Inheritance tax take hits six-year high

The Telegraph: Figures show families paid a total of £3.4bn in inheritance taxes last year – the most since the onset of the financial crisis.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11003740/Inheritance-tax-take-hits-six-year-high.html

David Cameron hints at giveaway for higher-rate taxpayers

The Guardian: Prime minister tells audience: 'I understand the problem with the 40p rate kicking in when people are not earning a lot of money'.

Full story: http://www.theguardian.com/money/2014/jul/30/david-cameron-hints-giveaway-higher-rate-taxpayers?

Farrers sees profit rise by 14 per cent as turnover stabilises

The Lawyer: Farrer & Co has reported a 14 per cent rise in net profit for the 2013/14 financial year thanks to an increase in its equity partnership, while turnover was stable at £50.7m.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/financial-news/farrers-sees-profit-rise-by-14-per-cent-as-turnover-stabilises/3023578.article

Record rise in global high net worth individuals

Private Client Adviser: The global number of high net worth individuals (HNWI) rose by 1.76 million in 2013, helped largely by buoyant economic and equity market performance, RBC's World Wealth Report 2014 has revealed.

Full story: http://www.privateclientadviser.co.uk/news/international/record-rise-global-high-net-worth-individuals

Lionel Messi to be prosecuted for alleged tax evasion

The Guardian: A Spanish court will push ahead with prosecuting the Barcelona forward Lionel Messi for alleged tax evasion despite a recommendation from the public prosecutor the charges be dismissed.

Full story: http://www.theguardian.com/football/2014/jul/28/lionel-messi-tax-barcelona

Threat to tax break for expats under consultation

International Adviser: Plans to disallow UK non-residents from benefiting from the personal allowance could mean those who work abroad for their companies are “significantly worse off”, according to top 20 accountancy firm Saffrey Champness.

Full story: http://www.international-adviser.com/news/tax-regulation/threat-to-tax-break-for-expats-under-consultation?

Coutts warned clients on film scheme HMRC tax challenge

CityWire: Coutts has warned its clients about a possible HMRC  Revenue & Customs tax probe into film investment schemes (FIS).   

Full story: http://www.citywire.co.uk/wealth-manager/coutts-warned-clients-on-film-scheme-hmrc-tax-challenge/a762743?ref=wealth-manager-latest-news-list

Income tax league table: the towns that pay the most and least tax

Daily Telegraph: Income tax payments cost the average British taxpayer £4,985 a year, but those who reside in the leafiest areas of the country pay three times this amount.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/10976736/Income-tax-league-table-the-towns-that-pay-the-most-and-least-tax-in-Britain.html

Guernsey Challenges Domestic Property Duty Avoidance

LowTax: Guernsey has invited public consultation on closing a domestic tax loophole that allows people to transfer real estate without paying duty through a property-owning entity, such as a limited liability company.

Full story: http://www.lowtax.net/news/Guernsey-Challenges-Domestic-Property-Duty-Avoidance-65306.html?

No partners to leave as Charles Russell and Speechly begin integration process

Legal Week: No partners will leave Charles Russell or Speechly Bircham when the two firms merge this November, the incoming management team has said.

Full story: http://www.legalweek.com/legal-week/news/2356004/no-partners-to-leave-as-charles-russell-and-speechly-begin-integration-process

HMRC’s High Net Worth Unit brings in £1 billion

HMRC: HM Revenue and Customs’ High Net Worth Unit – a specialist division which deals with the tax affairs of the UK’s wealthiest individuals – has brought in £1 billion in compliance yield.

Full story: http://www.mynewsdesk.com/uk/hm-revenue-customs-hmrc/pressreleases/hmrc-s-high-net-worth-unit-brings-in-ps1-billion-1032358

New directors for Saffery Champness in Switzerland

Saffery Champness: Saffery Champness has promoted Paul Tucknott and Ross Belhomme to the board of directors of its Swiss-based business.Saffery Champness opened its Geneva office six years ago and its Zurich office two years ago. It works in partnership with local Swiss-based and international private banks, lawyers and independent asset managers to provide private clients and their families with wealth structuring solutions, fiduciary, UK tax advice and accountancy services.

