile and reported cases, Emily joined Winckworth Sherwood’s Family team on 22 May.


Full story: http://www.wslaw.co.uk/knowledge-centre/ws-law-news/news-article/1101/family-team-expands-with-appointment-of-partner-emily-brand

Walmart heiresses dominate female billionaire list

Family Wealth Report: With a net worth of $29.8 billion and $28.2 billion respectively, Walmart heiresses Alice Walton and Christy Walton have secured first and third place respectively among the world’s female billionaires list, according to new figures from Wealth-X.


Full story: http://www.familywealthreport.com/article.php?title=Walmart_Heiresses_Dominate_Female_Billionaire_List_&id=46729

Call over inheritance tax rebate

Press Assocation: Thousands of Britons may have paid more inheritance tax (IHT) on residential property than they should have, according to new figures.


Full story: http://www.google.com/hostednews/ukpress/article/ALeqM5i_AVlwhf0iFwYBz_bCT9B8tjGTIQ?docId=N0354661338118074660A

Saffrey Champness: Top 20 accountancy firm Saffery Champness has announced the appointment of James Hender as partner in the London office. James joins the firm’s well-known Private Wealth & Estates Group firm from Smith & Williamson, where he spent nine years advising high net worth clients on a wide range of issues. 


Full story: http://www.saffery.com/index.php?go=news,press&release=209

New tax and spending calculator launched by government

BBC News: The government has launched an online service allowing people to check how their income tax and national insurance are spent.


Full story: http://www.bbc.co.uk/news/business-18233072

BBC under pressure to reveal how many of its top stars are exploiting tax loophole

This is Money: The BBC was last night under intense pressure to reveal how many of its stars are channelling their pay through private companies. MPs accused the corporation yesterday of paying senior figures ‘off-payroll’ – meaning they can potentially cut their tax bills by thousands of pounds a year.

Full story: http://www.thisismoney.co.uk/money/news/article-2149144/BBC-pressure-reveal-stars-exploiting-tax-loophole.html

Reduce red tape American-style, HMRC told

Taxation: The Revenue should follow the example of its American counterpart to reduce the compliance responsibilities placed on taxpayers, according to a senior tax partner at a leading firm of accountants.


Full story: http://www.taxation.co.uk/taxation/Articles/2012/05/24/40311/reduce-red-tape-taxpayers-hmrc-told

Calls for single 30% income tax rate

BBC: A single 30% rate of income tax is needed in order to boost growth in the UK, a report by lobbying groups says.

Full story: http://www.bbc.co.uk/news/business-18137548

Coutts cuts 20% of front office in RDR restructure

CityWire: Up to 20% of Coutts’ front line staff are facing redundancy, following the bank’s decision to place a greater emphasis on wealth management in the run-up to the retail distribution review (RDR).


Full story: http://www.citywire.co.uk/wealth-manager/coutts-cuts-20-of-front-office-in-rdr-restructure/a589649?ref=wealth-manager-latest-news-list

Tax pros 'should stick up for the system'

Taxation: Tax professionals should be willing to defend tax rules when they're wrongly criticised, according to Patrick Stevens, the new president of the Chartered Institute of Taxation (CIOT).


Full story: http://www.taxation.co.uk/taxation/Articles/2012/05/17/39431/be-ready-defend-system-says-ciot-head

HNW maintain their trust in IFAs

FT Adviser: IFAs continue to be the most trusted source of advice for British millionaires, research by Skandia UK has revealed.

Full story: http://www.ftadviser.com/2012/05/16/ifa-industry/advisory-companies/hnw-maintain-their-trust-in-ifas-skandia-SxQOcQJIeoN9R0seHVMIoJ/article.html

Facebook founder renounced US citizenship to escape tax net

STEP Journal: It has emerged that Eduardo Saverin, one of the founders of Facebook, is one of thousands of wealthy Americans who have recently renounced citizenship in order to avoid the country's international taxation regime.


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

Barclays boosts HNW arm with Coutts and Citigroup hires

CityWire: Barclays has bolstered its high net worth team with hires from Coutts and Citigroup.


Full story: http://citywire.co.uk/wealth-manager/barclays-boosts-hnw-arm-with-coutts-and-citigroup-hires/a589150?ref=wealth-manager-latest-news-list

Finers Stephens Innocent promotes 3 new partners

Finers Stephens Innocent: Finers Stephens Innocent is delighted to announce the promotion of three of its associates to partnership from 1st May 2012 including John Annetts, Partner, Private Client.


Full story: http://www.fsilaw.com/news-media/news/84-fsi-promotes-3-new-partners/

London property searches soar

City A.M.: Financial and political turmoil in southern Europe caused a surge of interest in London property last month with buyers from Greece and Spain showing strongly among investors seeking a safe haven for their money.


Full story: http://www.cityam.com/latest-news/london-property-searches-soar

Taylor Wessing makes up six new partners across UK and Germany

Legal Week: Taylor Wessing has announced its annual partner promotions for its UK and German arms, with the firm making up six new partners including one in the City.  Mustafa Hussain, a corporate lawyer with a special focus on private wealth and the Middle East, has become the only new partner in the London office in this year's round, with employment and immigration specialist Charlie Pring becoming a senior counsel.


Full story: http://www.legalweek.com/legal-week/news/2173563/taylor-wessing-makes-partners-uk-germany?WT.tsrc=Email&WT.mc_id=694&utm_source=Newsletters&utm_medium=Email&utm_campaign=LW_Daily

The Lawyer: Payne Hicks Beach has brought in Robert Brodrick as a partner to strengthen the firm’s private client department.

Full story: http://www.thelawyer.com/moves-sponsored-by-jlegalcom/1012455.article

Michelmores pays bonus to all staff after 5 per cent turnover rise

The Lawyer: Exeter-headquartered Michelmores is to pay all lawyers and staff a bonus equivalent to 3 per cent of their individual salaries after posting a 5 per cent rise in turnover to £19.2m.

Full story: http://www.thelawyer.com/michelmores-pays-bonus-to-all-staff-after-5-per-cent-turnover-rise/1012515.article

Higher rates scoop up 1m more taxpayers

Accountancy Live: More people are now paying higher tax rates than ever before. That’s the sobering news from HMRC, whose most recent forecast shows a staggering 4.1m are now caught in the higher rate tax trap.


Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2145477&BV_SessionID=@@@@1053482065.1336053184@@@@&BV_EngineID=ccchadfgjddfdiecflgceggdfnfdgfh.0&channelId=-601049

Speechly Bircham promotes two to partnership

Speechly Bircham:  Speechly Bircham is pleased to announce two promotions to partnership this year, effective 1 May 2012, bringing the number of partners in the firm to 86.  The appointments reinforce the firm’s strategy and business focus on the financial services and private wealth sectors amongst others.

Full story: http://www.speechlys.com/news/speechly-bircham-promotes-two-to-partnership

Coutts hires Credit Suisse wealth planning head

Citywire: Coutts has appointed former Credit Suisse managing director Steve Griffiths as head of tax and wealth structuring as it sees increased demand for tax and financial planning.

Full story: http://citywire.co.uk/wealth-manager/coutts-hires-credit-suisse-wealth-planning-head/a585957

Forsters sees turnover rise despite 'uncertain market'

The Lawyer:  Mayfair firm Forsters has posted a 13 per cent rise in turnover for the 2011-12 financial year.

Full story: http://www.thelawyer.com/1012427.article