Withers moves into Australian market with new alliance

Solicitors' Journal: The firm has identified Australia as a key market for high-net worth clients.  The international law firm, Withers, has established its first presence in the Australian legal market by forming an alliance with Sydney based tax firm,Balazs & Welch LLP.

Full story: http://www.solicitorsjournal.com/news/management/business-development/withers-moves-australian-market-new-alliance

Happy New Year's divorce

ICAEW: Be warned: next Monday, 5 January 2015, has been designated “Blue Monday” because researchers have worked out that it is the most miserable day of the year.  Factors including the first day back after the Christmas and New Year break, the weather, the debts run up at Christmas and all those New Year’s resolutions that have gone by the board already, all combine apparently to make it the most moan-filled day of the year.

Full story: http://economia.icaew.com/news/december-2014/happy-new-years-divorce

HMRC Welcomes Online Services Uptake

Tax-News: More than half a million businesses have signed up to HM Revenue and Customs's (HMRC's) Your Tax Account service, enabling them to manage their affairs in a single, secure online space.

Full story: http://www.tax-news.com/news/HMRC_Welcomes_Online_Services_Uptake____66828.html

Continued talk of a mansion tax hitting sales at top end of UK market

Property Wire: The possibility of a mansion tax being introduced in the UK has not disappeared despite many in the industry believing that recent changes to Stamp Duty would rule out the need for it.

Full story: http://www.propertywire.com/news/europe/uk-property-mansion-tax-201412309983.html?

PENNINGTONS MANCHES OPENS OVERSEAS OFFICE IN SAN FRANCISCO

Pennington Manches LLP: Penningtons Manches LLP is delighted to announce the opening of an overseas office in San Francisco’s Financial District. This builds upon the firm's considerable network of clients and contacts in San Francisco and Silicon Valley.

Full story: http://www.penningtons.co.uk/news-publications/latest-news/penningtons-manches-opens-overseas-office-in-san-francisco/

Sacha Romanovitch new Grant Thornton CEO

ICAEW: Romanovitch will replace Scott Barnes the departing CEO and become the first woman to lead a major firm in the UK. Barnes has been elected unanimously to take on the role of chairman of the Grant Thornton International Board once his tenure as the UK CEO comes to an end. 

Full story: http://economia.icaew.com/news/december-2014/sacha-romanovitch-new-grant-thornton-senior-partner

Switzerland brings charges against alleged HSBC 'data thief'

STEP: Switzerland's attorney-general has charged a former employee of HSBC Private Bank in Geneva with stealing client account data between 2006 and 2008 and trying to sell it, in breach of Swiss privacy laws. 

Full story: http://www.step.org/switzerland-brings-charges-against-alleged-hsbc-data-thief

England could set its own income tax rates, under Tory plans

Daily Telegraph: William Hague, the Leader of the House of Commons,: 'This is a fundamental issue of fairness for all the people of the United Kingdom.'

Full story: http://www.telegraph.co.uk/news/politics/11296992/England-could-set-its-own-income-tax-rates-under-Tory-plans.html

UK’s tax havens say they’re still dedicated to secrecy and abuse

Tax Research: So, all the UK’s tax havens or secrecy jurisdictions are standing together to say they will continue to sell the secrecy that permits tax evasion and crime. And they have confirmed that at the same time they are dedicated to making sure that they prevent free trade, open markets and fair competition because none of them are possible with the opacity that they make available. 

Full story: http://www.taxresearch.org.uk/Blog/2014/12/16/uks-tax-havens-say-theyre-still-dedicated-to-secrecy-and-abuse/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29

Accountants expect biggest bonus in four years

ICAEW: UK accountants are anticipating their biggest bonus – as a percentage of basic salary – in four years, according to research by accountancy and finance recruiter Marks Sattin.

Full story: http://economia.icaew.com/news/december-2014/accountants-expect-biggest-bonus-in-four-years

Tax avoidance: Celebs and corporations are no longer safe from the taxman

Real Business: Prime minister David Cameron and the chancellor of the exchequer, George Osborne, have made it clear that they will be “cracking down on tax avoidance” and seeking those who have tried to evade tax in offshore tax havens. Celebrities are by no means exempt.

Full story: http://realbusiness.co.uk/article/28738-tax-avoidance-celebs-and-corporations-are-no-longer-safe-from-the-taxman?

SPOTY winner Hamilton hits back at tax exile claims

Accountancy Age: The new BBC Sports Personality of the Year has hit back at claims that he is hypocritical for celebrating being British yet is based abroad for tax purposes.

Full story: http://www.accountancyage.com/aa/news/2386784/spoty-winner-hamilton-hits-back-at-tax-exile-claims

23,000 taxpayers expected to submit tax returns on Christmas Day

Daily Telegraph: Sad, mad - or just madly busy? Thousands of taxpayers will spend the Christmas break submitting their tax return, due January 31.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11294035/23000-taxpayers-expected-to-submit-tax-returns-on-Christmas-Day.html

Tax helplines 'not good enough' at peak times, government admits

BBC News: The government has vowed to improve services for people seeking tax advice after a survey found almost 30% of calls to two helplines were cut off.

