HMRC Trusts and Estates

ICAEW: HMRC have published the April edition of the Trust & Estates Newsletter.

Full story: http://www.ion.icaew.com/TaxFaculty/post/HMRC-Trusts-and-Estates?

Towry buys Baker Tilly's private client arm

CityWire: Towry is to acquire the assets of Baker Tilly's private client business, including the Link2wealth brand.

Full story: http://www.citywire.co.uk/wealth-manager/towry-buys-baker-tillys-private-client-arm/a748501?ref=wealth-manager-latest-news-list

Lawrence Graham promotes five to partnership as Wragges merger looms

Legal Week: Lawrence Graham (LG) has promoted five lawyers to partner ahead of its merger with Wragge & Co. The promotions will come into effect on 1 May - the same day the firm's combination goes live. The new partners are spread across real estate, disputes, private capital and corporate.

Full story: http://www.legalweek.com/legal-week/news/2342074/lawrence-graham-promotes-five-to-partnership-as-wragges-merger-looms

Non-doms are paying more UK tax than ever

STEP: Resident non-domiciles in the UK are paying more income tax than ever, according to research by law firm Pinsent Masons. UK income tax paid by non-doms reached GBP6.8 billion in the 2011-12 tax year. The amount has risen by 19 per cent in the three years since 2008-09, when the remittance basis charge was introduced.

Full story: http://www.step.org/non-doms-are-paying-more-uk-tax-ever

Lewis Hamilton Britain's richest sportsman with £68m fortune ahead of wealthiest footballer Wayne Rooney

Daily Telegraph: Mercedes driver is Britain's richest sportsman with a £68m fortune ahead of Jenson Button and Manchester United striker Wayne Rooney.

Full story: http://www.telegraph.co.uk/sport/motorsport/formulaone/10792783/Lewis-Hamilton-Britains-richest-sportsman-with-68m-fortune-ahead-of-wealthiest-footballer-Wayne-Rooney.html

Income tax paid by non-doms hits record high of £6.8billion

Director of Finance Online: Increase of a fifth on post credit crunch low, Mislabelled tax evaders – importance to economy risks being overlooked.

Full story: http://dofonline.co.uk/index.php/tax/12141-income-tax-payments-non-doms-443543?

CGT proposals for non-residents contain sting in the tail for UK residents

ICAEW: You may not have realised that a major policy change – abolishing the main residence election – is included in the proposals for the new CGT charge on non-residents selling UK property. Tell us what you think!

Full story: http://www.ion.icaew.com/TaxFaculty/post/CGT-proposals-for-non-residents-contain-sting-in-the-tail-for-UK-residents?

Ecclestone avoids potential £1bn tax

BBC News: Formula 1 boss Bernie Ecclestone has avoided a potential £1.2bn tax bill as a result of a secret deal with HMRC.

Full story: http://www.bbc.co.uk/news/uk-27144637

Speechly Bircham promotes six to partnership

Speechly Bircham: Alice Neilan - Private Client.  Alice is an international private client lawyer, advising foreign domiciled individuals on their UK tax matters and personal estate planning.  Alice also advises non-UK private banks and investment managers on how to structure bank accounts and tailor their investment offering from a UK tax perspective to attract UK resident, non-UK domiciled clients.  Alice has particular expertise in advising on tax planning and structuring in relation to UK real estate and in advising clients with links to Switzerland and the Nordic regions. She is also a co-author of one of the most widely read works on tax planning with an international element, 'Clarke's Offshore Tax Planning', along with fellow partner Dominic Lawrance. 

Full story: http://www.speechlys.com/news/news/current-news/2014/04/speechly-bircham-promotes-six-to-partnership.aspx

Bircham Dyson Bell Expands Private Wealth Team with New Partner Hire

Lawyer Monthly: Leading UK law firm Bircham Dyson Bell (BDB) has appointed Harriet Morgan as a partner in its Private Wealth team.

Full story: http://www.lawyer-monthly.com/2014/04/bircham-dyson-bell-expands-private-wealth-team-new-partner-hire/

Probate: How to manage death and taxes

Accountancy Age: Mors tua, vita mea. Your death my life. Isn't probate wonderful! The Probate Services (Approved Bodies) Order 2009 came into force on 1 August 2009 and the floodgates opened. Well, not really floodgates, more a trickle.

Full story: http://www.accountancyage.com/aa/feature/2341195/probate-how-to-manage-death-and-taxes?

Partner made up: Simon Glazebrook at Gordons

Law Society Gazette: Private client lawyer Simon Glazebrook has been promoted to partner by Yorkshire law firm Gordons.

