US amnesty for Swiss banks now has at least 19 takers

STEP: Nineteen Swiss banks have now announced they are taking up the US Department of Justice's offer of immunity from prosecution.

Full story: http://www.step.org/us-amnesty-swiss-banks-now-has-least-19-takers

Britain's highest paid bankers in line for a £100m income tax cut after top rate drops to 45p

The Independent: Britain’s highest paid bankers are on course to receive an income tax cut of almost £100m this year following George Osborne’s decision to reduce the top rate from 50p to 45p.

Full story: http://www.independent.co.uk/news/business/news/britains-highest-paid-bankers-in-line-for-a-100m-income-tax-cut-after-top-rate-drops-to-45p-9023004.html

HMRC adopts online residence tool

Accountancy Age: An online tool has been launched to help people determine their residence status for tax purposes, HM Revenue & Customs has announced.

Full story: http://www.accountancyage.com/aa/news/2320315/hmrc-adopts-online-residence-tool?

Latest HMRC Trusts & Estates newsletter

ICAEW: HMRC has published the latest Trusts & Estates newsletter, aimed at trusts and estates practitioners.  

Full story: http://www.ion.icaew.com/TaxFaculty/post/Latest-HMRC-Trusts---Estates-newsletter-C7A25A2AB5434CB99EF780285A5BA0D0?

Boyes Turner pulls out of tripartite merger talks

The Lawyer: Reading-based Boyes Turner has pulled out of the tripartite merger talks with Blake Lapthorn and Morgan Cole.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/merger-watch/boyes-turner-pulls-out-of-tripartite-merger-talks/3014283.article

'Top ten' aim for new PKF UK network

Accountancy Age: Creating a ‘top ten' PKF-branded amalgam of UK practices is a key target for the international network.

Full story: http://www.accountancyage.com/aa/interview/2319808/top-ten-aim-for-new-pkf-uk-network?

Lawrence Graham and Wragges confirm merger creating £170m firm

Legal Week: Lawrence Graham and Wragge & Co are to merge, with the combined firm set to go live under the banner of Wragge Lawrence Graham & Co from 1 May 2014.

Full story: http://www.legalweek.com/legal-week/news/2318456/lawrence-graham-and-wragges-confirm-merger-creating-gbp170m-firm?utm_term=&utm_content=Lawrence%20Graham%20and%20Wragges%20confirm%20merger%20creating%20%C3%82%C2%A3170m%20firm&utm_campaign=News%20Alert%20-%2011%20December&utm_medium=Email&utm_source=Daily

Accountants approved to enter legal sector

Law Society Gazette: The Institute of Chartered Accountants in England and Wales (ICAEW) is set to be granted the power to license alternative business structures by the end of this week.

Full story: http://www.lawgazette.co.uk/practice/accountants-approved-to-enter-legal-sector/5039168.article?

David Cameron hints he wants to cut the top rate of income tax to 40 per cent

The Telegraph: David Cameron has revealed that he would ultimately like to cut the top rate of income tax to 40 per cent.

Full story: http://www.telegraph.co.uk/news/politics/10509537/David-Cameron-hints-he-wants-to-cut-the-top-rate-of-income-tax-to-40-per-cent.html

HMRC's 'expat' team recoups record tax from highly-paid foreign bankers and hedge fund managers

Pinsent Masons: The 'expat' team within HM Revenue and Customs (HMRC) took a record £121 million in additional tax from highly-paid foreign workers living in the UK last year, according to figures obtained by Pinsent Masons, the law firm behind Out-Law.com.

Full story: http://www.out-law.com/en/articles/2013/december/hmrcs-expat-team-recoups-record-tax-from-highly-paid-foreign-bankers-and-hedge-fund-managers/?

Criticism forces Treasury to postpone splitting of IHT nil-rate band

STEP: The 2014 Finance Bill will not include HMRC’s plan to split a single inheritance tax (IHT) nil-rate band among all trusts set up by an individual.

Full story: http://www.step.org/criticism-forces-treasury-postpone-splitting-iht-nil-rate-band

Latest new hire by Thrings reinforces integrated approach to clients

Thrings: Top law firm Thrings has further strengthened its offering to clients who have potentially complex needs around succession, estates and tax planning, with the recruitment of Partner, Victoria Smyth.

Full story: http://www.thrings.com/site/news_events/thrings_news/new_hire_victoria_smyth.html

Bring back 50% tax rate - Kinnock

BBC News: A future Labour government should reintroduce the 50% top rate of income tax, Lord Kinnock has said.

Full story: http://www.bbc.co.uk/news/uk-politics-25289743?

Swiss bank Valiant says will participate in U.S. tax probe

Reuters: Valiant Holding AG said it would come forward to work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts.

Full story: http://uk.reuters.com/article/2013/12/09/tax-switzerland-idUKWEB00FIX20131209?rpc=401&feedType=RSS&feedName=swissMktRpt&rpc=401

Mazars aims to double size in Scotland

Accountancy Age: Mazars intends to build on the recent acquisition of eight partners from RSM Tenon's former Edinburgh office by doubling its business in Scotland, the firm's Scotland managing partner has said.

Full story: http://www.accountancyage.com/aa/news/2317866/mazars-aims-to-double-size-in-scotland?

Autumn Statement: Capital gains tax on foreigners to be imposed from April 2015

The Independent: The Chancellor has launched what was quickly dubbed an “oligarch tax” by slapping capital gains tax on foreigners when  they sell UK properties.

