Finance Act 2013 inheritance tax changes

ICAEW: Finance Act 2013 is now on the statute books and the changes to inheritance tax restricting set off of liabilities against estate assets and the election for non-UK-domiciled spouses and civil partners to be treated as UK-domiciled are in force. HMRC has added paragraphs to the IHT manuals to cover these new areas of legislation.

Full story: http://www.ion.icaew.com/TaxFaculty/27264?

HMRC to target non-doms over remittance errors

Accountancy Age: Non-domiciled individuals making remittances to the UK are to be targeted in an HM Revenue & Customs campaign in an effort to reduce errors.

Full story: http://www.accountancyage.com/aa/news/2285642/hmrc-to-target-nondoms-over-remittance-errors?

Baker Tilly says RSM Tenon deal would be cash only

Accountancy Live: Baker Tilly, which indicated last week it is considering making a bid for RSM Tenon, has confirmed that if it does decide to go ahead, any offer would be solely in cash.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2689365

Sue Laing appointed to GAAR Panel

Boodle Hatfield: Sue Laing, a partner in Boodle Hatfield's Private Client & Tax department, has been appointed to the General Anti Abuse Rule (GAAR) panel . This is an independent body just established to advise HMRC on the operation of the new GAAR, which came into force on 17 July 2013 and is one strand of theUK  Government's strategy to prevent tax abusive arrangements. The Advisory Panel will approve GAAR guidance and give opinions on cases referred to it by HMRC, although those opinions will not be binding upon HMRC.

Full story: http://www.boodlehatfield.com/the-firm/news/sue-laing-appointed-to-gaar-panel.aspx

UK/Swiss monthly tax information exchange set to begin

Accountancy Age: The UK and Switzerland are to commence the monthly exchange of tax information from 31 July, as the government continues its efforts to clamp down on tax evasion, avoidance and secrecy.

Full story: http://www.accountancyage.com/aa/news/2285031/uk-swiss-monthly-tax-information-exchange-set-to-begin

RSM Tenon in merger discussions with Baker Tilly

Accountancy Age: RSM Tenon has announced that it is in discussions with Baker Tilly over a possible merger.

Full story: http://www.accountancyage.com/aa/news/2284926/rsm-tenon-in-merger-discussions-with-baker-tilly

Indian princesses win £2.5 billion inheritance after epic battle over father's will

Daily Telegraph: Two elderly Indian princesses have inherited a £2.5 billion fortune after winning one of the country's longest-running royal legal battles.

Full story: http://www.telegraph.co.uk/news/worldnews/asia/india/10209431/Indian-princesses-win-2.5-billion-inheritance-after-epic-battle-over-fathers-will.html

Usain bolts back to UK tax haven

International Adviser: Six-time Olympic champion Usain Bolt will be in the UK this Friday to attend the London Anniversary Games, an event staged to mark the one-year anniversary of the London 2012 opening ceremony.

Full story: http://www.international-adviser.com/tax---technical/usain-bolts-back-to-uk-tax-haven

HMRC yet to collect £2bn in unpaid tax held in offshore trusts

Accountancy Age: Around £2bn in unpaid tax is awaiting collection by HM Revenue & Customs from offshore trusts used by companies to allow high-earning employees to minimise their income tax.


Full story: http://www.accountancyage.com/aa/news/2283846/hmrc-yet-to-collect-gbp2bn-in-unpaid-tax-held-in-offshore-trusts?

World property taxes rise for HNWI

Accountancy Live: Governments around the world are raising taxes on high-end properties in a bid to help plug fiscal deficits according to research by UHY International, which cautions that this move threatens labour mobility.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2674611

HMRC data requests to Crown Dependencies hits record high

International Adviser: The number of requests for data HMRC made to Crown Dependencies and Overseas Territories on possible tax evaders hit a record high last year as the Government cracked down heavily on offshore tax havens.

Full story: http://www.international-adviser.com/news/tax---regulation/hmrc-data-requests-hit-record-high

PEP at Mishcon returns to pre-recession levels to hit £840k

The Lawyer: Mishcon de Reya has recorded average profit per equity partner (PEP) of £840,000 for the 2012/13 financial year, an increase of 20 per cent on last year’s figure of £700,000.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/financial-news/pep-at-mishcon-returns-to-pre-recession-levels-to-hit-840k/3007613.article

Sullivan private client chief heads to London to launch UK practice

Legal Week: Sullivan & Cromwell is expanding its international private client practice to London with the transfer of New York-based group head Basil Zirinis.

Full story: http://www.legalweek.com/legal-week/news/2283272/sullivan-private-client-chief-heads-to-london-to-launch-uk-practice?

Withers sees 4% revenue increase while PEP drops 4%

Legal Week: Withers has posted its financial results for 2012-13, with revenues up 4% on last year while profits per equity partner (PEP) have fallen by 4%.

Full story: http://www.legalweek.com/legal-week/news/2283140/withers-sees-4-revenue-increase-while-pep-drops-4

Cripps looks to dominate Kent with Vertex Law merger

The Lawyer: Tunbridge Wells-headquartered Cripps Harries Hall will merge with fellow Kent firm Vertex Law at the end of September.

Full story: http://www.thelawyer.com/news-and-analysis/latest-news/cripps-looks-to-dominate-kent-with-vertex-law-merger/3007541.article?

Take pension tax relief from the rich and give it to the poor, says think-tank, to get low and middle earners saving

This is Money: Tax relief on pension saving requires urgent changes so that it helps most those on low and middle incomes instead of the nation's biggest earners, a think-tank has argued.

