IRS announces efforts to 'help' US taxpayers overseas

LowTax: The United States Internal Revenue Service (IRS) has announced a plan to help US citizens residing overseas catch up with tax filing obligations, and also provide assistance for people with foreign retirement plan issues.

Full story: http://www.lowtax.net/asp/story/front/IRS_Announces_Efforts_To_Help_US_Taxpayers_Overseas____56127.html

Jersey threatens to break with UK over tax backlash

The Guardian: Island should be ready to become independent, says senior minister after political attacks on finance industry

Full story: http://www.guardian.co.uk/uk/2012/jun/26/jersey-threatens-independence-tax-backlash

CIoT president urges challenge to “dodgy” tax scheme promoters

Accountancy Age: The promotion and mis-selling of tax schemes with no real prospect of working should be challenged, according to the president of the Chartered Institute of Taxation.

Full story: http://www.accountancyage.com/aa/news/2187734/ciot-president-urges-stronger-challenge-dodgy-tax-promoters

EU to introduce cross border tax identification number

Private Banker International: The EU is to create a European cross border tax identification number to tackle tax fraud and evasion, a European Commission (EC) report suggested.


Full story: http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2012/pbi-285/eu-to-introduce-cross-border-t.aspx

Backlash over PM's 'mistake' as Jimmy Carr tax story spirals

The Week: David Cameron is facing the fall-out from his controversial decision to publicly criticise comedian Jimmy Carr as "morally wrong" for using a legal tax avoidance scheme.

Full story: http://www.theweek.co.uk/uk-news/tax-avoidance/47597/backlash-over-pms-mistake-carr-tax-story-spirals

New statutory residence rules miss their own goals

PKF Accountants: The Government's latest proposals to help individuals self-assess their tax residence status are overly complex involving over 60 pages of legislation warn PKF accountants and business advisers.

Full story: http://www.pkf.co.uk/pkf/news/taxation/new_statutory_residence_rules_miss_their_own_goals&goto=5

Fergie and Sven tax plan could backfire

CityWire: Manchester United manager Alex Ferguson (pictured) and former England manager Sven Goran Eriksson could be forced to pay more tax than they sought to avoid through an ‘aggressive’ tax scheme, as part of a HM Revenue & Customs (HMRC) clampdown.

Full story: http://citywire.co.uk/wealth-manager/fergie-and-sven-tax-plan-could-backfire/a598987?ref=wealth-manager-latest-news-list

APAC millionaires overtake North America

Private Banker International: Asia-Pacific (APAC) is now home to the highest number of millionaires’ in the world, overtaking a declining North America. According to the RBC and Capgemini 2012 World Wealth Report (WWR), 3.37m high net worth individuals (HNWIs) live in APAC, 20,000 more than in North America and a 1.6% increase on 2010.

Full story: http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2012/pbi-285/apac-millionaires-overtake-nor.aspx

Rich parents reluctant to leave wealth to children

Campden Family Business: Many wealthy baby boomers are considering not leaving their children an inheritance in favour of giving their money to charity. That’s one of the findings of research by US Trust, part of the global wealth and investment management unit of Bank of America, which looked at 642 Americans with at least $3 million (€2.36 million) in investible assets and found big variations in how different generations view wealth transfer.

Full story: http://www.campdenfb.com/article/rich-parents-reluctant-leave-wealth-children

Basic tax 'could be cut by 2p' if avoidance ended

BBC News: The basic rate of tax could be cut by at least 2p if individuals paid more of what they owed, Chief Secretary to the Treasury's Danny Alexander has said.

Full story: http://www.bbc.co.uk/news/uk-18570661

Minister says HMRC 'on the case' on tax avoidance

BBC News: A Treasury minister has defended HMRC efforts to crack down on tax avoidance, but said there is still more to do.

Full story: http://www.bbc.co.uk/news/uk-politics-18508812

Tax avoidance scheme highlighted in newspaper probe

IFAonline: Thousands of rich people in the UK are paying 1% income tax using "below the raider" accounting methods, according to an investigation by The Times.