Full story: http://www.independent.co.uk/news/business/news/autumn-statement-capital-gains-tax-on-foreigners-to-be-imposed-from-april-2015-8985525.html

AS 2013: Largest package of measures to tackle avoidance

Accountancy Live: George Osborne has announced the government is to clamp down on tax avoidance by business and those who embark on aggressive schemes in a personal capacity.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2861978

Smith & Williamson hires Morgan Stanley veteran as partner

CityWire: Smith & Williamson has appointed Morgan Stanley veteran Michael Pagliari as investment manager. Pagliari spent 27 years at Morgan Stanley, where he was an executive director since 2006 managing multi-asset class team advising private clients. During his earlier years at the firm he specialised in fixed interest and related products for institutional clients. Pagliari is the fourth partner to join the investment division in recent weeks. In his new capacity he will manage funds for private clients and acts as a trusted adviser to family offices and others in the ultra-high net worth sector.

Full story: http://citywire.co.uk/wealth-manager/smith-and-williamson-hires-morgan-stanley-veteran-as-partner/a722872?ref=wealth-manager-latest-news-list

New tax policy director for CIOT, ATT

Accountancy Live: The former president of CIOT, Patrick Stevens, has been appointed tax policy director by CIOT and the Association of Taxation Technicians (ATT).

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2861973

France says tax cheats come clean

BBC News: More than 8,500 French applicants have admitted to hiding funds abroad after a lower penalty for those who came forward was introduced.

Full story: http://www.bbc.co.uk/news/business-25183616

Slater & Gordon to acquire Pannone’s private client services

Private Client Adviser: Pannone has agreed to sell the majority of its consumer practice groups to Slater & Gordon, with the firm's remaining practice areas – particularly its business legal services – to continue under a new independent practice, Pannone Corporate.

Full story: http://www.privateclientadviser.co.uk/news/international/slater-gordon-acquire-pannone%E2%80%99s-private-client-services

'Why expats should care that UK IHT threshold is frozen till 2018:' Canada Life

International Adviser: UK residents with assets of more than £325,000 are not the only ones who might be concerned that the UK’s inheritance tax threshold is failing to keep pace with inflation: expats, for example, ought to be studying the matter as well.

Full story: http://www.international-adviser.com/news/tax---regulation/why-expats-should-care-that-uk?

Bermuda opts for tax transparency

ICAEW: Bermuda has formally signed an automatic exchange of tax information agreement with the UK.

Full story: http://economia.icaew.com/news/november-2013/bermuda-opts-for-tax-transparency

Blake Lapthorn, Boyes Turner and Morgan Cole explore three-way merger

The Lawyer: Blake Lapthorn, Boyes Turner and Morgan Cole are in talks over a three-way merger which would create a new top 40 UK firm with revenues closing in on £100m.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/merger-watch/blake-lapthorn-boyes-turner-and-morgan-cole-explore-three-way-merger/3013125.article?

Luxembourg, Liechtenstein, Colombia, Greece, Iceland and Malta commit to automatically sharing tax information

HMRC: Following the meeting of the Global Forum on Tax Transparency in Jakarta last week, Luxembourg, Liechtenstein, Colombia, Greece, Iceland and Malta have agreed to automatically share information on UK taxpayers with HM Revenue & Customs through the G5’s pilot initiative launched by the G5 on automatic exchange of tax information.

Full story: https://www.gov.uk/government/news/luxembourg-liechtenstein-colombia-greece-iceland-and-malta-commit-to-automatically-sharing-tax-information?

Mazars expands Birmingham tax practice

Insider Media: Accountancy firm Mazars has appointed a new partner to its tax practice in Birmingham, joining from Grant Thornton.

Full story: http://www.insidermedia.com/insider/midlands/103601-mazars-expands-birmingham-tax-practice

Living abroad and claiming non-UK residence: record keeping is essential

Smith & Williamson: Non-UK residents who visit the UK must keep careful records of the dates of their visits to this country, as demonstrated by two recent cases*.  The outcome of the cases was largely influenced by the quality of record keeping made by the individuals concerned. Taken together, just over £6millon of tax was in dispute.  [Rumbelow & Anor v. Revenue & Customs 2013 UK FTT 637, Glyn v. Revenue & Customs 2013, UK FTT 645].

Full story: https://www.smith.williamson.co.uk/news/6833-living-abroad-and-claiming-non-uk-residence-record-keeping-is-essential

Gibraltar Moves To Increase Tax Compliance

LowTax.net: Gibraltar signed an Intergovernmental Agreement (IGA) with the United Kingdom on November 21, 2013 to improve international tax compliance (FATCA).

Full story: http://www.lowtax.net/news/Gibraltar-Moves-To-Increase-Tax-Compliance_62832.html?

Bermuda and Montserrat latest in tax information deals

Accountancy Age: Bermuda and Montserrat are the latest overseas territories to sign up to tax information-sharing arrangements with the UK.

Full story: http://www.accountancyage.com/aa/news/2309236/bermuda-and-montserrat-latest-in-tax-information-deals?

Ultra rich worry about handing on wealth

Accountancy Live: The very richest families have misgivings about how the younger generation will manage the family money, and dealing with family dynamics is top of the agenda in planning for the future, according to research by Smith & Williamson.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2845822

Number of tax plans drops to record low level

City AM: The Treasury's crackdown on tax planning schemes appears to be paying off, with the number of new plans falling to the lowest level since records began nearly a decade ago. 

Full story: http://www.cityam.com/article/1385355121/number-tax-plans-drops-record-low-level

Isle of Man given top tax compliance rating by OECD

Accountancy Age: The OECD has rated the Isle of Man its top tax compliance rating after steps taken to increase its information disclosures to other OECD nations.

Full story: http://www.accountancyage.com/aa/news/2308944/isle-of-man-given-top-tax-compliance-rating-by-oecd?

Speechly opens in Paris with 11-strong team

Legal Week: Speechly Bircham has launched in Paris after hiring a four-partner team.  The Paris base is the firm's fourth new overseas office to open in just over two years.  The office will initially consist of four partners and seven associates and will focus on private client tax planning as well as corporate and litigation services for private equity investors and corporates. 

