Final HMRC warning to Swiss bank account holders

Accountancy Live: British holders of Swiss-based bank accounts are being urged to pay any tax due, or face an HMRC probe and potential penalties of up to 150% of the taxes owed.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2386106

Private Client/Family Team of the Year: Harbottle & Lewis

Legal Week: Harbottle & Lewis sealed the prize for Private Client/Family Team of the Year after successfully proving to the judges that it has adapted its practice around this rapidly-evolving area of law. The firm has a strong traditional private client practice, covering areas such as divorce, private wealth and tax, as well as acting as the chosen advisers for several high net worth individuals including the Royal Family, David and Victoria Beckham, and Roman Abramovich.

Full story: http://www.legalweek.com/legal-week/news/2231850/private-client-family-team-of-the-year-harbottle-lewis?WT.rss_f=Home&WT.rss_a=Private+Client%2FFamily+Team+of+the+Year%3A+Harbottle+%26+Lewis

Tax evasion costs Greece 5 percent of GDP - EU tax chief

Reuters: Greece could generate budget revenues amounting to 5 percent of national output annually if it reforms tax collection and clamps down on tax cheats, the European Union's tax chief told a Greek newspaper.

Full story: http://uk.reuters.com/article/2012/12/16/uk-greece-taxation-idUKBRE8BE0C120121216

Fiscal cliff: Republican offered to 'increase tax rates'

The Telegraph: Republicans offered to increase tax rates on earners above $1m (£620,000), it has emerged, as talks with the White House continued over how to avoid America falling off the fiscal cliff.

Full story: http://www.telegraph.co.uk/news/worldnews/us-politics/9748544/Fiscal-cliff-Republican-offered-to-increase-tax-rates.html

Channel Islands rebuff UK's FATCA-style plans

LowTax.net: Jersey and Guernsey have released a joint statement indicating that they will not sign an enhanced Tax Information Exchange Agreement with British authorities unless the UK's proposed Foreign Account Tax Compliance Act (FATCA)-style initiative targets global adoption.

Full story: http://www.lowtax.net/asp/story/front/Channel_Islands_Rebuff_UKs_FATCAStyle_Plans____58771.html

Actor Depardieu hits back at French PM over tax exile

Reuters: Actor Gerard Depardieu, accused by French government leaders of trying to dodge taxes by buying a house over the border in Belgium, retorted that he was leaving because "success" was now being punished in his homeland.

Full story: http://uk.reuters.com/article/2012/12/16/uk-france-depardieu-exile-idUKBRE8BF05H20121216

Nomadic millionaires value quality of life, family over business interests: RBC study

AdvisorOne: A global, nomadic approach to personal and professional life is a key factor to the success of millionaires around the world.

Full story: http://www.advisorone.com/2012/12/10/nomadic-millionaires-value-quality-of-life-family

Finance Bill 2013 confirms statutory residency changes

Accountancy Live: The government has published draft legislation for Finance Bill 2013 and a tax policy update outlining key proposals including introduction of a GAAR, rules for above the line R&D credit and new residency and domicile rules.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2384826&BV_SessionID=@@@@2021363771.1355236752@@@@&BV_EngineID=cccgadfiielflhlcflgceggdfnfdgfh.0&channelId=-601049

Fernando Torres faces £2m tax bill over Twilight film scheme

CityWire: Footballer Fernando Torres could be hit with a £2 million tax bill for investing in a scheme that helped fund the Twilight films.

Full story: http://citywire.co.uk/wealth-manager/fernando-torres-faces-2m-tax-bill-over-twilight-film-scheme/a644809?ref=wealth-manager-latest-news-list

London’s luxury home market tumbles as tax rules tightened

London Loves Business: London’s £2m-plus property market has been hit hard by tax changes announced earlier this year. According to an industry survey, compiled by the Financial Times, the number of homes purchased by offshore companies has been all but “wiped out” since the March budget.

Full story: http://www.londonlovesbusiness.com/property/london-property-prices/4183.article?

Coutts: ‘Million pound’ donations up, total value down

Private Banker International: A record 232 separate 'million pound or more' philanthropic donations were made by charities, trusts and corporations in the UK in the past 12 months, Coutts' Million Pound Donor Report has found.

Full story: http://www.privatebankerinternational.com/news/coutts-million-pound-donations-up-total-value-down/

Bond Dickinson to target international growth post-merger

The Lawyer: Bond Pearce and Dickinson Dees are aiming to produce an international strategy within the next 12-18 months following the firms’ decision to merge.

