UK taxpayers will waste £4.7bn in 2014, report says

ICAEW: UK taxpayers are set to waste £4.7bn in unnecessary tax payments this year, says a report from professional advisers’ website unbiased.co.uk.

Full story: http://economia.icaew.com/news/may-2014/uk-taxpayers-waste-billions-in-tax

French offshore amnesty struggles to attract takers

STEP: Some 23,000 French residents have disclosed their previously undeclared foreign bank accounts since the government launched its offshore amnesty in June 2013.

Full story: http://www.step.org/french-offshore-amnesty-struggles-attract-takers

Swiss to hand HMRC tax ‘hit list’

Accountancy Age: The Swiss Government  is poised to pass HMRC a "hit list" of ten nations where holders of Swiss business accounts siphon their money to.

Full story: http://www.accountancyage.com/aa/news/2346965/swiss-to-hand-hmrc-tax-hit-list?

Saffery Champness wins two private client awards

Saffrey Champness: The firm was named as one of the UK’s Top 25 Private Client Accountants 2014 by eprivateclient and also named Best Tax & Accountancy Team in the Wealth Adviser Awards 2014.

Full story: http://www.saffery.com/news-and-events/press-releases/2014/21-may-2014.aspx

Scottish independent tax system could cost more than 750m

ICAEW: The Institute of Chartered Accountants Scotland (ICAS) has published a paper calling for more detail about the true cost of an independent tax system to be made available to Scottish referendum voters.

Full story: http://economia.icaew.com/news/may-2014/scottish-independent-tax-system-could-cost-more-than-750m

Dmitry Rybolovlev: Most expensive divorce costs Russian billionaire £2.7bn

The Independent: Russian billionaire Dmitry Rybolovlev has been ordered to pay about £2.7bn to his ex-wife in what could become the biggest divorce settlement in history.

Full story: http://www.independent.co.uk/news/world/europe/worlds-most-expensive-divorce-costs-russian-billionaire-dmitry-rybolovlev-27bn-9400148.html

Accountants must engage with HMRC

ICAEW: Andrew McKenna, a partner at Smith & Williamson, and the company’s head of tax investigations, said accountants should not be scared to engage with HMRC.

Full story: http://economia.icaew.com/news/may-2014/accountants-must-engage-with-hmrc

HMRC tax investigations count rises significantly

Accountancy Age: FOI request finds tax investigations rose sharply over the past year, but HMRC claims measurement methodology has changed.

Full story: http://www.accountancyage.com/aa/news/2345496/hmrc-tax-investigations-count-rises-significantly

Credit Suisse helped 'tax cheats'

BBC News: Swiss banking giant Credit Suisse has pleaded guilty to helping thousands of US clients evade paying taxes to the US government and agreed to pay a $2.6bn (£1.5bn) fine.

Full story: http://www.bbc.co.uk/news/business-27478532

Gabby Logan admits tax avoidance

BBC News: Gabby Logan is the latest household name to admit being part of the tax avoidance scheme used by Gary Barlow and Colin Jackson.

Full story: http://www.bbc.co.uk/news/entertainment-arts-27484940

Sunday Times Rich List 'wealthier than ever'

BBC News: Britain's richest people are wealthier than ever before, with a combined fortune of almost £520bn, according to the Sunday Times Rich List.

Full story: http://www.bbc.co.uk/news/uk-27459621

Rathbones buys law firm as it continues hunt for opportunities

CityWire: Rathbone Brothers has acquired Mayfair private client law firm Rooper & Whately as it indicated it remained open to ‘growth opportunities’ after the purchase of parts of Tilney and Jupiter’s charity division.

Full story: http://citywire.co.uk/wealth-manager/rathbones-buys-law-firm-as-it-continues-hunt-for-opportunities/a751063?ref=wealth-manager-home4-list

'Tax-efficient' fund to invest in classic cars launched

What Investment: A fund which invests in a portfolio of classic cars has been launched.

Full story: http://www.whatinvestment.co.uk/financial-news/funds/2463232/and39taxefficientand39-fund-to-invest-in-classic-cars-launched.thtml?