Full story: http://www.legalweek.com/legal-week/news/2308702/speechly-opens-in-paris-with-11-strong-team?wt.mc_ev=click&WT.tsrc=Email&utm_term=&utm_content=Speechly%20opens%20in%20Paris%20with%2011-strong%20team&utm_campaign=News%20Alert%20-%2025%20November&utm_source=Daily&utm_medium=Email

Gary Barlow flooded with tax avoidance questions during Twitter Q&A

The Independent: He may be head judge on The X Factor, but Barlow was in the stand himself last night when a Q&A to promote his new album became flooded with tax avoidance questions.

Full story: http://www.independent.co.uk/arts-entertainment/music/news/gary-barlow-flooded-with-tax-avoidance-questions-during-twitter-qa-8957196.html

Warning as HMRC changes tax rules for overseas whole of life

Accountancy Age: Non-domiciled UK clients holding whole of life insurance policies with a UK insurer may need further advice due to a change of view from HMRC, a provider has urged.

Full story: http://www.accountancyage.com/aa/news/2308676/warning-as-hmrc-changes-tax-rules-for-overseas-whole-of-life

Liechtenstein signs OECD's tax avoidance agreement

Accountancy Live: Liechtenstein and San Marino have signed up to the OECD's tax information sharing agreement, the Convention on Mutual Administrative Assistance in Tax Matters, which aims to increase international co-operation on the assessment and collection of tax in a bid to tackle tax avoidance and evasion.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2847213

Partner investment continues at Foot Anstey

Foot Anstey: Premier regional law firm Foot Anstey has continued its investment in recruiting top legal specialists with the arrival of two new partners at its rapidly growing Bristol office. Deborah Carrivick joins the firm from Burges Salmon where she has spent the last 15 years specialising in high value tax and trust work. She advises non-UK domiciled individuals on the income tax, capital gains tax and inheritance tax implications of being a UK resident and of owning assets in the UK and provides tax and estate planning advice to UK domiciled individuals. Deborah also provides trust advice to international trust companies and individuals, including drafting trust documentation, advising on general trust law issues and advising on products.

Full story: http://www.footanstey.com/news-a-articles/1989-partner-investment-continues-at-foot-anstey

Skandia: New HMRC non-dom IHT rules spark need for advice

IFA Online: Non-domiciled holders of whole-of life policies may no longer qualify for an exemption of inheritance tax under new HMRC rules, sparking the need for revised estate planning to avoid unexpected tax bills, Skandia has warned.

Full story: http://www.ifaonline.co.uk/ifaonline/news/2308294/skandia-new-hmrc-non-dom-iht-means-testing-sparks-need-for-further-advice?

HMRC targets tax avoiders in the southeast

Accountancy Live: HMRC is targeting potential tax avoiders in the south and south east looking at individuals and businesses using offshore accounts.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2836107

UK couple face £600k tax bill over residency status

Accountancy Live: A wealthy couple from Cheshire who left the UK for a new life abroad more than a decade ago have lost an appeal at the First Tier Tax (FTT) tribunal over their residency status, and now face a £600,000 bill for capital gains tax and income tax.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2836109

EY latest City firm to head to Canary Wharf

Daily Telegraph: Accountancy giant EY is to move to Canary Wharf for the first time, taking a prime slot in the new 25 Churchill Place building.

Full story: http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/10462748/EY-latest-City-firm-to-head-to-Canary-Wharf.html

Cuts affect HMRC's ability to operate tax system

Accountancy Live: The high staff turnover at HMRC due to cuts to the department’s expenditure budget is causing concern among practitioners.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2837515

Foreign property owners in line for CGT changes

Accountancy Live: Deputy Prime Minister Nick Clegg has signalled that the government is considering introducing capital gains tax (CGT) on the sales of UK homes by foreign owners in the upcoming Autumn Statement.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2837509

Wragges and Lawrence Graham prepare for £170m merger vote

The Lawyer: Lawrence Graham (LG) and Wragge & Co are in merger talks to create a £170m firm, partners were told today. 

Full story: http://www.thelawyer.com/news/wragges-and-lawrence-graham-prepare-for-170m-merger-vote/3012689.article?

Don't bash the mega-rich, you should be humbly grateful for their tax, says Boris

Evening Standard: Boris Johnson risked angering hard-pressed Londoners today by urging them them to stop “bashing” the mega-rich and instead be grateful for their financial contribution.

Full story: http://www.standard.co.uk/news/mayor/dont-bash-the-megarich-you-should-be-humbly-grateful-for-their-tax-says-boris-8946626.html

Swiss banks urged to come forward or risk U.S. prosecution

Reuters: The head of the U.S. Justice Department's tax division has warned that Swiss banks which do not come forward under a government-brokered programme risk prosecution over tax evasion by their U.S. customers.

Full story: http://uk.reuters.com/article/2013/11/17/usa-tax-switzerland-idUKL5N0J20C220131117?rpc=401&feedType=RSS&feedName=regulatoryNewsFinancialServicesAndRealEstate&rpc=401

Nick Clegg: people 'at the top' should fund tax cut

Daily Telegraph: Deputy Prime Minister Nick Clegg says he is urging his Tory coalition partners to impose a levy on Britain's "super wealthy" to fund a £1 billion tax giveaway for ordinary families

Full story: http://www.telegraph.co.uk/news/politics/nick-clegg/10455364/Nick-Clegg-people-at-the-top-should-fund-tax-cut.html

Liechtenstein to sign tax convention

Economia: Liechtenstein has announced that it will sign up to the OECD’s multilateral tax convention at next week’s global forum on transparency in Jakarta.

