Charles Russell's wage bill slashed after all-equity move

The Lawyer: Charles Russell’s partner wage bill dropped from £3.3m to £245,844 in 2011/12 as a result of the firm overhauling its partnership structure in 2011.

Full story: http://www.thelawyer.com/charles-russells-wage-bill-slashed-after-all-equity-move/1016716.article?

Ustinov vs Ustinov: The ruinous legal battle tearing a family apart

The Independent: A will written in pencil in the 1960s has come back to haunt the family of the late actor – and left a trail of bitterness, legal warfare and penury.

Full story: http://www.independent.co.uk/news/uk/home-news/ustinov-vs-ustinov-the-ruinous-legal-battle-tearing-a-family-apart-8473938.html

Last-minute rush to beat self-assessment tax deadline

BBC News: More than 1.3 million tax payers have still to file their online tax returns by the end of Thursday, under the self-assessment system.

Full story: http://www.bbc.co.uk/news/business-21273585?

Tax evasion “costs UK £5.2bn a year”

London Loves Business: The UK is losing £5.2bn a year due to tax evasion, according to research released today by Oxfam.

Full story: http://www.londonlovesbusiness.com/business-news/business/4619.article?

Expert calls on 'Big Four' accountants to take lead on tax planning standards

Pinsent Masons: The 'Big Four' accountancy firms must take the lead on developing recognisable standards for the tax planning industry, an expert has said.

Full story: http://www.out-law.com/en/articles/2013/january/expert-calls-on-big-four-accountants-to-take-lead-on-tax-planning-standards/?

Taxman takes £340m payment from Swiss

Accountancy Age: The Swiss authorities have handed over £340m to HM Revenue & Customs as part of an accord between the two countries, the chancellor has confirmed.

Full story: http://www.accountancyage.com/aa/news/2240045/taxman-takes-gbp340m-payment-from-swiss?

Arbuthnot hires Coutts’ Saxby in wealth management push

CityWire: Arbuthnot Latham & Co has hired Dan Saxby as director in its private banking arm, marking the latest in a string of hires to boost its wealth management capabilities.

Full story: http://citywire.co.uk/wealth-manager/arbuthnot-hires-coutts-saxby-in-wealth-management-push/a654121?ref=wealth-manager-all-stories-list

Macfarlanes bolsters private client property team

Macfarlanes:  Macfarlanes has announced the appointment of Anne-Marie Ellis as senior solicitor to its private client property practice with immediate effect.

Full story: http://www.macfarlanes.com/news--publications/press-releases/2013/macfarlanes-bolsters-private-client-property-team-with-senior-solicitor-appointment.aspx

Tax savings tactics with new Guernsey image rights laws

The Daily Telegraph: Footballers, athletes, musicians, entertainers and other celebrities can now register their often lucrative image rights in Guernsey under the island’s new intellectual property law.

Full story: http://www.telegraph.co.uk/finance/personalfinance/expat-money/9826890/Tax-savings-tactics-with-new-Guernsey-image-rights-laws.html

Sale of deceased’s land at a profit

ICAEW: Does the probate value need revising? New guidance on when HMRC will not allow a claim.

Full story: http://www.ion.icaew.com/TaxFaculty/26164?

HMRC hotlines make six-figure profits

The Daily Telegraph: The private company running HM Revenue and Customs’ 0845 telephone helplines is making hundreds of thousands of pounds in profit from taxpayers' calls, tax chiefs have admitted.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9832821/HMRC-hotlines-make-six-figure-profits.html

Goldman Sachs chief attacks David Cameron on tax avoidance

The Daily Telegraph:  Goldman Sachs boss Lloyd Blankfein has hit out at David Cameron’s anti-tax avoidance campaign, warning that criticising people for their tax arrangements risks “criminalising every right-thinking person who organises his or her affairs in a sensible way”.

Full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9828166/Goldman-Sachs-chief-attacks-David-Cameron-on-tax-avoidance.html

How not to soak the rich

The Guardian: As the exodus of France's millionaires shows, high taxes make societies more equal, but also poorer.

Full story: http://www.guardian.co.uk/commentisfree/2013/jan/25/how-not-to-soak-the-rich?

Cameron pledges global crackdown on tax avoidance

Money Marketing: Prime minister David Cameron has promised a global crackdown on aggressive tax avoidance as part of the UK’s leadership of the G8 in 2013.

Full story: http://www.moneymarketing.co.uk/politics/cameron-pledges-global-crackdown-on-tax-avoidance/1064823.article?

HSBC bank begins ex-pat personal account closures

BBC News: HSBC bank has announced a new policy of closing the personal accounts of former UK and Crown Dependency residents.

Full story: http://www.bbc.co.uk/news/world-europe-guernsey-21118684

Sir Peter Ustinov's estate may be lost on legal fees in bitter feud

The Daily Telegraph:  The feuding family of late great actor Sir Peter Ustinov may have lost his entire estate to the lawyers, it was claimed today, as their nine-year battle over his money continues.

