Thursday 26 July 2012

STEP publishes ‘five point plan’ to combat tax evasion

International Adviser:  A body representing tax practitioners around the world has drawn up a “five point programme” aimed at combating abusive tax avoidance. The Society of Trust and Estate Practitioners said its programme aims to assist national tax collectors in their fight against those intentionally avoiding tax and those who help them to do so.

Full story: http://www.international-adviser.com/news/tax---regulation/step-publishes-five-point-plan-to-combat-tax

Wednesday 18 July 2012

Tax avoidance: HMRC could gain billions as court rules against 'artificial' scheme

The Telegraph:  The Government could gain billions of pounds in tax revenues after the Appeal Court declared an avoidance scheme invalid.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9409219/Tax-avoidance-HMRC-could-gain-billions-as-court-rules-against-artificial-scheme.html

Tuesday 17 July 2012

Inheritance Tax: Simplifying Charges on Trusts - Public consultation

CIOT:  The CIOT invites comments on this consultation which explores possible options for simplifying the calculation of the IHT periodic and exit charges on trusts that hold or dispose of relevant property.

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

Family inheritance disputes jump 19% as estates fall in value in recession

Hugh James Solicitors: The number of inheritance disputes issued out of the High Court in London jumped 19% last year, as family members fought each other in court to win a share of recession-hit family estates, according to statistics we've recently obtained.

Full story: http://www.hughjames.com/news_centre/news_library/2012/july/family_inheritance_disputes.aspx

Wealthy clients the target of Goldman’s new private bank

Evening Standard: Goldman Sachs is setting up a private bank to target wealthy clients around the world, a sign of how tough it is at the moment to make money from traditional Wall Street activities.

Full story: http://www.standard.co.uk/business/business-news/wealthy-clients-the-target-of-goldmans-new-private-bank-7952972.html

HMRC wins case against PwC tax avoidance scheme

Accountancy Live: HMRC has won its case against a multi-million pound tax avoidance scheme promoted by PwC.  The Court of Appeal heard how PwC advised Howard Schofield of a tax avoidance scheme where he might defer or avoid capital gains liability by the creation of an allowable capital loss.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2200759

Monday 16 July 2012

BBC to be quizzed on employees who minimise tax

The Independent: BBC executives will today be quizzed over the "multitude of different ways" their employees, including presenters, pay less tax.

Full story: http://www.independent.co.uk/news/media/tv-radio/bbc-to-be-quizzed-on-employees-who-minimise-tax-7945437.html

Spain tightens tax noose for expats

QROPS.net: Expats in Spain can expect a tax crackdown on earnings from overseas investments.
The Hacienda – the Spanish government’s revenue service – is following the lead of the US and UK in urging taxpayers to declare any income from abroad.
Full story: http://www.qrops.net/spain-tightens-tax-noose-for-expats/?

The owners of homes abroad fight legality of new tax plans

The Independent: You could almost hear the shouts of pain from wealthier Britons when French President François Hollande announced plans to hit foreigners with holiday homes with massive tax hikes. However, a question mark hangs over whether the proposals can even become law.

Full story: http://www.independent.co.uk/money/tax/the-owners-of-homes-abroad-fight-legality-of-new-tax-plans-7944153.html

Taxman "unconscionable" over late tax filing

Accountancy Age: A tribunal finds the taxman acted unreasonably in fining a taxpayer after a dispute over paper and online tax returns.

Full story: http://www.accountancyage.com/aa/news/2191711/court-sides-with-taxpayer-in-late-filing-ruling

Associate hire strengthens TLT's Tax and Estate Planning team

TLT: National law firm TLT has hired Anna Parker as an associate in the Tax and Estate Planning team.  Anna joins from Burges Salmon where she was an associate in the private client and wealth structuring team specialising in international trusts and tax planning.

Full story: http://www.tltsolicitors.com/about_tlt/news/anna_parker

Saturday 14 July 2012

Queen's bankers deny breach in security

Yahoo news: The Queen's bankers Coutts have been forced to issue a statement denying that the confidentiality of hundreds of wealthy European customers has been put at risk.

Full story: http://uk.news.yahoo.com/queens-bankers-deny-breach-security-191515345--finance.html

Tuesday 10 July 2012

HMRC execs in TV, press spotlight for alleged links to tax-avoiding firms

International Adviser: Two top officials at HM Revenue & Customs are being linked to companies that have sought to use offshore structures to avoid UK tax, or advised clients on stamp duty avoidance.

Full story: http://www.international-adviser.com/news/uk/hmrc-execs-in-tv-press-spotlight-for-alleged

Monday 9 July 2012

New partner: Catherine Elliott at Clarke Willmott

Law Society Gazette: Catherine Elliott is now partner to help grow the private client practice in the Birmingham office at Clarke Willmott. Catherine Elliott was previously managing partner at Hadens, where she worked for 16 years.