Full story: http://economia.icaew.com/news/november-2013/liechtenstein-to-sign-tax-convention

Two new partners for Saffery Champness

Saffrey Champness: Top 20 firm of chartered accountants Saffery Champness has appointed two new partners at its Manchester office as it prepares to strengthen its presence in Cheshire, Derbyshire and the North West following a period of sustained growth. Mike Hodges joins from Mazars where he was a partner heading up the regional tax team. His role at Saffery Champness will see him working closely with entrepreneurs and wealthy individuals advising on tax and tax planning. Catherine Desmond has been part of the team at Saffery Champness’ Manchester office since 2003 and is an active member of the firm’s Landed Estates Group. In her new position as partner she will play a leading role in the firm’s work with rural businesses and estates across Cheshire and Derbyshire.

Full story: http://www.saffery.com/news-and-events/press-releases/2013/15-nov-2013.aspx

Collas Crill opens office in London

Private Client Adviser: Two senior lawyers from Collas Crill are relocating as the offshore law firm opens its fourth office.  Consultant Edward Stone, who specialises in trusts and foundations, and Susan O'Leary, a senior associate in the corporate team, will move to the new base in Bishopsgate, London in December.

Full story: http://www.privateclientadviser.co.uk/news/international/collas-crill-opens-office-london

Warning about missing clause in Swiss-UK agreement

Private Client Adviser: Advisers should beware clients who have opted for the withholding tax route under the Swiss-UK agreement, according to accountancy and business advisory firm BDO.

Full story: http://www.privateclientadviser.co.uk/news/international/warning-about-missing-clause-swiss-uk-agreement

EU urges Luxembourg, Austria to open up bank secrecy

EU Business: The EU's Tax Commissioner urged Luxembourg and Austria on Friday to abandon opposition to moves to open up bank secrecy, against a backdrop of a cross-border campaign to track illicit funds.

Full story: http://www.eubusiness.com/news-eu/luxembourg-austria.rh3?

Wealthy family 'tearing itself apart' over divorce as £50m fortune

Daily Telegraph: A divorce between millionaire engineering tycoon, Richard Shield and his wife of 43 years, Susan, has rung up a £700,000 legal bill before the case has even gone to court.

Full story: http://www.telegraph.co.uk/news/uknews/law-and-order/10449478/Wealthy-family-tearing-itself-apart-over-divorce-as-50m-fortune-hangs-in-balance.html

Catherine Desmond of Landed Estates Group appointed to partner

Saffrey Champness: Top 20 firm of chartered accountants Saffery Champness has appointed Catherine Desmond to partner, based in its Manchester office.

Full story: http://www.saffery.com/news-and-events/press-releases/2013/13-nov-2013.aspx

Lloyd George 'art in lieu of tax' plan at record annual value of £49.4m

The Guardian: Ortiz's bashed piano, Darwin papers and a Rothko among 30 new treasures open to public view under AiL scheme

Full story: http://www.theguardian.com/artanddesign/2013/nov/14/art-lieu-tax-record-rothko-darwin?

KPMG’s David Kilshaw joins EY tax practice

Accountancy Live: David Kilshaw, the former head of KPMG’s private client tax practice, is to join Ernst & Young (EY) as a partner in 2014 as the firm bids to expand its work in this area.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2827697

Autumn Statement rescheduled for 5 December

Accountancy Live: The date of this year’s Autumn Statement has been changed, and the Chancellor of the Exchequer will now be providing his update on the government’s plans for the economy on Thursday 5 December, one day later than previously announced.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2831929&Failed_Reason=Invalid+Session&Failed_Page=%2fjsp%2fEditorial.do&BV_UseBVCookie=No

Taxman wins £500m from members of avoidance plan

IFA Online: Judges decided unanimously that HMRC could force 200 people to pay tax bills while their avoidance scheme was being investigated, the Times reports.

Full story: http://www.ifaonline.co.uk/ifaonline/news/2306379/taxman-wins-gbp500m-from-members-of-avoidance-plan?

Sharp fall in declared tax avoidance schemes: is HMRC winning?

Saffrey Champness: Recent figures from HM Revenue & Customs (HMRC) indicate that the number of declared tax avoidance schemes in the UK have continued to fall in the six months to September this year, to a very low number. For that period, only 30 schemes were registered, comparing with 89 in the 2012-3 tax year, 151 in 2011-12, and, looking further back, 607 in 2005-6.

Full story: http://www.saffery.com/news-and-events/press-releases/2013/8-nov-2013.aspx

Cripps’ Private Client practice grows international expertise with key hire

Cripps Harries Hall: Amanda Chapman (nee Nelson), formerly a partner at Taylor Wessing, has joined Cripps Harries Hall as a partner in the private client team. 

Full story: http://www.crippslaw.com/news/474/cripps-private-client-practice-grows-international-expertise-with-key-hire

Macfarlanes re-elects senior management team

Legal Week: Macfarlanes has re-elected its senior management team, with managing partner Julian Howard and senior partner Charles Martin chosen to serve further three-year terms.

Full story: http://www.legalweek.com/legal-week/news/2304542/macfarlanes-re-elects-senior-management-duo-to-serve-further-three-year-terms-at-the-helm

Cayman, UK Sign 'FATCA'-type Agreement

Lowtax: The Cayman Islands signed an intergovernmental agreement (IGA) with the United Kingdom on November 05, 2013, laying the foundation for the automatic exchange of financial information about UK taxpayers who hold accounts in the Cayman Islands.

Full story: http://www.lowtax.net/asp/story/front/Cayman_UK_Sign_FATCAtype_Agreement____62615.html?

UK budget may impose CGT on non-resident second home owners, say rumours

STEP: The UK's media this weekend was full of reports that next month's autumn statement will introduce capital gains tax (CGT) on second homes owned by non-residents.

Full story: http://www.step.org/uk-budget-may-impose-cgt-non-resident-second-home-owners-say-rumours

Higgs & Sons expands private client department

Private Client Adviser: Ian Bond, Mark Blackham and Alison Chaloner have joined Higgs & Sons, one of the largest private client legal teams in the Midlands.  Bond moves from Michelmores as partner and will focus on trust formation and administration, estate planning and estate administration. He is former head of legal services at The Co-operative Trust Corporation, where he set up the fiduciary services ready for the ABS world.

