One in 50 a millionaire in Dublin

ICAEW: A new survey from Spears magazine, in association with wealth consultancy company WealthInsight , has reavealed that 2.4%, or 26,600, individuals in Dublin are millionaires. It is thirteenth overall, with the ninth highest percentage of any European city.

Full story: http://economia.icaew.com/news/june-2014/one-in-50-a-millionaire-in-dublin

Mansion tax could affect twice as many homes as expected

The Lawyer: The mansion tax proposals from Labour and the Liberal Democrats will hit double the number of homes than previously expected, according to new research from Knight Frank. The property consultant said that house-price inflation in central London meant that properties that were valued at £1.2m in 2009 would now be in the scope of the proposed tax. Nearly 70 per cent of the properties valued at more than £2m are located in London. Knight Frank explained that if the £2m threshold mooted in 2009 had increased in line with house-price inflation, it would now be at £2.8m. In the most expensive areas of London, such as Kensington & Chelsea, the threshold would have to be raised to £3.2m to cover the same number of properties.

Full story: http://www.thelawyer.com/briefings/mansion-tax-could-affect-twice-as-many-homes-as-expected/3022543.article?

Tax must be simpler and clearer, says ‘citizens’ jury’

The Independent: A “citizens’ jury” convened by one of the world’s big four accountancy firms has called for the abolition of inheritance tax but new higher council tax bands on high-value properties.

Full story: http://www.independent.co.uk/news/business/news/tax-must-be-simpler-and-clearer-says-citizens-jury-9571914.html

Merging income tax and NI gets public support

Accountancy Age: Merging  income tax and national insurance would get the support of the British public, according to work carried out by PwC.

Full story: http://www.accountancyage.com/aa/news/2352666/merging-income-tax-and-ni-gets-public-support?

International offices biggest winners as Withers promotes seven to partner

Legal Week: Withers has appointed seven to its partnership, with the majority of appointments going to its US offices. Andrew Haave and William Kambas have made partner in the firm's tax and wealth planning team in New Haven, whilst the New York practice will be boosted by art law specialist Diana Wierbicki and immigration lawyer Reaz Jafri. The London office will gain one partner, Charlie Tee, in the tax and wealth planning team, as will the firm's bases in Hong Kong and the British Virgin Islands.

Full story: http://www.legalweek.com/legal-week/news/2352361/international-offices-biggest-winners-as-withers-promotes-seven-to-partner

Balls outlines mansion tax plans

ICAEW: In the run up to the 2015 election, shadow chancellor Ed Balls yesterday outlined plans for a modified mansion tax.

Full story: http://economia.icaew.com/news/june-2014/balls-outlines-mansion-tax-plans

UK's low tax regime second only to Canada

ICAEW: The UK has moved a step closer to being the most competitive tax regime in a group of 10 countries that includes the US and Germany.

Full story: http://economia.icaew.com/news/june-2014/uks-low-tax-policy-second-only-to-canada

Strategic hire: Jane Whitfield at Shoosmiths

Law Society Gazette: National law firm Shoosmiths is growing its wealth protection team with the strategic hire of Jane Whitfield.

Full story: http://www.lawgazette.co.uk/people/movers/strategic-hire-jane-whitfield-at-shoosmiths/5041727.article

Prosecute advisers who help tax avoiders, says MP

Accounting Web: Accountants who promote aggressive tax avoidance schemes should face criminal prosecution, according to a Conservative MP.

Full story: http://www.accountingweb.co.uk/article/conservative-mp-prosecute-accountants-who-help-tax-avoiders/559971?

Labour refines mansion tax with new bands for property over £2m

The Guardian: It is likely Labour will propose two bands, which would not require annual valuation and might not be linked to council tax

Full story: http://www.theguardian.com/politics/2014/jun/23/labour-refines-mansion-tax-new-bands-property-2m?

Charging non-UK residents CGT on gains on residential property in the UK

ICAEW: The Tax Faculty has submitted its response to the consultation document, Implementing a Capital Gains Tax Charge on Non-residents, see TAXREP 35/14.

Full story: http://www.ion.icaew.com/TaxFaculty/post/Charging-non-UK-residents-CGT-on-gains-on-residential-property-in-the-UK?