Full story: http://www.bbc.co.uk/news/uk-30466149

Insulting rule on war medals and inheritance tax is finally scrapped

Daily Telegraph: Senseless tax rules meant only war medals for 'valour' attracted inheritance tax breaks, while others didn't. Now those rules have been changed.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11291328/Inheritance-tax-how-soldiers-families-fought-to-change-the-rules-and-won.html

Sports Personality of the Year contender Lewis Hamilton: 'I pay a lot of tax in the UK'

The Independent: The Formula One racer said he helped to keep a team of more than 1,000 people employed in the UK.

Full story: http://www.independent.co.uk/news/people/sports-personality-of-the-year-contender-lewis-hamilton-i-pay-a-lot-of-tax-in-the-uk-9923752.html

HMRC pockets £32m from tax avoidance scheme users

IFA Online: HM Revenue and Customs (HMRC) has secured almost all of the disputed tax due from the first group of tax avoidance scheme users to receive Accelerated Payment notices.

Full story: http://www.professionaladviser.com/professional-adviser/news/2386719/hmrc-pockets-gbp32m-from-tax-avoidance-scheme-users

Private client firms Hunters and May May & Merrimans to merge in April

The Lawyer: Private client firms Hunters and May May & Merrimans have announced they are merging in April next year, creating a firm with 120 staff.

Full story: http://www.thelawyer.com/news/practice-areas/private-client-news/private-client-firms-hunters-and-may-may-and-merrimans-to-merge-in-april/3029518.article?adfesuccess=1

‘Lifestyle’ demand pushes up farmland prices

Private Client Adviser: Landowners are selling their properties in smaller pots to increase their profits. Farmland prices have increased by 12 per cent over the past year due to a revival in 'lifestyle' demand from investors.

Full story: http://www.privateclientadviser.co.uk/news/property/%E2%80%98lifestyle%E2%80%99-demand-pushes-farmland-prices

Popular expat country France has second highest taxes in the world

Expat Forum: If you decided to become an expat to have a better lifestyle but want to pay less tax then you may want to check what you might expect to pay, as the top economies are also the top for tax.

Full story: http://www.expatforum.com/france/popular-expat-country-france-has-second-highest-taxes-in-the-world.html?

Expat property owners should act now to avoid CGT

Daily Telegraph: Tax expert Howard Bilton explains recently published rules on capital gains tax that will affect expat property owners from next April onwards.

Full story: http://www.telegraph.co.uk/finance/personalfinance/expat-money/11287732/Expat-property-owners-should-act-now-to-avoid-CGT.html

Gov't drops plans to make offshore tax evasion a criminal offence

Citywire: HM Revenue & Customs’ (HMRC) plan to make holding undeclared taxable offshore income a criminal offence has suffered a blow as it has been omitted from draft legislation.

Full story: http://citywire.co.uk/new-model-adviser/news/govt-drops-plans-to-make-offshore-tax-evasion-a-criminal-offence/a789310?ref=new-model-adviser-latest-news-list

Deloitte and PwC in top 10 places to work

ICAEW: The firms ranked ninth and 10th respectively in the Glassdoor employees’ choice awards, while EY was voted sixteenth. Technology companies did well in the rankings, with Google and Microsoft coming first and third and mobile phone company Three ranked seventh.

Full story: http://economia.icaew.com/news/december-2014/deloitte-and-pwc-in-top-10-places-to-work

Inheritance Tax: simplifying charges on trusts and new rules to target avoidance through the use of multiple trusts

Gov.uk: This Tax Information and Impact Note is about simplifying Inheritance Tax charges on trusts and introducing new rules to target avoidance through the use of multiple trusts.

Full story: https://www.gov.uk/government/publications/inheritance-tax-simplifying-charges-on-trusts-and-new-rules-to-target-avoidance-through-the-use-of-multiple-trusts?

UK Autumn Statement impacts HNWIs internationally

STEP: Measures spelled out in the UK's Autumn Statement of December 3 will have a significant impact on UK non-domiciled and non-resident high-net-worth individuals particularly with regard to stamp duty land tax (SDLT) for residential property, annual fees to be paid by long-term non-domiciled UK residents and the annual tax on enveloped dwellings (ATED). 

Full story: http://www.step.org/uk-autumn-statement-impacts-hnwis-internationally

Calls to tax evasion 'hotline' up 24%

International Adviser: The number of calls to HMRC's tax evasion hotline has increased by almost a quarter over the past year, however, very few calls are exposing large scale tax evasion.

Full story: http://www.international-adviser.com/news/tax-regulation/calls-to-tax-evasion-hotline-up-24?

HMRC targets solicitors in latest tax crackdown

Daily Telegraph: Solicitors are being targeted by HM Revenue & Customs for not paying enough tax.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11279353/HMRC-targets-solicitors-in-latest-tax-crackdown.html

Treasury drops plan to share single IHT nil-rate band across all settlements

STEP: The Treasury has abandoned its proposal to introduce a single inheritance tax (IHT) nil-rate band (NRB) to be divided between all of an individual settlor’s trusts.