Full story: http://www.privateclientadviser.co.uk/news/legal-practice/higgs-sons-expands-private-client-department

Cable keen on foreign property tax

BBC News: Vince Cable has said he would welcome action "to plug a loophole" exempting foreigners from paying capital gains tax on second homes.

Full story: http://www.bbc.co.uk/news/uk-politics-24773951

Deloitte criticised over tax advice in Africa

Accountancy Live: Deloitte is facing criticism from anti-poverty campaigners after the charity ActionAid obtained documentation from the firm advising clients on how to minimise tax payments in some of the poorest countries in Africa.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2815405

Families face new tax-grab on inheritance trusts

Daily Telegraph: The taxman plans to impose new charges on trusts used by wealthier families mitigate IHT

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10418581/Families-face-new-tax-grab-on-inheritance-trusts.html

Study reveals misconceptions about why wealthy give for charity

STEP: American tax and estate advisors are underestimating their high-net-worth (HNW) clients’ desire to discuss their charitable goals and passions.

Full story: http://www.step.org/usa-study-reveals-misconceptions-about-why-wealthy-give-charity

Hollande defiant on football tax

BT Sport: French president Francois Hollande has pledged to stick to a plan to impose a super-tax on footballers' salaries.

Full story: http://sport.bt.com/sportfootball/football/europeanfootball/ligue1/hollande-defiant-on-football-tax-S11363844454510?

Guernsey and Jersey sign for automatic reporting to UK

STEP: Guernsey and Jersey have followed the Isle of Man in signing formal inter-governmental agreements with the UK implementing the automatic exchange of tax information.

Full story: http://www.step.org/guernsey-and-jersey-sign-automatic-reporting-uk

OC shakes up private client practice after partner exits

Legal Week: Osborne Clarke (OC) has embarked on a drastic restructuring of its private client practice after its existing team jumped ship for Bond Dickinson this week.

Full story: http://www.legalweek.com/legal-week/news/2302828/oc-shakes-up-private-client-practice-after-partner-exits?wt.mc_ev=click&WT.tsrc=Email&utm_term=&utm_content=OC%20shakes%20up%20private%20client%20practice%20after%20partner%20exits&utm_campaign=News%20Alert%20-%2025%20October&utm_source=Daily&utm_medium=Email#!

Swiss tax regime makes it top choice for incomers

Accountancy Live: Wealthy entrepreneurs who want to live well abroad should emigrate to Switzerland, while global executives should consider moving to Hong Kong, according to research by BDO which analysed which countries have the most favourable tax regimes for new residents.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2803387

Appointment Strengthens Geldards’ Private Client Team

Geldards: Geldards is set to strengthen its nationally recognised Private Client team with the appointment of Claire Johnson as a Partner.

Full story: http://www.geldards.com/appointment-strengthens-geldards%E2%80%99-private-client-team.aspx#AppointmentstrengthensGeldards’PrivateClientTeam

Our growth plans continue with two new partners and associated teams for Private Wealth

Bond Dickinson: We have recruited two partners and associated teams from the Osborne Clarke Private Client and Real Estate teams, significantly enhancing the capability in our national Private Wealth team.

Full story: http://www.bonddickinson.com/news/our-growth-plans-continue-two-new-partners-and-associated-teams-private-wealth

Isle of Man signs tax information-sharing extension

Accountancy Age: The Isle of Man has become the first Crown dependency to extend its tax information-sharing deal with the UK.

Full story: http://www.accountancyage.com/aa/news/2302091/isle-of-man-signs-tax-information-sharing-extension?

Fugitive former UBS banker arrested in Italy

Daily Telegraph: Raoul Weil, an ex-executive at Swiss bank UBS wanted in America for allegedly helping wealthy US citizens dodge tax, has been arrested in Bologna.

Full story: http://www.telegraph.co.uk/finance/financial-crime/10393848/Fugitive-former-UBS-banker-arrested-in-Italy.html

Oldest Swiss bank to close after $74m fine for helping US tax cheats

International Adviser: Switzerland's oldest bank is to close, after having pleaded guilty to charges of assisting US citizens to avoid paying tax, and paying a $74m fine to the US authorities.

Full story: http://www.international-adviser.com/news/tax---regulation/oldest-swiss-bank-to-close-after-74m-fine-for

Penningtons buys Manches in pre-pack deal

Law Society Gazette: Top-100 firm Manches has been sold to rival Penningtons in what appears to be the legal sector’s latest pre-pack administration deal.

Full story: http://www.lawgazette.co.uk/practice/penningtons-buys-manches-in-pre-pack-deal/5038168.article

EY announce Peter Willey as their new Head of Tax in the Channel Islands

Business Life: EY has appointed Peter Willey as Head of Tax in the Channel Islands. Peter has an extensive and impressive career spanning over 37 years. He is a fellow of the Institute of Chartered Accountants in England and Wales, a member of the Chartered Institute of Taxations, and a member of the Institute of Mathematics and its Applications.

Full story: http://www.businesslife.co/BusinessNews.aspx?id=ey-announce-peter-willey-as-their-new-head-of-tax-in-the-channel-islands

Smith & Williamson tax head Mannion to retire

CityWire: Smith & Williamson’s national tax director Richard Mannion is to retire at the end of this year.

Full story: http://www.citywire.co.uk/new-model-adviser/smith-and-williamson-tax-head-mannion-to-retire/a710154?ref=new-model-adviser-latest-news-list

UK-IOM tax deal 'a momentous step'

BBC News: The signing of a tax information-sharing agreement with the Isle of Man is a "momentous step forward in tax transparency," George Osborne has said.