Jerry Barnes is named Chairman of Smith & Williamson’s Landed Estates team

Smith & Williamson: Smith & Williamson, the accountancy and investment management group, is pleased to announce that Bristol-based Jerry Barnes has been appointed as the new Chairman of its Landed Estates team.

Full story: https://www.smith.williamson.co.uk/news/7304-jerry-barnes-is-named-chairman-of-smith-williamson-s-landed-estates-team

Asia-Pac wealth to overtake US

ICAEW: The number of high net worth individuals (HNWI) in Asia-Pacific is nearing that of North America, according to this year’s World Wealth Report.

Full story: http://economia.icaew.com/news/june-2014/asia-pac-wealth-to-overtake-us

Ban lawyers giving tax advice, Tory MP urges

Law Society Gazette: Solicitors who advise clients on legal financial strategies that have no purpose other than to create a tax advantage could face prosecution under proposals to be floated in parliament by a Conservative MP tomorrow. 

Full story: http://www.lawgazette.co.uk/law/ban-lawyers-giving-tax-advice-tory-mp-urges/5041702.article?

HMRC clarifies plans to tackle high-risk scheme promoters

STEP: Last month HMRC issued draft guidance relating to measures in the Finance Bill against so-called high-risk promoters of tax avoidance schemes. 

Full story: http://www.step.org/hmrc-clarifies-plans-tackle-high-risk-scheme-promoters

Bates Wells Braithwaite appoints accountant to partnership via ABS

The Lawyer: Third sector specialists Bates Wells Braithwaite (BWB) has become the latest firm to be granted an ABS licence, paving the way for its first non-lawyer partner.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/abs-news-and-analysis/bates-wells-braithwaite-appoints-accountant-to-partnership-via-abs/3021855.article

US tax deadline looming, but many expats unaware of their obligations

Expat Forum: Next week is the deadline for American expats to file their federal tax returns with the Internal Revenue Service but many are still in the dark about their obligations, it is claimed.

Full story: http://www.expatforum.com/america/us-tax-deadline-looming-but-many-expats-unaware-of-their-obligations.html?

Taxman wins fight to close property tax loophole

Daily Telegraph: The taxman has been given the green light to close down a potential stamp duty loophole.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10898258/Taxman-wins-fight-to-close-property-tax-loophole.html

Mishcon prepares to move London HQ to Aldwych as firm launches Mayfair Private

The Lawyer: Mishcon de Reya is gearing up for a move out of its Red Lion Square headquarters and up the road to the Grade II listed Africa House on London’s Kingsway.

Full story: http://www.thelawyer.com/news/practice-areas/private-client-news/mishcon-prepares-to-move-london-hq-to-aldwych-as-firm-launches-mayfair-private/3021738.article

HMRC accused of 'assault' on trusts

International Adviser: A leading tax specialist has described recent proposals by HM Revenue & Customs to crack down on inheritance tax avoidance as the “latest in a series of assaults” which may lead to the ultimate “demise” of trusts.

Full story: http://www.international-adviser.com/news/retirement/hmrc-accused-of-assault-on-trusts?

Mishcons launches high-end client advisory service with offshore company

Legal Week: Mishcon de Reya has launched an independent private client advisory business with offshore wealth planning business Opus Private.

Full story: http://www.legalweek.com/legal-week/news/2349488/mishcons-launches-high-end-client-advisory-service-with-offshore-company

Global private wealth hits $152tn

BBC News: The amount of private wealth held by households globally surged more than 14% to $152 trillion (£90tn) last year, boosted mainly by rising stock markets.

Full story: http://www.bbc.co.uk/news/business-27774753

Lib Dems to tax wealthiest to cut UK's debt

Accountancy Age: The wealthiest can expect higher taxes instead of welfare cuts under Liberal Democrat plans to balance the country's books.

Full story: http://www.accountancyage.com/aa/news/2349143/lib-dems-to-tax-wealthiest-to-cut-uks-debt?

Increase to inheritance tax by the back door - EY comments on new proposals released today

EY: Increase to inheritance tax by the back door.

Full story: http://www.ey.com/UK/en/Newsroom/News-releases/14-06-06---Increase-to-inheritance-tax-by-the-back-door?

Deloitte prepares to take on the UK legal market

The Lawyer: Deloitte is to become the last of the Big Four audit firms to enter the UK legal market after appointing a new chief of Deloitte Legal to draw up an action plan.

