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?