Full story: http://www.telegraph.co.uk/news/celebritynews/9822081/Sir-Peter-Ustinovs-estate-may-be-lost-on-legal-fees-in-bitter-feud.html

Accountants lose tax privilege fight in court

The Daily Telegraph:  Accountants will not be able to withhold details of their clients’ tax affairs under a majority ruling by the Supreme Court.

Full story: http://www.telegraph.co.uk/finance/9822048/Accountants-lose-tax-privilege-fight-in-court.html

One Direction 'hire wealth management firm Grant Thornton'

Digital Spy: One Direction have reportedly hired financial advice and wealth management firm Grant Thornton to help them with their finances.

Full story: http://www.digitalspy.co.uk/showbiz/news/a453307/one-direction-hire-wealth-management-firm-grant-thornton.html

Veale Wasbrough Vizards and Hewitsons call off merger talks

The Lawyer: Veale Wasbrough Vizards and Hewitsons have announced their decision to end merger talks six months after they were initiated.

Full story: http://www.thelawyer.com/veale-wasbrough-vizards-and-hewitsons-call-off-merger-talks/1016553.article

CPS to target ‘middle class’ tax evaders

Accountancy Live: The Crown Prosecution Service (CPS) will join forces with HMRC in a bid to crack down on the promotion of aggressive tax avoidance schemes and the professionals who invest in them.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2433086

Aon to defer bonuses for high-paid staff to avoid 50pc tax

The Telegraph:  Aon, the country's largest insurance broker and shirt sponsor for Manchester United, is to delay the payment of bonuses so 250 high-earning staff will only pay tax at 45pc rather than 50pc.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9815436/Aon-to-defer-bonuses-for-high-paid-staff-to-avoid-50pc-tax.html

Revenue expands scope of Affluent team

Accountancy Age: The number of wealthy tax avoiders who could attract HM Revenue & Customs' scrutiny is set to rise sharply after the department announced its intention to double the size of its Affluent Unit.

Full story: http://www.accountancyage.com/aa/news/2237053/revenue-expands-scope-of-affluent-team

Former Inheritance Tax Expert At UK Tax Authority Joins Saffery Champness

Saffrey Champness: Saffery Champness has today announced the appointment of Mick Downs as a consultant based in the London office.

Full story: http://www.saffery.com/index.php?go=news,press&release=219

Farrers announces job cuts with up to 12 roles set to go

Legal Week: Farrer & Co has become the latest in a string of firms to announce job cuts, kicking off a redundancy consultation which will affect 12 staff.  The review, first reported today on RollOnFriday, will cover one fee earner role, along with two professional support lawyers, three secretaries and six business services staff.

Full story: http://www.legalweek.com/legal-week/news/2236834/farrers-announces-job-cuts-with-up-to-12-roles-set-to-go?

Political dynasty in court battle with bank over £100m mansion

Evening Standard: The future ownership of a planned £100 million London “supermansion”  is at the heart of a legal row involving one of Pakistan’s leading political dynasties.

Full story: http://www.standard.co.uk/news/london/political-dynasty-in-court-battle-with-bank-over-100m-mansion-8453468.html

Baker Tilly launches family succession planning survey

Accountancy Live: Baker Tilly International has launched a global research project which seeks to get to grips with the way in which family-owned businesses are planning succession in their respective regions.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2422911

Goldman Sachs rows back on bonus delay

Accountancy Age: Investment bank Goldman Sachs has U-turned on plans to deliver staff bonuses after April, following a furious reaction from MPs.

Full story: http://www.accountancyage.com/aa/news/2236728/goldman-sachs-rows-back-on-bonus-delay?

Coutts hires Lloyds’ Hart for ultra high net worth role

Citywire: Coutts Private Office has appointed Oliver Hart as a director to look after ultra high net worth clients.

Full story: http://citywire.co.uk/wealth-manager/coutts-hires-lloyds-hart-for-ultra-high-net-worth-role/a649685

Mervyn King attacks bankers' plans to avoid 50p tax

MoneyMarketing: Bank of England governor Sir Mervyn King has launched a stinging attack on banks that are considering delaying bonus payments to benefit from the lower 45p top rate of income tax.

Full story: http://www.moneymarketing.co.uk/politics/mervyn-king-attacks-bankers-plans-to-avoid-50p-tax/1064322.article

Pension changes cheered but high earners take a hit

CityA.M.: Business leaders hailed the government’s plans for a “simple, understandable, state pension” yesterday, but admitted that both employers and staff would have to take a financial hit as part of the proposed reforms.

Full story: http://www.cityam.com/latest-news/pension-changes-cheered-high-earners-take-hit

PKF to Brits with Swiss accounts: ‘You can’t do nothing’

International Adviser: Just because you don't have a UK tax liability owing on your Swiss bank assets does not mean you are safe to ignore the reporting requirements imposed by a new UK-Swiss tax deal that took effect on 1 Jan.

Full story: http://www.international-adviser.com/news/tax---regulation/pkf-to-brits-with-swiss-accounts

American Millionaires Show Tough Love to Heirs: Here's Help, But Make Your Own Way

PR News Wire: More than four in five (82 percent) of American millionaires agree that each generation should be responsible for creating its own wealth, up significantly from the 65 percent 
who said the same thing in 2007, according to a new survey from PNC Wealth Management.