Full story: http://www.bbc.co.uk/news/uk-24519158

Switzerland signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters

ICAEW: The signing comes after the Swiss Federal Council approved the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on 9 October. It will also have to be put to the Swiss Parliament and to a national referendum before it can be ratified.

Full story: http://www.ion.icaew.com/TaxFaculty/27699?

UK and Isle of Man sign FATCA-style agreement

Accountancy Live: The UK has signed an agreement on automatic tax information exchange with the Isle of Man based on the US Foreign Account Tax Compliance Act (FATCA), the first time such a deal has been signed between two parties of which neither are the US.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2793682&BV_UseBVCookie=yes&channelId=-601049

2011 to 2012 tax gap figures published

HMRC: Figures released by HMRC estimate the tax gap for 2011 to 2012 at 7% (£35 billion) of tax due, continuing a long-term downward trend.

Full story: https://www.gov.uk/government/news/2011-to-2012-tax-gap-figures-published

Penningtons "optimistic" that Manches tie-up will go ahead

The Lawyer: Merger talks are rumbling on between Manches and Penningtons as the private client firm confirms it is “optimistic” that a deal will be done to create a £60m firm of roughly 250 lawyers.



Full story:

HMRC ups ante in warning leaflet to would-be tax avoiders

Accountancy Age: HMRC has stepped up its campaign against tax avoidance, by issuing a document warning of the risks of entering into contrived schemes.

Full story: http://www.accountancyage.com/aa/news/2299776/hmrc-ups-ante-in-warning-leaflet-to-would-be-tax-avoiders

UK’s personal tax rate cut “highest seen globally”

Accountancy Age: The drop  in the UK's top personal tax rate from 50% to 45% was the highest seen globally, and saw it move from 5th highest in the EU to 11th, according to research by KPMG International.

Full story: http://www.accountancyage.com/aa/news/2299823/uk-s-personal-tax-rate-cut-highest-seen-globally?

Richard Branson denies being a tax exile

The Guardian: Virgin Group founder says he moved main residence to private Caribbean island seven years ago for health reasons

Full story: http://www.theguardian.com/business/2013/oct/13/richard-branson-tax-exile-virgin

Jersey minister plans tax cuts in 2014 budget

BBC News: Taxpayers in Jersey could be up to £800 better off next year as the treasury plans to cut income tax.

Full story: http://www.bbc.co.uk/news/world-europe-jersey-24434080?

Tax havens are finished says SocGen CEO

City AM: Societe Generale, chief executive, Frederic Oudea has told French television channel BFM that the days where individuals and companies could channel money into secretive accounts in order to avoid tax are over

Full story: http://www.cityam.com/blog/1381228950/tax-havens-are-finished-says-socgen-ceo?

Jimmy Hill battles Alzheimer's as care dispute erupts

Citywire: A family dispute over Jimmy Hill, the former Match of the Day presenter suffering from Alzheimer’s, sheds light on the law behind power of attorney.

Full story: http://citywire.co.uk/money/jimmy-hill-battles-alzheimers-as-care-dispute-erupts/a706326

Fitzgerald and Law adds RSM Tenon partner to tax team

Accountancy Age: London firm Fitzgerald and Law has appointed RSM Tenon partner Kiki Stannard as tax partner to lead its international private client and employers tax team.

Full story: http://www.accountancyage.com/aa/news/2298388/fitzgerald-and-law-adds-rsm-tenon-partner-to-tax-team

HW Fisher appoints tax partner

Accountancy Age: A tax partner has been appointed to the private client team of HW Fisher & Company to specialise in advising high-net-worth individuals and entrepreneurs.

Full story: http://www.accountancyage.com/aa/news/2298112/hw-fisher-appoints-tax-partner?

Cripps Harries Hall appoints private client partner

Private Client Adviser: Amanda Chapman (nee Nelson), a former partner at Taylor Wessing, has joined Cripps Harries Hall as a partner in the private client team.

Full story: http://www.privateclientadviser.co.uk/news/international/cripps-harries-hall-appoints-private-client-partner

David Cameron rules out mansion tax

Daily Telegraph: David Cameron has ruled out introducing a mansion tax if he is returned to office as Prime Minister at the next general election in 2015.

Full story: http://www.telegraph.co.uk/news/politics/david-cameron/10342817/David-Cameron-rules-out-mansion-tax.html

HMRC updates its IHT toolkit

ICAEW: HMRC has published an updated version of its Inheritance Tax Toolkit.   As readers will be aware, HMRC has produced a suite of 20 toolkits designed to assist agents when completing their client's returns by highlighting errors which HMRC commonly finds. 

Full story: http://www.ion.icaew.com/taxfaculty/27601?

Manches and Penningtons in advanced merger talks to create £60m firm

The Lawyer: Manches is close to sealing a merger with private client firm Penningtons in a move that would create a £60m firm of roughly 250 lawyers.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/financial-news/revealed-manches-and-penningtons-in-advanced-merger-talks-to-create-60m-firm/3009952.article

Osborne’s Swiss tax raid revealed as £2bn flop

Citywire: Chancellor George Osborne's highly-publicised targeting of wealth held in Swiss bank accounts has raised £2 billion less than hoped, according to figures from HM Revenue & Customs.

Full story: http://www.citywire.co.uk/new-model-adviser/osborne-s-swiss-tax-raid-revealed-as-2bn-flop/a704644?ref=new-model-adviser-latest-news-list

HMRC adds tax evasion and avoidance policy update

Accountancy Live: HMRC has added a new campaigns section to its policy detail on ‘Reducing tax evasion and avoidance’.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2758590

Crowe Clark Whitehill finds a new home in Mayfair

Crowe Clark Whitehill: National accountancy firm Crowe Clark Whitehill’s Mayfair office is moving to a stylish new address to better accommodate its team and their clientele.