Full story: http://www.step.org/treasury-drops-plan-share-single-iht-nil-rate-band-across-all-settlements

UK increases annual charges on non-doms

STEP: This week’s Autumn Statement by the UK Chancellor of the Exchequer has brought a significant increase in the annual fees that long-term non-domiciled UK residents pay in return for being taxed only on income remitted to the UK.

Full story: http://www.step.org/uk-increases-annual-charges-non-doms

‘Death tax’ lifted from ISA savings

Private Client Adviser: The chancellor was unable to deliver on the much-anticipated increase in the inheritance tax threshold.

Full story: http://www.privateclientadviser.co.uk/news/financial-planning/%E2%80%98death-tax%E2%80%99-lifted-isa-savings

Expats will keep their tax break

Daily Telegraph: The Government had threatened to scrap the personal tax allowance for some non-residents - but in the end, the axe did not fall.

Full story: http://www.telegraph.co.uk/finance/personalfinance/expat-money/11272572/Expats-will-keep-their-tax-break.html

Osborne announces complete reform of stamp duty tax

Private Client Adviser: Osborne expects taxpayers to save almost £800m a year due to the changes.

Full story: http://www.privateclientadviser.co.uk/news/property/osborne-announces-complete-reform-stamp-duty-tax

Non-doms to be hit with new charges, George Osborne announces in Autumn Statement

Daily Telegraph: George Osborne announces that non-doms will have to pay up to £90,000 a year.

Full story: http://www.telegraph.co.uk/news/politics/11271733/Non-doms-to-be-hit-with-new-charges-George-Osborne-announces-in-Autumn-Statement.html

Osborne offers mixed bag to non-domestic taxpayers

Taxation: Today’s autumn statement was a mixed bag for non-domestic taxpayers in the UK, experts have suggested, with the Chartered Institute of Taxation (CIOT) praising the announcement that there will be no changes to rules governing a non-residents’ entitlement to the UK personal allowance.

Full story: http://www.taxation.co.uk/taxation/Articles/2014/12/03/332410/autumn-statement-offers-mixed-bag-non-domestic-taxpayers

Inheritance tax: George Osborne declines to raise threshold

The Guardian: Chancellor dashed hopes of those hoping for increase from £325,000 rate and focused on exempting emergency workers.

Full story: http://www.theguardian.com/money/2014/dec/03/inheritance-tax-george-osborne-fails-raise-threshold?

Higher IHT threshold will harm charities, law firm warns

Private Client Adviser: The current IHT system and nil-rate band encourages donations to charities.

Full story: http://www.privateclientadviser.co.uk/news/charities/higher-iht-threshold-will-harm-charities-law-firm-warns

How the HMRC helped tax avoiders stay ahead of the law - by shifting cash for Switzerland to Liechtenstein

The Independent: The crackdown on wealth stashed in Switzerland has failed. Why? Because of a deal Britain cut with Liechtenstein.

Full story: http://www.independent.co.uk/news/business/analysis-and-features/how-the-hmrc-helped-tax-avoiders-stay-ahead-of-the-law--by-shifting-cash-for-switzerland-to-liechtenstein-9896964.html

UK museums receive £45m of art in inheritance-tax windfall

The Guardian: Works by Van Gogh and Constable among treasure trove of paintings, books and sculptures accepted by government in lieu of tax.

Full story: http://www.theguardian.com/artanddesign/2014/dec/02/uk-museums-45m-pound-inheritance-tax-van-gogh-constable?

CGT on property disposals by non-residents

ICAEW: The new charge will apply to gains from 6 April 2015. The principal private residence election is retained but with some new conditions.

Full story: http://www.ion.icaew.com/TaxFaculty/post/CGT-on-property-disposals-by-on-non-residents?

Non-resident owners of UK homes can seek relief from new CGT charge

STEP: The UK government has published the final version of its plans to impose capital gains tax (CGT) on disposals of UK property by non-resident individuals, trustees, estates and close companies, starting in April 2015. 

Full story: http://www.step.org/non-resident-owners-uk-homes-can-seek-relief-new-cgt-charge

EY enters UK legal market

Law Society Gazette: Accountancy giant EY has been given the go-ahead to offer legal services in the UK as it expands its global law offering.

Full story: http://www.lawgazette.co.uk/practice/ey-enters-uk-legal-market/5045440.article

Retention of Main Residence Relief Election: a step in the right direction

CIOT: The Chartered Institute of Taxation (CIOT) notes the Government’s intention to retain the ability to elect a main residence for relief from Capital Gains Tax (CGT). This announcement means that most taxpayers will be free to elect as before; the election will be restricted only for those who are trying to claim that a property in a country where they are not resident is their main residence.

Full story: http://www.tax.org.uk/media_centre/Press+Releases/PR_main_residence_relief_election_1_Dec?

Tax cupboard is bare, says consultants EY Item Club

BBC News: The EY Item Club is warning Chancellor George Osborne he will struggle to find any room for tax giveaways when he delivers this week's Autumn Statement.

Full story: http://www.bbc.co.uk/news/business-30269018