Full story: http://www.prnewswire.com/news-releases/american-millionaires-show-tough-love-to-heirs-heres-help-but-make-your-own-way-186291301.html

Belgium's elderly Dowager Queen Fabiola has annual allowance cut

The Telegraph: Belgium's elderly Dowager Queen Fabiola is to have her annual allowance cut by over £400,000 after a row over her avoidance of the country's inheritance taxes.

Full story: http://www.telegraph.co.uk/news/worldnews/europe/belgium/9798781/Belgiums-elderly-Dowager-Queen-Fabiola-has-annual-allowance-cut.html

Goldman Sachs bonus delay may cost UK taxman millions

Evening Standard: The UK taxman could miss out on millions of pounds in revenue from bankers if Goldman Sachs decides to go ahead with plans to delay paying part of their bonuses until the next tax year.

Full story: http://www.standard.co.uk/business/business-news/goldman-sachs-bonus-delay-may-cost-uk-taxman-millions-8450817.html

HMRC: taxman increasingly 'snooping' on taxpayers

The Telegraph: The taxman is increasingly snooping on the private lives of taxpayers, with officials accessing thousands of pieces of personal information over the past year, it emerged today.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9799947/HMRC-taxman-increasingly-snooping-on-taxpayers.html

Taxman more vigilant than ever

The Telegraph: The tax office is more likely than ever to catch you out if you have filled in your tax return incorrectly, experts warned last week. With the deadline for completing your self-assessment tax return fast approaching – it's January 31 – Richard Mannion, tax director at Smith & Williamson, warned that HMRC had "far more detail at their disposal than just a few years ago".

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9800052/Taxman-more-vigilant-than-ever.html

Anthony Hilton: A tax system that is no longer fit for purpose

Evening Standard: This week’s row over the clawing back of child benefit from higher earners does not prove that the Tories are heartless, though some may be. Nor does it prove that Her Majesty’s Revenue and Customs is incompetent, though here, again, there are signs which point in that direction.

Full story: http://www.standard.co.uk/comment/comment/anthony-hilton-a-tax-system-that-is-no-longer-fit-for-purpose-8445751.html

Former tax boss on trial for £5m pension fraud

Professional Pensions: Former tax boss Andrew Meeson and his business associates pocketed £5m in a “very simple and very lucrative scam” by claiming tax relief on fictitious pension contributions, a court heard.

Full story: http://www.professionalpensions.com/professional-pensions/news/2235346/former-tax-boss-on-trial-for-gbp5m-pension-fraud?

Tax expert Andrew Watters joins Thomas Eggar’s private client team

Thomas Eggar: Thomas Eggar LLP has expanded its private client team with the appointment of leading tax adviser, Andrew Watters.  Andrew, who joined as a Director based in its London office, will focus on growing the firm’s specialist contentious tax services including pre-emptive planning, tax investigations and enquiries and tax litigation. 

Full story: http://www.thomaseggar.com/about-us/firm-news/a/2013/01/07/tax-expert-andrew-watters-joins-thomas-eggar-s-private-client-team

HMRC makes 640 requests from foreign gov’ts for tax info on individuals

International Adviser: HM Revenue & Customs has made 640 requests for information on individuals' tax affairs to overseas governments in the 2011 – 2012 tax year so far, according to research from international law firm Pinsent Masons.

Full story: http://www.international-adviser.com/news/tax---regulation/hmrc-makes-640-requests-from-foreign-govts

New ATT president to focus on tax simplification

Accountancy Live: The incoming president of the Association of Taxation Technicians (ATT) has promised to encourage ongoing development of tax professionals and to increase the association’s efforts to improve the complicated tax system.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2412637&BV_SessionID=@@@@0513407115.1357505805@@@@&BV_EngineID=ccchadfikhfmefjcflgceggdfnfdgfh.0&channelId=-601049

Top 32 tax cheats get combined 152 years behind bars

Accountancy Age: Thirty two of the country's most wanted tax criminals of 2012 have received a combined 152 years and ten months in prison after a series of operations by HM Revenue & Customs.

Full story: http://www.accountancyage.com/aa/news/2233911/top-32-tax-cheats-get-combined-152-years-behind-bars

Swiss bank Wegelin to close after US tax evasion fine

BBC News: Switzerland's oldest bank is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes.

Full story: http://www.bbc.co.uk/news/business-20907359

Child benefit change is right approach, David Cameron says

BBC News: David Cameron has said the decision to remove child benefit from better-off families is "the right approach".

Full story: http://www.bbc.co.uk/news/uk-politics-20924581

U.S. Department of Justice pledges to respect Swiss law in tax probe

Reuters: Swiss chief finance diplomat Michael Ambuehl was given a verbal pledge from the U.S. Department of Justice to respect Swiss law when asking for bank client data of potential tax dodgers, a newspaper reported on Sunday.

Full story: http://uk.reuters.com/article/2013/01/06/uk-swiss-banks-tax-idUKBRE90505O20130106?rpc=401&feedType=RSS&feedName=businessNews&rpc=401