Full story: http://www.crowehorwath.net/UK/news/Crowe_Clark_Whitehill_finds_a_new_home_in_Mayfair.aspx

HMRC signals tough stance in tax avoidance cases

Accountancy Live: HMRC has set out its policy on witholding repayment claims in tax avoidance cases, saying its new guidelines are designed to stop tax avoiders from acquiring an advantage over those who do not seek to get around the rules.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2749366

Beanie Babies creator Ty Warner to plead guilty to tax evasion

Daily Telegraph: The creator of the popular Beanie Babies plush toys became the latest American to face tax evasion charges after Swiss bank UBS began cooperating with US prosecutors.

Full story: http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10318657/Beanie-Babies-creator-Ty-Warner-to-plead-guilty-to-tax-evasion.html

Asia set to house most of the world's super-rich

BBC News: The rich are getting richer, and in the coming years, most of them will be residing in Asia.

Full story: http://www.bbc.co.uk/news/business-24121690

City Tax-Avoiders 'Laughing At Families' Says Liberal Democrat Peer Lord Philips

Huffington Post: High-flying City workers who avoid their taxes laugh at ordinary families who pay their fair share, a Liberal Democrat peer has claimed.

Full story: http://www.huffingtonpost.co.uk/2013/09/16/tax-avoiders-liberal-democrats_n_3935958.html?utm_hp_ref=uk

Do Lib Dems plan to tax £50k earners or not? Chaos reigns

The Week: Lib Dems' Danny Alexander says wealthy must bear more of burden – but what does 'wealthy' mean?

Full story: http://www.theweek.co.uk/politics/55163/do-lib-dems-plan-tax-50k-earners-or-not-chaos-reigns?

Forsters announces strategic partner hire

Private Client Adviser: Rosalyn Breedy, founding partner of niche private wealth practice BreedyHenderson, is joining Forsters to add a financial services capability and reinforce the firm's link between its corporate and private client practices.

Full story: http://www.privateclientadviser.co.uk/news/financial-planning/forsters-announces-strategic-partner-hire

Lib Dem conference: Nick Clegg narrowly wins 45p/50p tax vote

The Spectator: It was so close that they had to count the votes in the conference hall, and even then, the Liberal Democrats only backed Nick Clegg on retaining the 45p tax above a return to the 50p rate by four little votes – 224 in favour of the 45p, and 220 in favour of the 50p. 

Full story: http://blogs.spectator.co.uk/coffeehouse/2013/09/lib-dem-conference-nick-clegg-narrowly-wins-45p50p-tax-vote/?

ib Dem 'cock-up' as email released on plan to hike taxes on £50,000 salaries

The Guardian: Policy of raising taxes for 'richest 10% … those earning over £50,000' denied by Liberal Democrats after email gaffe.

Full story: http://www.theguardian.com/politics/2013/sep/16/lib-dem-email-plan-hike-taxes?

Mansion tax will be 'die in a trench' policy, Nick Clegg suggests

Daily Telegraph: Taxing the rich will be a policy the Liberal Democrats are prepared to “die in a trench” for during future coalition negotiations, Nick Clegg has hinted.

Full story: http://www.telegraph.co.uk/news/politics/nick-clegg/10310489/Mansion-tax-will-be-die-in-a-trench-policy-Nick-Clegg-suggests.html

MHA MacIntyre Hudson in partner and director hires

Accountancy Age: Two partners have been appointed by MHA MacIntyre Hudson to strengthen its tax practice across London and the Midlands.

Full story: http://www.accountancyage.com/aa/news/2294543/mha-macintyre-hudson-in-partner-and-director-hires?

HMRC tax adviser quits after Panorama exposé

Evening Standard: David Heaton, an HMRC tax adviser, has stepped down after being recorded by the BBC's Panorama programme, as part of a joint investigation with Private Eye, outlining the advantages of tax planning, which he said included ways to keep the money from George Osborne's "grubby mitts".

Full story: http://www.standard.co.uk/news/uk/hmrc-tax-adviser-quits-after-panorama-expos-8816599.html

G20 to share tax information by 2015

BBC News: G20 members say they expect to begin automatically sharing tax information by the end of 2015.

Full story: http://www.bbc.co.uk/news/business-23994488

Swiss bankers admit responsibility for reputational damage

STEP Journal: The Swiss banking industry has made a frank apology for its past actions in helping international clients evade taxes.

Full story: http://www.step.org/swiss-bankers-admit-responsibility-reputational-damage

The $400m recluse, her nurse and heiress and a battle of wills

Daily Telegraph: Barring a last-minute legal settlement, the remarkable story of Huguette Clark will soon be played out in a New York courtroom – where 19 distant kin are pursuing the fortune of a woman whom most have never met.

Full story: http://www.telegraph.co.uk/news/worldnews/northamerica/usa/10293694/The-400m-recluse-her-nurse-and-heiress-and-a-battle-of-wills.html

Bill to publish tax returns of UK’s richest 250 debated today

Information Daily: The commons debated a bill proposed by Labour MP Michael Meacher today that would make the tax returns of the country’s 250 richest companies and individuals public.

Full story: http://www.theinformationdaily.com/2013/09/06/bill-to-publish-tax-returns-of-uks-richest-250-debated-today?

Probate revenues aid struggling Co-operative

STEP: Higher than expected revenues from probate services have helped the Co-operative Group's fledgling legal services business increase its half-year sales by GBP1 million.

Full story: http://www.step.org/probate-revenues-aid-struggling-co-operative

Clarke Willmott scoops Challinors teams

Private Client Adviser: Clarke Willmott has snapped up ten employees from Challinors, the Midlands-based law firm that entered administration last week.

Full story: http://www.privateclientadviser.co.uk/news/legal-practice/clarke-willmott-scoops-challinors-teams

Russell-Cooke adds to private client practice

Private Client Adviser: Rebecca Fisher has joined Russell-Cooke as its eighth partner, moving fromMorrisons Solicitors, where she was head of private client Wimbledon and deputy head of private client firm-wide.