Report finds wide variance on European succession tax treatment

Campden FB: Basing a family business in Cyprus or Poland instead of Denmark or France could significantly alter the tax burden on the next generation following succession, according to new analysis released by KPMG and European Family Businesses.

Full story: http://www.campdenfb.com/article/report-finds-wide-variance-european-succession-tax-treatment?

HMRC scores fifth victory against tax advisers in £21m charity scheme

CityWire: HM Revenue & Customs (HMRC) has defeated a fifth tax avoidance scheme designed by NT Advisors, involving a £500,000 gift to charity.  According to HMRC, the court victory in the Upper Tribunal stopped £21 million of tax from being avoided.

Full story: http://www.citywire.co.uk/new-model-adviser/hmrc-scores-fifth-victory-against-tax-advisers-in-21m-charity-scheme/a751097?ref=new-model-adviser-latest-news-list

Big Four rank in top 50 for diversity

ICAEW: The Big Four all took places in DiversityInc’s 2014 awards for top 50 companies for diversity

Now in their fifteenth year, the 2014 awards involved participation from 1,215 companies.  EY took third place, climbing one place higher from its 2013 ranking. It secured top 10 positions across six categories, coming first in both the top 10 companies for people with disabilities, and the top 10 companies for diversity councils.

Full story: http://economia.icaew.com/news/may-2014/big-4-rank-in-top-50-for-diversity

Swisspartners hands in American clients to US authorities

STEP: The Swiss wealth management firm Swisspartners has agreed to pay the US Department of Justice USD4.4 million to avoid being prosecuted for helping its American clients conceal overseas assets. 

Full story: http://www.step.org/swisspartners-hands-american-clients-us-authorities

Forsters and Michelmores post double digit growth

The Lawyer: Forsters and Michelmores have reported double-digit growth in revenue for the 2013/14 financial year and net profit is also expected to have risen at both firms.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/financial-news/forsters-and-michelmores-post-double-digit-growth/3020517.article

The UK has more billionaires per head than any other country – which is bad news

New Statesman: According to this year’s Sunday Times rich list, there are 100 billionaires living in Britain. This means that the UK has a higher proportion of billionaires per capita than any other country. You might think this is a good thing: perhaps the UK really is “open for business”, perhaps these billionaires are pumping lots of money into the economy – shopping in Harrods, buying up mansions, sending their kids to private schools and occasionally giving multi-billion donations to arts foundations. Maybe some of that money will trickle down. Even if you think inequality is bad, should you be bothered by a hundred or so super-rich? Well yes, you should.

Full story: http://www.newstatesman.com/united-kingdom/2014/05/uk-has-more-billionaires-head-any-other-country-which-bad-news?

Kingsley Napley has hired Zoë Sive as a private client tax partner from Baker & McKenzie, where she was a senior associate.

Kingsley Napley: Zoë is an international private client lawyer. She joined Kingsley Napley as a partner in May 2014 from Baker & McKenzie LLP.

Full story: http://www.kingsleynapley.co.uk/about-us/our-people/zoe-sive

Osborne Clarke hands out bonus as turnover rockets to £142m

The Lawyer: Osborne Clarke’s turnover shot up by more than a quarter in 2013/14, from £112m to £142m, setting all staff members up for a 2 per cent bonus.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/financial-news/osborne-clarke-hands-out-bonus-as-turnover-rockets-to-142m/3020479.article

Tax avoidance schemes 'becoming less widespread'

ITV News: Tax schemes like the one that was used by Gary Barlow and other wealthy individuals were much more commonplace in the past but have become less popular as regulators close loopholes and publicity about them has grown, experts have said.

Full story: http://www.itv.com/news/2014-05-12/tax-avoidance-schemes-becoming-less-widespread/?

Swiss lawmakers pile pressure on Credit Suisse boss Dougan

Reuters: Credit Suisse Chief Executive Brady Dougan is under pressure from lawmakers to resign over the Swiss bank's role in helping wealthy Americans dodge taxes, a legal headache that could cost the bank as much as $1.6 billion to resolve.