Full story: http://www.lawgazette.co.uk/people/movers/partner-made-up-simon-glazebrook-at-gordons/5040870.article?

Baker Tilly to join RSM International network

Accountancy Age: Baker Tilly is to become accountancy network RSM International's UK member firm.

Full story: http://www.accountancyage.com/aa/news/2339908/baker-tilly-to-join-rsm-international-network?

HMRC targets evasion in further powers push

Accountancy Age: Further powers are set to be afforded to HM Revenue & Customs as the government looks to tighten the noose on those holding funds offshore and maximise its revenues.

Full story: http://www.accountancyage.com/aa/news/2339897/hmrc-targets-evasion-in-further-powers-push?

New strict liability offence of offshore tax evasion

STEP: The UK government is proposing to create a new criminal offence of failing to declare taxable offshore income.

Full story: http://www.step.org/new-strict-liability-offence-offshore-tax-evasion

European Commission revisits double inheritance taxation

STEP: The European Commission has launched a public consultation on taxation problems for individuals who are active across the borders of EU Member States.

Full story: http://www.step.org/european-commission-revisits-double-inheritance-taxation

Charles Russell and Speechly extend merger talks as brand unveiled

The Lawyer: Speechly Bircham and Charles Russell will be known as Charles Russell Speechlys LLP should the merger be succesful later this year.

Full story: http://www.thelawyer.com/news/practice-areas/private-client-news/charles-russell-and-speechly-extend-merger-talks-as-brand-unveiled/3019268.article

UK announces plans to further tighten net on offshore evaders

International Adviser: The UK Government today published details of its latest plans to ramp up pressure on tax evaders who hide money offshore, which include making it easier to prosecute them, with a prison sentence possible for those found guilty, even if, it is being suggested, they did not intend to evade taxes.

Full story: http://www.international-adviser.com/news/tax---regulation/uk-announces-plans-to-further-tighten?

Slash top tax rate to 40p to boost the economy, says sacked Lib Dem minister Jeremy Browne

The Independent: The top rate of tax on incomes over £150,000 a year should be cut from 45p to 40p, a senior Liberal Democrat MP will propose today.

Full story: http://www.independent.co.uk/news/uk/politics/slash-top-tax-rate-to-40p-to-boost-the-economy-says-sacked-lib-dem-minister-jeremy-browne-9244612.html

FT columnist Merryn says Isle of Man is still a tax haven

IoM Today: Respected financial journalist Merryn Somerset Webb is fascinated by the Manx pound and believes it is of important interest as the Scottish independence debate rages on.

Full story: http://www.iomtoday.co.im/news/business/ft-columnist-merryn-says-isle-of-man-is-still-a-tax-haven-1-6548284

Top tax rate cut 'raises billions'

BBC News: Cutting the top rate of income tax has massively increased the amount of money the rich are paying into government coffers, says a senior Tory MP.

Full story: http://www.bbc.co.uk/news/uk-politics-26875420

Stephenson Harwood launches City private wealth practice

The Lawyer: Stephenson Harwood has appointed Thomas Eggar’s international and business taxation head James Quarmby to spearhead the growth of its private wealth practice.

Full story: http://www.thelawyer.com/news/practice-areas/private-client-news/stephenson-harwood-launches-city-private-wealth-practice/3018805.article

One in ten estates will be paying inheritance tax by 2018

STEP: The proportion of estates liable for inheritance tax (IHT) will quadruple from just 2.6 per cent in the 2009-10 tax year to 10 per cent in 2018-19, according to research by the Institute for Fiscal Studies (IFS). 

Full story: http://www.step.org/one-ten-estates-will-be-paying-inheritance-tax-2018

Sharia wills: the facts

Law Society Gazette: It is not the aim of the Law Society or Muslims to promote a dual legal system, says Ismaeel Waseem.

Full story: http://www.lawgazette.co.uk/analysis/comment-and-opinion/sharia-wills-the-facts/5040744.article?

Rule change means you could pay tax when you sell your home

Daily Telegraph: Property owners who spend more time living in a second home could face a tax charge on selling the main family residence.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10749649/Rule-change-means-you-could-pay-tax-when-you-sell-your-home.html

Macfarlanes announces nine new partners and four senior counsel

Macfarlanes: Macfarlanes announces nine new partners and four senior counsel.

Full story: http://www.macfarlanes.com/news--insights/press-releases/2014/macfarlanes-announces-nine-new-partners-and-four-senior-counsel.aspx