Full story: http://www.thelawyer.com/firms-and-the-bar/law-firms-international/deloitte-prepares-to-take-on-the-uk-legal-market/3021621.article?

Payne Hicks Beach makes significant hires to renowned Private Client team

Payne Hicks Beach: Leading Central London law firm Payne Hicks Beach is pleased to announce that Rosamond McDowell and Andrew Dixon have joined the Private Client department as partner and consultant respectively

Full story: http://www.phb.co.uk/media-events/news/101/payne-hicks-beach-makes-significant-hires-to-renowned-private-client-team

US government prepares more generous amnesty for accidental offshore non-compliance

STEP: The recently appointed Head of the US Internal Revenue Service (IRS), John Koskinen, has revealed that the IRS now believes its voluntary offshore compliance programmes have been too harsh on inadvertent non-compliers. 

Full story: http://www.step.org/us-government-prepares-more-generous-amnesty-accidental-offshore-non-compliance

EU urges UK to raise taxes on expensive homes

Accountancy Age: The European Commission has urged the UK to raise taxes on higher-value properties, build more houses and make changes to the Help to Buy Scheme.

Full story: http://www.accountancyage.com/aa/news/2347950/eu-urges-uk-to-raise-taxes-on-expensive-homes

Most forms of legal tax avoidance are ok, says Nigel Farage

The Guardian: Ukip leader makes comment as he is quizzed over why £45,000 of his income was paid into his private company.

Full story: http://www.theguardian.com/business/2014/jun/04/legal-tax-avoidance-ok-nigel-farage

Collyer Bristow appoints new Head of Tax and Estate Planning

Collyer Bristow: Leading London-based private client law firm, Collyer Bristow LLP, confirmed today that it has appointed James Badcock to Head its Tax and Estate Planning team. James who has been a partner with the firm since 2011 takes over the role from Rosamond McDowell who left the firm at the end of May. James focusses on international private client work and has been closely involved in establishing the firm's private client presence in Geneva. The team members in London and Geneva will now be brought together under his leadership.

Full story: http://www.collyerbristow.com/news/press-release-collyer-bristow-appoints-new-head-of-tax-and-estate-plannings

Credit Suisse says U.S. case has limited business impact

Reuters: Credit Suisse has lost a limited amount of business as a result of pleading guilty to charges that it helped wealthy Americans to evade taxes, the head of its private bank said on Monday.


Full story: http://uk.reuters.com/article/2014/06/02/uk-credit-suisse-tax-idUKKBN0ED1OU20140602

HMRC asks taxpayers to check their effective tax rates

ICAEW: As readers may be aware from the media, HMRC has been writing to selected taxpayers to tell them their effective rate of tax is lower than average and ask them to check if it’s right. Copies of the letters have been sent to authorised agents. 

Full story: http://www.ion.icaew.com/TaxFaculty/post/HMRC-asks-taxpayers-to-check-their-effective-tax-rates?

More firms planning to recruit senior staff from rivals

Accountancy Age: The number of accountancy firms contemplating poaching senior staff and their teams from their rivals has more than doubled in the last year, rising from 8% to 22% of all firms as the economy warms up, according to Bloomsbury Professional.

Full story: http://www.accountancyage.com/aa/news/2347655/more-firms-planning-to-recruit-senior-staff-from-rivals

The Lawyer Awards 2014 Shortlist: Private Wealth Team of the Year

The Lawyer: In our first in-depth look at our awards shortlisters, the private wealth contenders show how they have shined in the face of globalisation and tougher legislation.

Full story: http://www.thelawyer.com/analysis/market-analysis/practice-areas/private-client-analysis/the-lawyer-awards-2014-shortlist-private-wealth-team-of-the-year/3020895.article?

Conservatives to offer Scotland income tax powers

Accountancy Age: The Conservatives are set to offer Edinburgh full control of all income tax should voters reject Scottish independence in September's referendum.

Full story: http://www.accountancyage.com/aa/news/2347662/conservatives-to-offer-scotland-income-tax-powers?

Guernsey To Adopt New Tax Info Sharing Standard

LowTax: Guernsey will share tax information automatically under the multilateral convention on mutual administrative assistance in tax matters from August 1, 2014. In December 2013, Guernsey's parliament unanimously approved the convention.

Full story: http://lowtax.net/news/Guernsey-To-Adopt-New-Tax-Info-Sharing-Standard-64850.html?