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?