Full story: http://www.privateclientadviser.co.uk/news/tax/russell-cooke-adds-private-client-practice

Swiss banks apologise for assisting tax cheats

Reuters: Switzerland's banks on Tuesday issued an unusually direct apology for their role in helping tax cheats, following a landmark settlement with U.S. authorities which could threaten the existence of some firms.

Full story: http://uk.news.yahoo.com/swiss-banks-apologise-assisting-tax-cheats-111958586--finance.html?#cx5fcAx

Isle of Man confirms tax information exchange from 2014

Accountancy Live: The Isle of Man government will officially sign up to international agreements on the automatic exchange of tax information by the start of next year.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2729595

100,000 London families 'would be paying mansion tax by 2023'

Evening Standard: Tens of thousands of London families will face mansion tax bills averaging nearly £2,000 a month if the levy is brought in, research claims today.

Full story: http://www.standard.co.uk/news/london/100000-london-families-would-be-paying-mansion-tax-by-2023-8794623.html

Speechly launches second Switzerland base in Geneva

Legal Week: Speechly Bircham has opened an office in Geneva today (2 September), ahead of the planned launch of another European office this November.

Full story: http://www.legalweek.com/legal-week/news/2291999/speechly-launches-second-switzerland-base-in-geneva?wt.mc_ev=click&WT.tsrc=Email&utm_term=&utm_content=Speechly%20launches%20second%20Switzerland%20base%20in%20Geneva&utm_campaign=News%20Alert%20-%202%20September&utm_source=Daily&utm_medium=Email

Baker Tilly vote result on RSM Tenon merger announcement today

Accountancy Age: Baker Tilly will make an announcement today on whether or not the planned pre-pack buyout of listed firm RSM Tenon will go ahead.

Full story: http://www.accountancyage.com/aa/news/2292018/baker-tilly-vote-result-on-rsm-tenon-merger-announcement-today?

Withers issues cash call to partners

The Lawyer: Withers has issued a cash call to its equity partners, with partners allegedly asked to pay out as much as £5,000 per point.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/management-news/withers-issues-cash-call-to-partners/3008737.article

Baker Tilly confirms acquisition of RSM Tenon

Accountancy Age: Baker Tilly has announced an agreement to acquire the trading operations of RSM Tenon Group.

Full story: http://www.accountancyage.com/aa/news/2290489/baker-tilly-confirms-acquisition-of-rsm-tenon

Michael Parkinson returns to Macfarlanes

Private Client Adviser: Macfarlanes has appointed Michael Parkinson as a partner in the private client practice to advise high-net-worth individuals on the full range of wealth management issues.

Full story: http://www.privateclientadviser.co.uk/news/legal-practice/michael-parkinson-returns-macfarlanes

Smith & Williamson to advise members on new Family Bhive investment platform

Citywire: Family Bhive, the social network for high net worth (HNW) investors, is launching an investment platform for its 500 members who each have in excess of £5 million in assets.

Full story: http://citywire.co.uk/wealth-manager/smith-and-williamson-to-advise-members-on-new-family-bhive-investment-platform/a698933?ref=wealth-manager-all-stories-list

Institute welcomes consultation on targeted anti-avoidance proposals

CIOT: The Chartered Institute of Taxation (CIOT) has welcomed the launch today of a government consultation on tax avoidance schemes and supports HMRC in trying to tackle the problems in this area.

Full story: http://www.tax.org.uk/media_centre/Press+Releases/CIOT_welcomes_tax-avoidance_proposals?

Put tax on school curriculum urges CIOT

Accountancy Live: CIOT is calling on the government to provide all pupils with a basic tax education, arguing that understanding financial matters is an essential requirement to understanding the world outside school.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2704461

HMRC sets out plans for stricter tax avoidance regime

Citywire: HM Revenue & Customs (HMRC) has set out plans for a new regime which will target advisers marketing tax avoidance schemes and give the taxman the power to levy fines of up to £1 million for those who fail to comply with its rules.

Full story: http://www.citywire.co.uk/new-model-adviser/hmrc-sets-out-plans-for-stricter-tax-avoidance-regime/a697012?ref=new-model-adviser-todays-news-list

‘Cowboy’ advisers face £1m fines under new HMRC rules

Citywire: Advisers who sell aggressive tax avoidance schemes could face fines of up to £1 million under new HM Revenue & Customs (HMRC) plans to be unveiled today, according to The Times.

Full story: http://www.citywire.co.uk/new-model-adviser/cowboy-advisers-face-1m-fines-under-new-hmrc-rules/a696862?ref=new-model-adviser-todays-news-list

Tempted by tax avoidance?

ICAEW: A new leaflet about tax avoidance.  HMRC has produced a leaflet Tempted by tax avoidance? which you can download from the link. 

Full story: http://www.ion.icaew.com/taxfaculty/27316?

Deloitte UK pays 740 partners average of £772,000

The Guardian: Business advisory group's revenues up 8% amid evidence 'businesses have reached turning point in terms of confidence'

Full story: http://www.theguardian.com/business/2013/aug/12/deloitte-uk-partners-pay?

KPMG tax partner urges government to reform tax rules

Accountancy Live: The government must seize a ‘golden opportunity to simplify and drag the UK tax system out of the 19th century’ and into the modern world by adopting a number of radical new proposals.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2704472

Greece’s tax avoiders head to London, says deputy leader

Evening Standard: The Greek foreign minister has declared that London, not Switzerland, is now the biggest destination for his country’s tax avoiders.

Full story: http://www.standard.co.uk/business/business-news/greeces-tax-avoiders-head-to-london-says-deputy-leader-8754221.html

HMRC issues public warning on tax avoidance

Accountancy Live: In the drive to clamp down on tax avoidance, HMRC has issued a somewhat confusing leaflet aimed at the public entitled ‘Tempted by Tax Avoidance?’

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2704480