Full story: http://www.saffery.com/news-and-events/press-releases/2014/16-july-2014.aspx

Charles Russell and Speechly partners say yes to £135m merger

The Lawyer: Partners at Charles Russell and Speechly Bircham have today voted favour of merging their firms to create a £135m firm with 170 partners.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/merger-watch/charles-russell-and-speechly-partners-say-yes-to-135m-merger/3023266.article

HMRC must apply common sense to pay-up first plans

Accountancy Age:  As HMRC gears up to take a sizeable windfall from those invested in alleged tax avoidance schemes such as Icebreaker, many in the profession will be preparing their clients for an unpleasant shock when HMRC sends its calculations through.

Full story: http://www.accountancyage.com/aa/blog-post/2355704/hmrc-must-apply-common-sense-to-pay-up-first-plans

Taxman recoups £135m in Swiss move

Express & Star: British tax authorities have recouped £135 million from individuals on a list of clients of a Swiss private bank leaked by a disgruntled former employee, the head of HM Revenue and Customs has told MPs.

Full story: http://www.expressandstar.com/business/city-news/2014/07/16/taxman-recoups-135m-in-swiss-move/

HMRC publishes tax avoidance list

BBC: HM Customs and Revenue (HMRC) has published a list of more than 800 schemes that it believes are deliberately designed to avoid tax.

Full story: http://www.bbc.co.uk/news/business-28311047?

HMRC clampdown on tax avoidance

The Lawyer: Tax avoidance is in the news — think of the string of celebrities whose tax affairs have become public knowledge. It seems certain to become even more of a talking point as HMRC’s crackdown on anti-avoidance schemes is set to intensify over the summer months.

Full story: http://www.thelawyer.com/briefings/hmrc-clampdown-on-tax-avoidance/3023193.article?

The supertax pack: who would win in a game of celebrity tax top trumps?

Evening Standard: Cheryl Cole is just the latest star whose finances have come under scrutiny, but some of our celebrities can sleep easy. Rosamund Urwin says forget the zeros, meet the HMRC heroes.

Full story: http://www.standard.co.uk/lifestyle/london-life/the-supertax-pack-who-would-win-in-a-game-of-celebrity-tax-top-trumps-9604407.html

Newspaper exposes clients of Jersey wealth advisor firm

STEP: The Guardian newspaper has obtained the names of 20,000 people, including celebrities, who are said to be clients of the Jersey-based wealth management division of Kleinwort Benson or beneficiaries of trusts it administers. 

Full story: http://www.step.org/newspaper-exposes-clients-jersey-wealth-advisor-firm

Melua admits being 'clueless' on tax

BBC: Singer Katie Melua says she was "clueless and inexperienced" when she signed up to a tax avoidance scheme known as Liberty.

Full story: http://www.bbc.co.uk/news/business-28259815?

Capital gains tax: more of a threat than you think

Daily Telegraph: Avoiding this tax is harder than most investors realise, warns Richard Dyson.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/10959454/Capital-gains-tax-more-of-a-threat-than-you-think.html

More than 1,600 including celebrities in £1.2bn Liberty scheme

Accountancy Age: Several celebrities, along with senior executives and QCs, are among those found to have invested in a £1.2bn tax avoidance scheme.

Full story: http://www.accountancyage.com/aa/news/2354596/more-than-1-600-including-celebrities-in-gbp12bn-liberty-scheme?

HMRC consulting on "sudden and unprecedented escalation" of sanctions against tax avoidance scheme promoters

Pinsent Masons: Promoters of tax avoidance schemes suspected by HM Revenue and Customs (HMRC) of being abusive could face fines of up to £1 million for not disclosing to clients that they are under investigation under draft legislation which has been published for consultation.

Full story: http://www.out-law.com/en/articles/2014/july/hmrc-consulting-on-sudden-and-unprecedented-escalation-of-sanctions-against-tax-avoidance-scheme-promoters/?

