Coutts admits some clients may have avoided US tax

CityWire: Coutts said it will co-operate with the US Department of Justice (DOJ) in discovering whether some clients in its Swiss unit may have avoided US tax.

Full story: http://www.citywire.co.uk/wealth-manager/coutts-admits-some-clients-may-have-avoided-us-tax/a736656?ref=wealth-manager-latest-news-list

Swiss bankers say tax evasion was 'a business model'

The Daily Telegraph: Banking group hits out at Credit Suisse chief executive after he tells US that alleged tax schemes were due to a few dishonest employees.

Full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10665743/Swiss-bankers-say-tax-evasion-was-a-business-model.html

Credit Suisse 'helped wealthy Americans hide billions in secret Swiss bank accounts'

The Independent: Credit Suisse allegedly helped thousands of American customers avoid billions in taxes according to a scathing report released by a US Senate committee on Tuesday.

Full story: http://www.independent.co.uk/news/business/news/credit-suisse-helped-wealthy-americans-hide-billions-in-secret-swiss-bank-accounts-9155109.html

Credit Suisse ‘shredded documents’ for US tax evaders

Accountancy Age: Swiss bank alleged to have helped US clients avoid taxes, senate committee claim.

Full story: http://www.accountancyage.com/aa/news/2331030/credit-suisse-shredded-documents-for-us-tax-evaders

Which country has the highest tax rate?

BBC News: In which countries do high earners pay the most tax? And where do average earners pay the most?

Full story: http://www.bbc.co.uk/news/magazine-26327114

How to act in tax planning

Economia: The Chartered Institute of Taxation has joined up with five other professional bodies to try to allay public concern about aggressive tax avoidance schemes.

Full story: http://economia.icaew.com/news/february2014/how-to-act-in-tax-planning

Tax evaders targeted in ad campaign

BBC News: The government has launched an advertising campaign targeting people who have been evading taxes by holding money in offshore accounts.  Chancellor George Osborne said the campaign aimed to make it "very clear" that if people hid money offshore "then we are coming after them".

Full story: http://www.bbc.co.uk/news/uk-26317069

Private school fees scheme allows wealthy parents to save thousands of pounds in tax

The Independent: Britain’s wealthiest parents can have their private school fees slashed and save on their tax bills under deals being offered by some of the country’s leading independent schools.

Full story: http://www.independent.co.uk/news/education/schools/private-school-fees-scheme-allows-wealthy-parents-to-save-thousands-of-pounds-in-tax-9145380.html

Chris Moyles claimed to be a used car dealer in £1m tax avoidance scheme

The Guardian: Former BBC Radio 1 DJ apologises after tribunal judge rules he ran up paper losses in effort to cut tax bill.

Full story: http://www.theguardian.com/media/2014/feb/21/chris-moyles-used-car-dealer-tax-avoidance?

Speechly Bircham and Charles Russell in merger talks to create £126m firm

The Lawyer: Speechly Bircham is in preliminary merger talks with six-office firm Charles Russell in a move that would propel the combined outfit into the top 25 firms by turnover according to The Lawyer UK200.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/merger-watch/speechly-bircham-and-charles-russell-in-merger-talks-to-create-126m-firm/3016634.article

Inheritance tax hits south east hard

Money Observer: London and the south east are the UK’s inheritance tax ‘hot spots’, accounting for half of all IHT paid across the country, according to research by Prudential.

Full story: http://www.moneyobserver.com/news/21-02-2014/inheritance-tax-hits-south-east-hard?

Further growth at Thrings marked by appointment of two new partners

Thrings: Leading commercial law firm Thrings has further strengthened its offering to clients with the appointment of James Myatt and Malcolm Emery as partners.  An accredited family law specialist with more than 30 years’ experience of working with family-owned businesses, private companies and individuals, James joins Thrings from Lyons Davidson, where he was a partner and head of the private client division.

Full story: http://www.thrings.com/site/news_events/thrings_news/james_myatt_malcolm_emery.html

Baker Tilly closes RSM Tenon office and merges in London

Accountancy Age: RSM Tenon staff will move across to the Baker Tilly offices in London this week.

Full story: http://www.accountancyage.com/aa/news/2329731/baker-tilly-closes-rsm-tenon-office-and-merges-in-london?

Crackdown launched on hidden wealth in London

HMRC: A taskforce tackling tax dodgers who hide their wealth was launched today by HM Revenue and Customs (HMRC).

