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