Swiss banks threaten to close US accounts

ICAEW: A number of banks have taken the steps ahead of an end of July deadline for banks to show which American clients are not conforming to US tax requirements, in a programme set up by the US department of Justice last year, according to the Financial Times.

Full story: http://economia.icaew.com/news/july-2014/swiss-banks-threaten-to-close-us-accounts

Macfarlanes revenue up by 22 per cent as net profit rises by almost a third

The Lawyer: Macfarlanes upped its turnover by 22 per cent in the 2013/14 financial year, from £114.16m to £139.75m.

Full story: http://www.thelawyer.com/analysis/the-lawyer-management/financial-news/macfarlanes-revenue-up-by-22-per-cent-as-net-profit-rises-by-almost-a-third/3022967.article

More ‘purposive’ legislation would help stop tax avoidance - advisers

Accountancy Age: Explicitly stating legislation's purpose would aid transparency, advisers say.

Full story: http://www.accountancyage.com/aa/analysis/2354410/more-purposive-legislation-would-help-stop-tax-avoidance-advisers

10 top celebrity tax avoiders

CityWire: A spate of celebrities have been among the investors in tax avoidance schemes closed down by HMRC recently and we look at how the A-listers tried to cut their bills.

Full story: http://www.citywire.co.uk/wealth-manager/the-top-10-celebrity-tax-avoiders/a761067?ref=wealth-manager-latest-news-list

Tax avoidance: Celebrities named in leaked documents revealing offshore financial dealing

The Independent: Some of the world’s best known celebrities, including actor Mel Gibson, opera singer Placido Domingo, and Dire Straits guitarist Mark Knopfler, are among the names featuring in a series of leaked documents revealing their offshore financial dealings, it emerged today.

Full story: http://www.independent.co.uk/news/uk/home-news/tax-avoidance-celebrities-named-in-leaked-documents-revealing-offshore-financial-dealings-9595904.html

Tax avoiding celebs should consider reputation, says senior accountant

International Adviser: A senior accountant has said celebrities should consider their long term reputations when hiding their assets from HM Revenue & Customs, as a variety of popular figures are criticised for using controversial tax avoidance scheme Liberty.

Full story: http://www.international-adviser.com/news/tax-regulation/tax-avoiding-celebrities-should?

Marketed tax planning schemes are 'doomed' in UK, but individual planning will survive

STEP: A new briefing paper from UK law firm Farrer considers the future of tax planning in the UK in the face of government-inspired media hostility.

Full story: http://www.step.org/marketed-tax-planning-schemes-are-doomed-uk-individual-planning-will-survive

Information on expats opening offshore accounts to be shared with HMRC

Daily Telegraph: Transparency rules aimed at clamping down on tax evasion are now in force, meaning more information will be shared with the UK tax authorities

Full story: http://www.telegraph.co.uk/finance/personalfinance/expat-money/10953061/Information-on-expats-opening-offshore-accounts-to-be-shared-with-HMRC.html

Grant Thornton appointments target growth in south west

Accountancy Age:  Grant Thornton has appointed Tim Lincoln as head of its south west practice.

Full story: http://www.accountancyage.com/aa/news/2354120/grant-thornton-appointments-target-growth-in-south-west

Big-name investors face huge tax bills in HMRC crackdown

Evening Standard: Investors including David Beckham, Lord Lloyd-Webber and Dame Clara Furse face massive tax bills after Ingenious Media warned that they could receive demands as early as next month for taking part in alleged tax-avoidance schemes.

Full story: http://www.standard.co.uk/business/business-news/bigname-investors-face-huge-tax-bills-in-hmrc-crackdown-9591969.html

Shoosmiths makes strategic hire with wealth expert

Shoosmiths: National law firm Shoosmiths is growing its wealth protection team with the strategic hire of Jane Whitfield. Jane joins Shoosmiths from Wellers Law Group where she was senior solicitor in the private client and charity law teams.

Full story: http://www.shoosmiths.co.uk/news/press-releases/Shoosmiths-makes-strategic-hire-with-wealth-expert-7820.aspx

Tax dodgers face sleepless nights as HMRC property raids jump 12%

Professional Adviser: Property searches by HM Revenue & Customs (HMRC) to target tax evasion jumped by 12% to 500 in the last year, according to official data obtained by law firm Pinsent Masons.