Full story: http://www.mynewsdesk.com/uk/hm-revenue-customs-hmrc/pressreleases/crackdown-launched-on-hidden-wealth-in-london-959985

Withy King: Private client and charities expert joins our team

Withy King: Samantha O’Sullivan, a solicitor with over 25 years’ experience in private client and charity law work, has joined our Private Client team as a consultant.

Full story: http://www.withyking.co.uk/news.php?id=private-client-and-charities-expert-joins-our-team

Payne Hicks Beach strengthens landed estate team with lateral hires

Payne Hicks Beach: Payne Hicks Beach strengthens landed estate team with lateral hires.

Full story: http://www.phb.co.uk/media-events/news/93/payne-hicks-beach-strengthens-landed-estate-team-with-lateral-hires

EU to force Britons to publish details of wills and property

The Daily Telegraph: A bill being debated in Brussels would force UK citizens to disclose 'reams' of private, financial information on a public register.

Full story: http://www.telegraph.co.uk/finance/personalfinance/10624818/EU-to-force-Britons-to-publish-details-of-wills-and-property.html

Canada signs Model I FATCA agreement

STEP: Canada has signed an agreement with the US to implement the Foreign Account Tax Compliance Act.

Full story: http://www.step.org/canada-signs-model-i-fatca-agreement

IFS: UK tax system ‘punishes success’

Accountancy Age: Relying on the UK's highest earners to shoulder the bulk of the UK's tax burden is not a sustainable basis for the country's long-term economic future, the Institute for Fiscal Studies has claimed.

Full story: http://www.accountancyage.com/aa/news/2327323/ifs-uk-tax-system-punishes-success

Extension of CGT to gains of non-residents

ICAEW: In the 2013 Autumn Statement the Chancellor announced that: “from April 2015, we will introduce capital gains tax on future gains made by non-residents who sell residential property here in the UK”.

Full story: http://www.ion.icaew.com/TaxFaculty/post/Extension%20of%20CGT%20to%20gains%20of%20non-residents?

Conservatives likely to reduce top rate of tax, says Boris Johnson

Daily Telegraph: Mayor of London says tax cuts for rich likely to be at centre of next Tory manifesto, following Danny Alexander's pledge tax rate cut to 40p will happen "over my dead body"

Full story: http://www.telegraph.co.uk/news/politics/conservative/10618693/Conservatives-likely-to-reduce-top-rate-of-tax-says-Boris-Johnson.html

Lib Dems rule out cut in top rate income tax

Accountancy Live: Liberal Democrat MP and chief secretary to the Treasury Danny Alexander, has ruled out any cuts to the top rate of income tax before next year's general election, saying this would only happen ‘over my dead body’ and opening up a split in views between the two coalition parties.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2941985

Non-dom levy brings in record £178m

Accountancy Live: Non-domiciled UK residents paid £178m in levies for excluding their overseas income from UK tax in the year to 2012, the largest amount raised from the tax charge since it was introduced in 2008, according to figures from Vestra Wealth.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601043&contentId=2943349

Cheltenham-based tax team joins Smith & Williamson

Smith & Williamson: Smith & Williamson, the accountancy and investment management group, has taken on a four-person private client tax team, led by Louise Somerset who joins the firm as partner. Being appointed at the same time as Louise is Krista Woodman, associate director, and two further professional staff.

Full story: https://www.smith.williamson.co.uk/news/7021-cheltenham-based-tax-team-joins-smith-williamson

Expat's bequest to political party ruled invalid

STEP: Joseph Robson, formerly of Ashington in Northumberland, died in Alicante in 2010 at the age of 81, having lived in Spain for nearly 20 years. He had placed most of his GBP389,000 estate in offshore funds, out of reach of Spanish succession law, and had made a will in 1996 leaving it to the British National Party (BNP).

Full story: http://www.step.org/expats-bequest-political-party-ruled-invalid

Chantrey Vellacott unveils rebrand

Accountancy Age: Following a five-month project with Shoreditch-based Edge Design, the rebrand gives the firm new livery, and encompasses all offices, company literature and its website.  The deal with Edge Design was for an undisclosed sum.

Full story: http://www.accountancyage.com/aa/news/2325689/chantrey-vellacott-unveils-rebrand

Welcome common sense over wills errors

Law Society Gazette: The Supreme Court’s decision in Marley v Rawlings at the end of last month has stunned many private client solicitors.  As readers will know, the court unanimously upheld a testator’s intention even though the husband and wife had inadvertently signed one another’s wills by mistake.

Full story: http://www.lawgazette.co.uk/analysis/comment-and-opinion/welcome-common-sense-over-wills-errors/5039691.article?