Friday 29 November 2013

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?

Thursday 28 November 2013

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

Wednesday 27 November 2013

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?

Tuesday 26 November 2013

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

Monday 25 November 2013

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

Friday 22 November 2013

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

Thursday 21 November 2013

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?

Wednesday 20 November 2013

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

Tuesday 19 November 2013

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

Monday 18 November 2013

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

Friday 15 November 2013

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 AdviserTwo 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?

Thursday 14 November 2013

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

Tuesday 12 November 2013

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?

Monday 11 November 2013

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

Thursday 7 November 2013

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?

Wednesday 6 November 2013

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

Monday 4 November 2013

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

Sunday 3 November 2013

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