Full story: http://www.ifaonline.co.uk/ifaonline/news/2185265/tax-avoidance-scheme-highlighted-newspaper-probe

UK welcomes French high net worths

Money Observer: The arrival of François Hollande in the Élysée Palace is expected to trigger the departure from France of a number of French high net worths seeking refuge from the anticipated increase in French tax. London already has a large and well-established French community and offers an attractive destination for French nationals looking to relocate.


Full story: http://www.moneyobserver.com/news/12-06-19/uk-welcomes-french-high-net-worths?

The tax return evidence that 'shocked' George Osborne

BBC News: The Treasury has released a copy of the illustrative examples which left George Osborne "shocked" about wealthy tax avoidance and led him to introduce his since-abandoned plans to cap tax relief on charitable donations.

Full story: http://www.bbc.co.uk/news/uk-politics-18434832

Grant Thornton recruits new Director to continue to grow Private Client Team

myintroducer.com: Business and financial adviser Grant Thornton UK LLP has appointed Andrew 
Cockman as a National Director who will be particularly focusing on growing the Entrepreneurial 
& Private Client team across the UK.

Full story: http://www.myintroducer.com/view.asp?ID=10188

Rich hold 10% of wealth in treasure assets

Campden FO: High net worth individuals globally hold an average of about 10% of their wealth in treasure assets, with jewellery proving most popular.

Full story: http://www.campdenfo.com/article/rich-hold-10-wealth-treasure-assets

Liechtenstein tax scheme to yield £3bn, HMRC says

BBC News: The UK tax authorities now expect to raise £3bn from tax dodgers who have hidden their wealth in Liechtenstein.

Full story: http://www.bbc.co.uk/news/business-18406879

Treasury loses billions as 5,000 homes use tax loopholes

Accountancy Live: Around £25bn of multi-million pound homes - held through offshore and other corporate structures - are allowing their owners to avoid UK taxes.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2169848&BV_SessionID=@@@@1361956801.1339414588@@@@&BV_EngineID=ccceadfgmgkeidmcflgceggdfnfdgfh.0&channelId=-601049

Scotland to set up its own Revenue

Accountancy Age: The Scottish Parliament has announced it is to set up its own tax agency called Revenue Scotland, which will be responsible for the collection of taxes levied by the Scottish government.

Full story: http://www.accountancyage.com/aa/news/2182863/scotland-set-revenue

SDLT changes will mean £2m properties disappear from market

Private Client Adviser: Homes around the £2m mark are likely to disappear from the market as a result of government changes to stamp duty land tax (SDLT) for high-value property ownership, says law firm Boodle Hatfield.

Full story: http://www.privateclientadviser.co.uk/news/property/sdlt-changes-will-mean-%C2%A32m-properties-disappear-market

Maggs leaves Grant Thornton for law firm

Accountancy Age:  Chartered tax advisor Stuart Maggs has left Grant Thornton to take a partner position at solicitors Howes Percival.

Full story: http://www.accountancyage.com/aa/news/2178537/maggs-leaves-grant-thornton-law-firm

Annual charge on high value properties: consultation

Tax Journal: The government is consulting on a new annual charge on residential properties valued over £2m owned by certain ‘non-natural’ persons, and a proposed extension of capital gains tax to the disposal by non-resident, non-natural persons of residential property for more than £2m.


Full story: http://www.taxjournal.com/tj/articles/annual-charge-high-value-properties-consultation-47571

Tax tribunals see growing backlog

Accountancy Live: Over 20,000 tax disputes are waiting to be heard by the government’s new tribunal system, Ministry of Justice (MoJ) figures reveal.


Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2173724&BV_SessionID=@@@@1082626290.1339057887@@@@&BV_EngineID=cccgadfgmdfdiiicflgceggdfnfdgfg.0&channelId=-601049

Deloitte adds 63 in bumper partner round

City A.M.: Business services firm Deloitte yesterday announced its latest round of promotions, with 63 new partners taking up roles from the beginning of this month.


Full story: http://www.cityam.com/latest-news/deloitte-adds-63-bumper-partner-round