Full story: http://www.lawgazette.co.uk/movingon/new-partner-catherine-elliott-clarke-willmott

STEP chief executive backs Izza in quarrel over ‘aggressive’ tax avoidance

Tax Journal: Some tax avoidance schemes ‘undoubtedly’ fail the test of fairness, and reputable professionals should recognise the changing tax environment when they advise clients, the chief executive of the Society of Trust and Estate Practitioners (STEP) said yesterday.

Full story: http://www.taxjournal.com/tj/articles/step-chairman-backs-icaew-chief-quarrel-over-%E2%80%98aggressive%E2%80%99-tax-avoidance-49311

HMRC to net more than £800k in evasion case

Accountancy Age: Property millionaire Michael Shanly has been ordered to pay more than £800,000 to the Revenue after he pleaded guilty to tax evasion.


Full story: http://www.accountancyage.com/aa/news/2189630/hmrc-net-gbp800k-evasion

HMRC convicts UK millionaire using stolen data

Private Banker International: The UK tax regulator, HMRC, has secured its first conviction using data linked to the theft of clients’ accounts from HSBC Private Bank in Switzerland in March 2010.


Full story: http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2012/pbi-286/hmrc-convicts-uk-millionaire-u.aspx

Thursday 5 July 2012

French to tax foreign second-home owners

BBC News: UK citizens who own homes in France may have to pay substantially more in tax in that country, under proposals announced on Wednesday.

Full story: http://www.bbc.co.uk/news/business-18722065

Hollande unveils 7bn-euro tax rise for rich and firms

BBC News: French President Francois Hollande has announced plans to raise taxes on businesses and the richest households by 7.2bn euros (£5.8bn; $9bn).

Full story: http://www.bbc.co.uk/news/business-18705834

Offshore tax dodger to repay £800k, court orders

Accountancy Live: A property developer, who closed a secret Swiss bank account to avoid detection, has pleaded guilty and been ordered to pay fines and compensation totalling £830,000.


Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2194337

Wednesday 4 July 2012

Offshore warning for expats in Spain

The Telegraph:  A Spanish government clampdown on tax evasion could hit expats who have undeclared offshore accounts.


Full story:
http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/9372386/Offshore-warning-for-expats-in-Spain.html

Middle-class taxpayers to be offered partial amnesty if they own up to undeclared income

This is Money: Middle-class taxpayers are to be offered a partial amnesty if they settle their unpaid bills before October. Higher-rate taxpayers who have not yet completed their self-assessment forms will be given three months to declare any untaxed income they have earned before 2010.

Full story: http://www.thisismoney.co.uk/news/article-2168169/Middle-class-taxpayers-offered-partial-amnesty-undeclared-income.html

Monday 2 July 2012

ICAEW chief denounces promoters of abusive tax avoidance schemes

Tax Journal: There is ‘no place’ in the accountancy profession for the creation or maintenance of tax avoidance schemes such as those detailed in the recent ‘Secrets of the tax avoiders’ series published in The Times, the CEO of the Institute of Chartered Accountants in England and Wales has declared.

Full story: http://www.taxjournal.com/tj/articles/icaew-chief-denounces-promoters-abusive-tax-avoidance-schemes-48881

Tony Blair insists that he does not avoid paying tax

Here is the City:  Tony Blair has admitted taking advice from accountants on establishing a company structure that keeps his business affairs confidential, but insists he does not avoid tax.

Full story: http://hereisthecity.com/2012/07/01/tony-blair-insists-that-he-does-not-avoid-paying-tax/?

Coutts appoints Armando Rosselli as Head of Tax & Wealth Structuring

Coutts: Coutts is pleased to announce the appointment of Armando Rosselli as Executive Director, Head of Tax & Wealth Structuring (TWS) International, effective 2 July 2012. Mr Rosselli will be London-based and will report to Steve Griffiths, Managing Director and Head of Tax & Wealth Structuring, who joined Coutts to manage the team last month.

Full story: http://www.coutts.com/news-and-insights/press-releases/2012/coutts-appoints-armando-rosselli/

Tax affairs of England cricket team investigated

Accountancy Age: Member of the England cricket team could face an investigation by the taxman amid allegations they could be exploiting a loophole to mitigate their tax liabilities.

Full story: http://www.accountancyage.com/aa/news/2188400/tax-affairs-england-cricket-team-investigated

Top tax adviser joins Rothschild

Campden Family Business: Paul Stibbard, a top tax specialist, has joined Rothschild Trust, the wealth structuring arm of Rothschild Wealth Management.
Stibbard is generally regarded as one of the top tax lawyers in Europe, having worked as a partner at the US law firm Baker & McKenzie since 1988.
Full story: http://campdenfb.com/article/top-tax-adviser-joins-rothschild