Full story: http://uk.reuters.com/article/2014/05/12/creditsuisse-investigation-dougan-idUKL6N0NY29320140512?rpc=401&feedType=RSS&feedName=swissMktRpt&rpc=401

Capital Gains Tax Changes: Not Just Non-Doms to Feel the Heat Warn CIOT

Director of Finance Online: Significant CGT changes affecting UK residents hidden in government plans to tax non residents.  In responding to HM Revenue & Customs’ (HMRC’s) plans to extend  capital gains tax (CGT) to non-residents in certain circumstances, the Chartered Institute of Taxation (CIOT) has voiced concern over the proposed withdrawal of the principal residence election for all taxpayers.

Full story: http://dofonline.co.uk/index.php/tax/12177-capital-gains-tax-changes-ciot-45345?

Take That stars 'face huge tax bill'

BBC News: Three members of the band Take That may have to pay back millions of pounds in tax after a tribunal ruling. Gary Barlow, Howard Donald and Mark Owen - along with manager Jonathan Wild - were among about 1,000 people who put money into schemes purportedly supporting the music industry.

Full story: http://www.bbc.co.uk/news/uk-27356896

Billionaire list 'tops 100' in UK

BBC News: The number of billionaires living in the UK has risen to more than 100 for the first time, according to the 2014 Sunday Times Rich List.

Full story: http://www.bbc.co.uk/news/uk-27360032

The DNA of a Big Four partner

ICAEW: The Big Four firms are way ahead of the “magic circle” law firms when it comes to social mobility, a new academic study reveals.

Full story: http://economia.icaew.com/news/may-2014/the-dna-of-a-big-four-partner

Lakeland mountain to be sold to pay IHT bill

STEP: In what is probably the first property disposal of its kind, Saddleback Fell in the Lake District is to be sold off to help pay inheritance tax (IHT) liabilities on the estate of the seventh Earl of Lonsdale.

Full story: http://www.step.org/lakeland-mountain-be-sold-pay-iht-bill

Taking Stock: Earl to sell plot to pay off tax mountain

Accountancy Age: Generally, we like to think we've been around the block enough to know a thing or two, but even we are not worldly enough to get our heads around, say, being in a position to sell a monolithic landmark.  And so, when news reached TS Towers that the earl of Lonsdale is to sell off a mountain in order to settle a £9m inheritance tax bill following the death of his father in 2006, we were initially nonplussed.

Full story: http://www.accountancyage.com/aa/blog-post/2343172/taking-stock-earl-to-sell-plot-to-pay-off-tax-mountain

Charles Russell’s revenue soars to record high of £73.4m in 2013/14

The Lawyer: Charles Russell’s turnover increased by 7 per cent in 2013/14 from £68.9m to £73.4m, marking a new record for the firm.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/financial-news/charles-russells-revenue-soars-to-record-high-of-734m-in-2013/14/3020189.article

Coutts braced for hit from US tax inquiry into Swiss bank

The Independent: The blue-blooded bank Coutts has set aside possibly as much as SFr100m (£68m) at its private Swiss banking arm to cover the potential hit from an investigation by the US authorities over tax evasion.

Full story: http://www.independent.co.uk/news/business/news/coutts-braced-for-hit-from-us-tax-inquiry--into-swiss-bank-9328829.html

Clarity over public benefit and protections needed for data sharing

ATT: Tax professionals are calling on the Government to provide assurances that it is not going to start selling taxpayers’ data. The ATT is also pressing for a firm assurance from HMRC that robust safeguards, with legal redress, will be put in place to protect individual taxpayers from identification if data is shared with accredited third parties for research and analysis.

Full story: http://www.att.org.uk/technical/newsdesk/140507_PR_data_sharing_HMRC_clarity_needed

Britain falls back in love with accountancy

ICAEW: The accountancy sector has been rated the third most attractive sector to work for in the UK.

Full story: http://economia.icaew.com/news/may-2014/britain-falls-back-in-love-with-accountancy

New Tax Partner Joins MHA MacIntyre Hudson’s London City office

MacIntyre Hudson: Matt Coward is a Chartered Tax Adviser and a member of the Society of Trust and Estate Practitioners. He joins from Price Bailey’s Mayfair office and acts for a wide variety of private clients based in the UK and overseas.

Full story: http://www.macintyrehudson.co.uk/news/macintyre-hudson/new-tax-partner-joins-mha-macintyre-hudson-s-london-city-office