Full story: http://www.thelawyer.com/bond-dickinson-to-target-international-growth-post-merger/1015947.article

Channel Islands surrender client confidentiality to UK 'son of Fatca'

CityWire: The UK is exploiting the widespread adoption of the US Foreign Account Tax Compliance Act (Fatca) rules on tax information sharing with plans to launch its own version, effectively ending client tax anonymity across UK dependencies.

Full story: http://www.citywire.co.uk/wealth-manager/channel-islands-surrender-client-confidentiality-to-uk-son-of-fatca/a640042?ref=wealth-manager-industry-news-list

US Republicans want to move beyond tax rate fight on the wealthy

Reuters: Conservatives have no choice but to give into White House demands on higher tax rates for the wealthy, if the fiscal debate is to move to their main goal, overhauling big government benefits programs, several Republicans said on Sunday.

Full story: http://uk.reuters.com/article/2012/12/09/usa-fiscal-sundayshows-idUKL1E8N90VM20121209?rpc=401&feedType=RSS&feedName=governmentFilingsNews

Tax avoidance schemes 'utterly immoral', says Hodge

BBC News: Tax avoidance schemes, such as the one used by comedian Jimmy Carr, are "completely and utterly immoral", Margaret Hodge, chair of the Public Accounts Committee (PAC), has said.

Full story: http://www.bbc.co.uk/news/business-20624848

Bond Pearce and Dickie Dees seal merger to create Bond Dickinson

Legal Week: Partners from Bond Pearce and Dickinson Dees have voted through a merger under the name Bond Dickinson, creating a £95m firm with offices in eight UK locations.

Full story: http://www.legalweek.com/legal-week/news/2230536/bond-pearce-and-dickie-dees-confirm-merger-under-name-of-bond-dickinson?WT.rss_f=Law+firms&WT.rss_a=Bond+Pearce+and+Dickie+Dees+seal+merger+to+create+Bond+Dickinson

Dickinson Dees and Bond Pearce to merge

Managing Partner.com: Partners at UK law firms Dickinson Dees and Bond Pearce voted today to merge their firms. The new top-40 UK law firm will launch on 1 May 2013. Dickinson Dees currently ranks at 58 and Bond Pearce at 57, by turnover.

Full story: http://www.managingpartner.com/news/business-strategy/dickinson-dees-and-bond-pearce-merge?

EC gets tough on £800bn tax evasion and avoidance

Accoutancy Live: The European Commission has issued a plan to clamp down on the estimated one trillion euros (£800bn) lost to tax evasion and avoidance every year across the EU.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2374716

Most tax scams not caught through DOTAS – HMRC

Accountancy Age: The majority of tax-dodging arrangements are not caught by the taxman through the disclosure of tax avoidance schemes (DOTAS), according to HM Revenue & Customs' director-general.

Full story: http://www.accountancyage.com/aa/news/2230482/most-tax-scams-not-caught-through-dotas-hmrc?

UK and IoM to exchange tax information to cut evasion

Accountancy Live: The government is to sign a tax information sharing agreement with the Isle of Man which will provide HMRC with a range of additional information about potentially taxable income in Manx bank accounts.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2374719

European Commission’s action plan to fight tax fraud/ evasion

ICAEW: The EC yesterday published an action plan to fight tax fraud and tax evasion, which is a real opportunity to discuss a more effective, consistent and fair approach to corporate and personal tax across Europe. 

Full story: http://www.ion.icaew.com/MoorgatePlace/25899?

Swiss banking: Treaty to crackdown on Britain’s tax evaders

The Independent: It is the largest tax-evasion settlement in history, according to George Osborne, who fleshed out a treaty with Switzerland which will ensure, he said, “that for the first time in our history money will be flowing from bank  accounts in Switzerland to Britain rather than the other way around”.

Full story: http://www.independent.co.uk/news/uk/home-news/swiss-banking-treaty-to-crackdown-on-britains-tax-evaders-8386852.html

AS2012: Personal tax round-up

Accountancy Age: The Chancellor made several changes to personal tax as he sought to reduce reliance on benefits among the country's poorest, while maintaining the support of grassroots Conservatives and attracting investors to the UK.

Full story: http://www.accountancyage.com/aa/news/2229990/as2012-personal-tax-roundup?

