Firm loses £100m offshore tax avoidance bid

Investment Week: A tax avoidance scheme sold by serial avoidance promoter NT Advisors has lost its third bid for legitimacy, saving the country £100m, HM Revenue & Customs (HMRC) has said.

Full story: http://www.investmentweek.co.uk/investment-week/news/2326210/firm-loses-gbp100m-offshore-tax-avoidance-bid?

Seddons boosts private client offering with new partner appointment

Seddons: Seddons, a leading law practice based in London’s West End, today announces the appointment of James Ward as a partner within its Private Client team.

Full story: http://www.seddons.co.uk/NewsInsight/News/2014-01-15/Seddons-boosts-private-client-offering-with-new-partner-appointment-/

How many people pay the top rate of income tax?

The Guardian: Plans to restore the 50p tax rate have reignited an old political debate - but how many people are in the highest income tax band and how much money does it raise? 

Full story: http://www.theguardian.com/news/datablog/2014/jan/27/how-many-pay-top-rate-of-income-tax-uk?

Tax avoiders to pay up while HMRC investigates schemes

Accountancy Age: Users of of tax avoidance schemes are to be compelled to by their tax bills upfront while HM Revenue & Customs conducts investigations into their arrangements, under proposals announced by the Treasury.

Full story: http://www.accountancyage.com/aa/news/2325276/tax-avoiders-to-pay-up-while-hmrc-investigates-schemes?

UK/Swiss tax deal flops

Economia: The agreement between the two countries, which came into force on January 1 2013 was forecast by the chancellor to raise £5bn over the next six years, with £3.2bn recovered in the 2013. Public finance figures published yesterday by the Office for National Statistics, however, showed just £800m had been collected in 2013.

Full story: http://economia.icaew.com/news/january-2014/swiss-tax-agreement-flops

Income tax, VAT and SDLT drive increase in tax take

Accountancy Live: Latest HMRC statistics suggest the total tax take is starting to rise as the economy moves into recovery, with higher levels of receipts driven primarily by increases in the amounts received from income tax, NICs and stamp duty land tax (SDLT) and VAT in particular in the second half of last year.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2931100

HMRC looks to extend its reach to Cayman Islands

FT: HM Revenue & Customs has sent out another batch of ‘enabling’ letters to Cayman Island bank accounts holders in the UK to warn them about tax evasion.

Full story: http://www.ftadviser.com/2014/01/23/ifa-industry/tax-planning/hmrc-looks-to-extend-its-reach-to-cayman-islands-E0PvATXesan0PG4UaDozgP/article.html?

Philanthropic Swiss bank client avoids jail for US tax evasion

STEP: Ty Warner, a hugely wealthy American businessman, has been sentenced to two years probation after being convicted of hiding untaxed assets in Swiss banks. 

Full story: http://www.step.org/philanthropic-swiss-bank-client-avoids-jail-us-tax-evasion

STEP launches code for will preparation

Private Client Adviser: A set of will­-writing ethics openly demonstrating the standard of service clients should expect has been launched by the Society of Trust and Estate Practitioners (STEP) in response to lack of regulation.

Full story: http://www.privateclientadviser.co.uk/news/wills/step-launches-code-will-preparation

Tax haven amnesty possible, says Australian Taxation Office

The Guardian: Under plan, wealthy taxpayers could avoid criminal investigation and prosecution provided they are not deliberately fraudulent.

Full story: http://www.theguardian.com/world/2014/jan/20/tax-haven-amnesty-possible-says-australian-taxation-office

HMRC issues letters to Cayman Islands evaders

Accountancy Age: HMRC has issued letters to individuals it believes hold bank accounts in the Cayman Islands, in order to encourage them to come forward and disclose any previously undeclared income and capital gains.

Full story: http://www.accountancyage.com/aa/news/2323851/hmrc-issues-letters-to-cayman-islands-evaders?

