UK charities exploited by tax dodgers

Accountancy Live: A number of UK charities - many of them household names - are being exploited by offshore trusts to shelter millions of pounds from the world’s tax authorities, an expose has revealed.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2563440

Tax avoidance: the role of large accountancy firms

ICAEW: The Public Accounts Committee (PAC) published its report on 26 April 2013

The PAC report 'Tax avoidance: the role of large accountancy firms' is based on oral evidence given by representatives of the Big 4 accountancy firms at a hearing on 31 January plus written evidence provided by those firms relating to the size and nature of their tax practices set out in response to a letter from PAC dated 22 January.

Full story: http://www.ion.icaew.com/TaxFaculty/26745?

Usmanov takes over Mittal as wealthiest Brit

City AM: Alisher Usmanov has overtaken steel magnate Lakshmi Mittal to become Britain’s richest man. The Sunday Times Rich List has estimated Usmanov’s wealth at £13.3bn, as his mining investments, the newly-floated telecoms group Megafon and a minority stake in Arsenal have helped add almost £1bn to his fortune in the past year.

Full story: http://www.cityam.com/article/usmanov-takes-over-mittal-wealthiest-brit

Boodle Hatfield announces four new partners

Boodle Hatfield: Boodle Hatfield has promoted four solicitors to the partnership with effect from 1 May 2013. The four new partners are:

• Hayden Bailey, Private Client and Tax.....

Full story: http://www.boodlehatfield.com/the-firm/news/boodle-hatfield-announces-four-new-partners.aspx

HMRC reports record haul from wealthiest taxpayers

Accountancy Live: The taxman’s specialist High Net Worth Unit (HNWU) has reported a record £220m yield from Britain’s most wealthy, up 10% on the previous year’s figure of £200m.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2546557

Expats in Portugal face higher tax burden this year

Expat Forum: Expats in Portugal face paying more tax this year as the government is aiming to increase tax revenues by 30% in 2013 as part of its national austerity programme. The new charges mean that Portugal’s tax burden is now higher than in the UK, France, Spain, Germany and Italy. Expats resident in Portugal are required to pay tax on their worldwide income.

Full story: http://www.expatforum.com/portugal/expats-in-portugal-face-higher-tax-burden-this-year.html?

How do rich Americans get away with paying so little tax?

Money Week: Earlier this week, Barack Obama released his tax return. He filed jointly with his wife (the US tax system is very different to ours) and between them they had a gross income of $608,611. That’s not bad given they probably don’t have much in the way of expenses.

Full story: http://www.moneyweek.com/blog/how-do-rich-americans-pay-so-little-tax-63618

Isle of Man and Luxembourg sign DTA

Accountancy Live: The Isle of Man has signed a comprehensive Double Taxation Agreement (DTA) with Luxembourg, as part of an on-going programme of signing DTAs and Tax Information Exchange Agreements (TIEAs).

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2546549

France says 75 per cent tax will apply to footballers

Daily Telegraph: France will lose its best footballers due to President François Hollande’s “crazy” 75 per cent tax on millionaire earners, the country’s football league warned on Tuesday, after a failed attempt by leading players to avoid the levy.

Full story: http://www.telegraph.co.uk/news/worldnews/europe/france/9966692/France-says-75-per-cent-tax-will-apply-to-footballers.html

‘Surreal’ tax decision over Brideshead painting

Accountancy Live: A UK court decision to classify a multi-million work of art as ‘plant’ will ‘offend almost anyone with an inkling of common sense’.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2520662

Finance Bill 2013 includes anti-avoidance provisions

Accountancy Age: Provisions designed to help HM Revenue & Customs impinge on tax avoidance arrangements and increase its awareness of schemes as they are established have been included in the 2013 Finance Bill.

Full story: http://www.accountancyage.com/aa/news/2258589/finance-bill-2013-includes-antiavoidance-provisions?