Stamp duty avoidance doubles for £2m+ homes

Accoutancy Live: Stamp duty avoidance schemes have doubled since the Treasury hiked the rate for properties worth over £2m in March, research reveals.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2370911&BV_SessionID=@@@@1205562471.1354615727@@@@&BV_EngineID=ccceadfihikkmfecflgceggdfnfdgfh.0&channelId=-601049

HMRC uses covert credit checks in evasion hunt

Accountancy Live: Around 20,000 people will have their credit files covertly checked under a tax evasion crackdown, HMRC has revealed.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2370912&BV_SessionID=@@@@1205562471.1354615727@@@@&BV_EngineID=ccceadfihikkmfecflgceggdfnfdgfh.0&channelId=-601049

Over a third of UK’s richest are in south east

CityA.M.: Over a third of the UK’s wealthiest households are located in London and the south east, according to a data set released by the Office for National Statistics (ONS) yesterday.

Full story: http://www.cityam.com/latest-news/over-third-uk-s-richest-are-south-east

Coutts hires Lord Waldegrave and ex-UBS private equity head

Citywire: Coutts has appointed Lord Waldegrave of North Hill and Francesca Barnes to its board of directors, to act as senior ambassadors and provide expertise for the firm’s UK business.

Full story: http://citywire.co.uk/wealth-manager/coutts-hires-lord-waldegrave-and-ex-ubs-private-equity-head/a639494?ref=wealth-manager-home1-list

Where high earners can still get 98pc tax relief and guaranteed gains

The Telegraph: While the squeezed middle are targeted by HM Revenue & Customs (HMRC), high earners can still get 98pc tax relief and guaranteed gains from a relatively new and little-known shelter intended to encourage investment in small companies.

Full story: http://blogs.telegraph.co.uk/finance/ianmcowie/100021654/?

HMRC given fresh powers to tackle ‘cowboy’ tax advisers

FT Adviser: HM Revenue & Customs is to be given a range of new powers to issue sanctions against “cowboy” tax advisers that promote aggressive tax avoidance schemes, as chancellor George Osborne announces a fresh crackdown on evasion ahead of the Autumn Statement.

Full story: http://www.ftadviser.com/2012/12/04/regulation/regulators/hmrc-given-fresh-powers-to-tackle-cowboy-tax-advisers-GzIOBdDNvrhyH0gaKgN9hP/article.html?

UK FATCA to get tough on tax-lite islands

Accountancy Live: UK Crown dependencies Jersey, Guernsey and the Isle of Man, as well as the British Virgin Islands and the Cayman Islands, have met UK government officials to thrash out details for an enhanced exchange of information.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2370908&BV_UseBVCookie=yes&channelId=-601049

Castle Howard painting at centre of CGT dispute

Private Client Adviser: A dispute over whether a £9.4m painting from Castle Howard should be exempted from capital gains tax has reached London’s High Court.

Full story: http://www.privateclientadviser.co.uk/news/tax/castle-howard-painting-centre-cgt-dispute

Forget mansion tax…..get ready for garden tax

Citywire: The Liberal Democrat’s plans for a mansion tax may have been vetoed by David Cameron, but property size still matters as HM Revenue & Customs is looking to levy more tax against homeowners with big gardens.

Full story: http://www.citywire.co.uk/new-model-adviser/forget-mansion-tax-get-ready-for-garden-tax/a639360?ref=new-model-adviser-todays-news-list

HMRC gets extra £77m to tackle avoidance

Accountancy Live: In a bid to help the taxman fight multi-billion pound multinational corporations, Chancellor George Osborne today announced that he would provide an additional £77m a year for two years to fund HMRC staff efforts in tackling tax-avoiding companies.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2365881

Lord Oakeshott: One rule for the rich and one for the poor

The Telegraph: Former Liberal Democrat Treasury spokesman Lord Oakeshott says he does not think the Tories will tax the rich properly but will target the poor.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9717309/Lord-Oakeshott-One-rule-for-the-rich-and-one-for-the-poor.html

Osborne in new tax raid on wealthy

The Sunday Times: George Osborne is preparing to launch a raid on the pension benefits of high earners in his autumn statement as part of a deal with the Liberal Democrats to squeeze the rich. The chancellor has succumbed to pressure from Nick Clegg to tax the incomes of the better off as the price for keeping the benefits bill under control.

Full story: http://www.thesundaytimes.co.uk/sto/news/Politics/article1170477.ece