Naomi Rive resigns from Appleby to join Coutts in Jersey as Chief Trust Officer

Coutts: Coutts is pleased to announce two pivotal senior appointments as it continues to invest in its International Trust Business.

Full story: http://www.coutts.com/news-and-insights/press-releases/2014/coutts-continues-to-invest-in-its-international-trust/index.asp

EC to tackle tax discrimination against mobile EU citizens

Accountancy Live: The European Commission (EC) is to carry out a thorough assessment of member states' tax regimes to determine whether they create disadvantages for mobile EU citizens.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2924358

Lord Lambton inheritance row resolved

Private Client Adviser: Heir ‘welcomes’ settlement with siblings after cross-border estate dispute.

Full story: http://www.privateclientadviser.co.uk/news/international/lord-lambton-inheritance-row-resolved

Government in review of non-doms’ dual contracts

Accountancy Age: The use of dual contracts by non-domiciled taxpayers is under government scrutiny amid fears the practice is used to artificially drive down tax bills.

Full story: http://www.accountancyage.com/aa/news/2323568/government-in-review-of-non-doms-dual-contracts?

HMRC steps up campaign to tackle tax evasion

Accountancy Live: In the ongoing crackdown on tax evasion, HMRC has published a briefing explaining the range of measures it is taking to tackle individual tax evaders.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2924327

Osborne looking for ideas for Budget 2014

Accountancy Live: The government is seeking ‘original and innovative’ ideas for inclusion in this year’s Budget and is urging business, charities and members of the public to submit their suggestions by 14 February 2014 so they can be given ‘proper consideration’ by the Treasury.

Full story: http://accountancymagazine.com/croner/jsp/Editorial.do?channelId=-601014&contentId=2924328

Macfarlanes secures new office in move to centralise City HQ

Legal Week: Macfarlanes has taken a lease out on new office next door to its current City headquarters.  Moving into the new development, which will not be ready for occupation until 2017, will help consolidate the firm's offices around one location. It currently has a number of smaller offices close to its main Norwich Street base.

Full story: http://www.legalweek.com/legal-week/news/2323572/macfarlanes-secures-new-office-in-move-to-centralise-city-hq?utm_term=&utm_content=lhc-mainlist-p1-item-2&utm_campaign=LW.Daily_RL.EU.A.U&utm_medium=Email&utm_source=LW.DCM.Editors_Updates

Consultant: Stephen Coleclough at Mishcon de Reya

Law Society Gazette: Mishcon de Reya has announced the appointment of Stephen Coleclough, the current president of the Chartered Institute of Taxation, as a consultant to the firm as it continues to invest in and develop its tax offering.

Full story: http://www.lawgazette.co.uk/people/movers/consultant-stephen-coleclough-at-mishcon-de-reya/5039396.article

Note trips home to avoid a tax shock

Daily Telegraph: A careful record of visits to the UK could be worth its weight in gold for expats in the face of questions from HM Customs & Revenue.

Full story: http://www.telegraph.co.uk/finance/personalfinance/expat-money/10568277/Note-trips-home-to-avoid-a-tax-shock.html

EY in top five gay-friendly employers

Economia: EY has made it into the top five of the 2014 Stonewall Top 100 Employers list, the only accountancy firm to do so.

Full story: http://economia.icaew.com/news/january-2014/ey-in-top-five-gay-friendly-employers

Three-quarters of accountants use social media

Economia: According to the Wolters Kluwer Social Media Survey, 77% of accountants use social media, with LinkedIn proving the most popular.

Full story: http://economia.icaew.com/news/january-2014/three-quarters-of-accountants-use-social-media

HMRC renews UK-Swiss tax treaty campaign

Accountancy Live: HMRC is gearing up to send out a second tranche of letters later this month to taxpayers it believes may face tax liabilities under the UK-Swiss Tax Cooperation Agreement, and is warning that anyone who fails to reply can expect an investigation into their tax affairs.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2910776