Full story: http://www.professionaladviser.com/professional-adviser/news/2353793/tax-dodgers-face-sleepness-nights-as-hmrc-property-raids-jump-12?

CIoT cross-border tax experts to join EC initiative

Accountancy Age: Tax barristers Jonathan Schwarz and Jeremy Woolf have been appointed CIoT representative and alternate for a new European Commission initiative.

Full story: http://www.accountancyage.com/aa/news/2353443/ciot-cross-border-tax-experts-to-join-ec-initiative

Higher taxes are coming after the general election - get used to it..

Daily Telegraph: There is a huge budget gap still to be filled and the Coalition has set a bad precedent.

Full story: http://www.telegraph.co.uk/finance/comment/jeremy-warner/10944094/Higher-taxes-are-coming-after-the-general-election-get-used-to-it.html

Taxman takes billions less than expected after sums error

Daily Telegraph: HMRC criticised by National Audit Office for getting its sums wrong after overestimating tax by £1.9 billion.

Full story: http://www.telegraph.co.uk/news/politics/10945284/Taxman-takes-billions-less-than-expected-after-sums-error.html

Prosecutions against tax evaders to rise as taxman tightens fraud rules

Daily Telegraph: Accountants argue changes to the way tax fraud is investigated will lead to more prosecutions against tax evaders.

Full story: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10937849/Prosecutions-against-tax-evaders-to-rise-as-taxman-tightens-fraud-rules.html

New partner: Gráinne Staunton at Tozers

Law Society Gazette: Gráinne Staunton has been promoted from associate to partner by Tozers Solicitors LLP.  Having graduated from the University of Exeter, Gráinne Staunton trained with Tozers before qualifying as a solicitor in 2008. Gráinne specialises in the administration of complex estates, wills and estate planning for wealth preservation and asset protection.

Full story: http://www.lawgazette.co.uk/people/movers/new-partner-grinne-staunton-at-tozers/5041977.article

Monaco: The Richest Place on Earth

International Business Times: It's famed for its enormous yachts, fast cars and tax exiles. Now Monaco can lay claim to being the world's wealthiest place.  The World Bank has released a raft of new statistics, which show the Monégasque earn more per capita than any other people in the world.

Full story: http://www.ibtimes.co.uk/monaco-richest-place-earth-1454967?

Tax avoidance schemes and claims against solicitors

Solicitors Journal: Solicitors should think carefully before risking their claims record by becoming involved in aggressive tax schemes, say Julian Miller and Tom Pangbourne.

Full story: http://www.solicitorsjournal.com/regulation/indemnity/tax-avoidance-schemes-and-claims-against-solicitors?

Saffron Tax brings in former BDO partner

Accountancy Age: Tax advice firm Saffron Tax Partners has appointed former BDO man Nicholas Hughes as partner.  Hughes qualified as a solicitor in 1984 and has advised private clients in relation to trust and estate planning matters since, in recent years as a non-practising solicitor. Nicholas was a director at the Chiltern Group and more recently a partner of BDO.

Full story: http://www.accountancyage.com/aa/news/2353213/saffron-tax-brings-in-former-bdo-partner?

EY appoints 675 partners globally as assurance leads the way

Accountancy Age: EY has promoted 675 employees to partner level globally, with assurance adding greater volumes than other service lines.

Full story: http://www.accountancyage.com/aa/news/2353300/ey-appoints-675-partners-globally-as-assurance-leads-the-way?

Government CGT plans target overseas investors in UK property

CIOT: Government plans to introduce a new capital gains charge on UK properties sold by non-residents could add to the costs and admin of residential property sales by overseas investors, says the Chartered Institute of Taxation (CIOT). The Institute has called upon the Government to avoid creating a more complex capital gains system as a means of extending the charge, saying the Government is being presented with an opportunity to simplify the system and should refrain from further complication.

Full story: http://www.tax.org.uk/media_centre/Press+Releases/CIOT_press_release_2_Jul_14?