Full story: http://www.thisismoney.co.uk/money/pensions/article-2364033/PPI-says-pension-tax-relief-favour-low-middle-earners.html?

Statutory Residence Test is step in right direction

CIOT: The Chartered Institute of Taxation (CIOT) has given a qualified welcome to the introduction of the long-awaited Statutory Residence Test (SRT) as a positive step towards modernising the UK’s system of deciding tax residency.

Full story: http://www.tax.org.uk/media_centre/Press+Releases/statutory_residence_test?

Osborne to ban pre-release of Budget information

Accountancy Live: The Treasury has been advised to ban the practice of giving the media advance warning of details of what will be in the Budget after one newspaper broke the traditional embargo on publication this year and revealed key elements of George Osborne’s speech early.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2663957

UK/France tax treaty rules create uncertainty

Accountancy Live: Tax officials in France have clarified their stance on double taxation, revoking earlier suggestions that British expats could end up being taxed twice on UK-generated income such as pensions and rental earnings, but confusion continues over the rules on any income below the UK personal tax threshold.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2663958

The new Inheritance Tax limit for couples where one is a non dom

ICAEW: What happens where a UK domiciled person makes a gift to their non UK-domiciled spouse or civil partner? 

Full story: http://www.ion.icaew.com/TaxFaculty/27140?

Former PwC man takes Smith & Williamson private client role

Accountancy Age: Top Ten firm Smith & Williamson has appointed former PwC man Lee Blackshaw as head of its private client tax services team in Manchester.

Full story: http://www.accountancyage.com/aa/news/2280525/former-pwc-man-takes-smith-williamson-private-client-role?

HMRC launches self-assessment amnesty

Accountancy Age: Self assessment taxpayers who have failed to submit tax returns are being offered the opportunity to settle their arrears in an HMRC campaign.

Full story: http://www.accountancyage.com/aa/news/2280557/hmrc-launches-selfassessment-amnesty?

Farrers breaks through £50m revenue barrier for first time

The Lawyer: Farrer & Co has seen its turnover push through the £50m barrier with a 2.4 per cent increase in revenue, from £49.6m in 2011/12 to £50.8m last year.

Full story: http://www.thelawyer.com/news-and-analysis/the-lawyer-management/financial-news/farrers-breaks-through-50m-revenue-barrier-for-first-time/3007032.article?

Private client: a good place to be

Law Society Gazette: There was a very positive mood at the Private Client Section’s annual conference on Friday. While some sections of the profession are facing a raft of problems at the moment – with legal aid changes hitting criminal lawyers, personal injury solicitors reeling from the Jackson reforms, and conveyancers feeling the pressure of a weak housing market and fierce price competition - private client lawyers are, on the whole, feeling reasonably sanguine about their position.

Full story: http://www.lawgazette.co.uk/blogs/blogs/news-blogs/private-client-a-good-place-be?

McDermott turns to Withers for London private client hire

Legal Week: McDermott Will & Emery has hired high-profile Withers London partner Ziva Robertson in another boost to the firm's international private client practice.

Full story: http://www.legalweek.com/legal-week/news/2279992/mcdermott-turns-to-withers-for-london-private-client-hire?

Fiona Shackleton's law firm is sued over 'ridiculous' divorce bills

Daily Telegraph: Payne Hicks Beach, which represented Sir Paul McCartney in his divorce, is being sued by another client, Mortimer Whealon, the socialite.

Full story: http://www.telegraph.co.uk/news/celebritynews/10162907/Fiona-Shackletons-law-firm-is-sued-over-ridiculous-divorce-bills.html

UK-Swiss tax agreement to yield less than expected

Accountancy Live: A landmark tax agreement between the UK and Switzerland now looks set to raise much less revenue than expected, according to an update from the Swiss Bankers Association (SBA).

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2656045

Mansion tax could hit 40,000 homes in capital, says minister

Evening Standard: Treasury research has revealed there could be 40,000 homes in London hit by a “mansion tax”. The data emerged after a Conservative Treasury minister claimed homeowners affected by the levy on properties valued above £2 million would on average foot a £35,000 bill.

Full story: http://www.standard.co.uk/news/politics/mansion-tax-could-hit-40000-homes-in-capital-says-minister-8695430.html

Mansion tax would cost wealthy £36k a year

IFA Online: A ‘mansion tax’ on all homes worth more than £2m would cost the owners as much as £36,000 a year on average, according to Whitehall analysis.

Full story: http://www.ifaonline.co.uk/ifaonline/news/2279861/mansion-tax-would-cost-wealthy-gbp36k-a-year?

Tax avoidance: UK effort to collect from assets hidden in Switzerland fails

The Guardian: The Treasury's attempt to tax wealthy individuals who hide their assets in Switzerland was declared an embarrassing failure by experts on Friday after the Swiss authorities said it would generate only a small fraction of the expected £3.2bn haul.

Full story: http://www.guardian.co.uk/business/2013/jul/05/tax-avoidance-uk-effort-switzerland-fails?

Isle of Man’s work ‘leading way for HMRC tax evasion clean-up’

International Adviser: Despite common misperceptions, the Isle of Man is in fact at the forefront of the UK’s plans to tackle tax evasion, says Axa Wealth Itl’s Simon Willoughby.

Full story: http://www.international-adviser.com/profiles-and-analysis/analysis/isle-of-mans-work-leading-way-for-hmrc

Married couples to get tax break 'very shortly', promises PM

Daily Telegraph: Married couples will be given tax breaks worth up to £150 each under plans that will become law by the end of the year.

Full story: http://www.telegraph.co.uk/news/politics/10151914/Married-couples-to-get-tax-break-very-shortly-promises-PM.html