BBC stars face huge tax bill

ICAEW: BBC football pundits Danny Murphy and Martin Keown have been hit with a massive tax bill.

Full story: http://economia.icaew.com/news/january-2015/bbc-stars-face-huge-tax-bill

Deloitte is biggest global firm

ICAEW: Deloitte retains its lead over PwC with £22.53bn in global income.

Full story: http://economia.icaew.com/news/january-2015/deloitte-is-biggest-global-firm

Russell-Cooke enhances private client practice

Russell Cooke: Russell-Cooke has enhanced its private client practice with the hire of partner Andrew Godfrey.

Full story: http://www.russell-cooke.co.uk/about-news-story.cfm?id=241

Boodle Hatfield strengthens international Private Client team with partner appointment

Boodle Hatfield: Boodle Hatfield has strengthened its Private Client and Tax team with the appointment of Baker & McKenzie partner Salpy Kouyoumjian.

Full story: http://www.boodlehatfield.com/the-firm/news/boodle-hatfield-strengthens-international-private-client-team-with-partner-appointment.aspx

Consultation opens on minimum remittance basis period for UK non-doms

STEP: The UK government has published a consultation paper on whether a non-domiciled resident's claim to pay the remittance basis charge should apply for a minimum of three years.

Full story: http://www.step.org/consultation-opens-minimum-remittance-basis-period-uk-non-doms

Super rich hit out at tax burden as non-dom and stamp duty taxes rise

Accountancy Age: The super rich have warned they will leave the UK if tax rates continue to rise, according to a survey of ultra high net worth (UHNW) individuals who are clients of wealth advisory firm, Virtual Family Office, a group representing people with net wealth in excess of £5m

Full story: https://www.accountancylive.com/super-rich-hit-out-tax-burden-non-dom-and-stamp-duty-taxes-rise?

Non-dom remittance proposals may cause exodus

Accountancy Age: Government proposals to make remittance elections apply for as long as three years, rather than the current one, could adversely affect the UK's attractiveness to non-domiciles, warn.

Full story: http://www.accountancyage.com/aa/news/2391725/non-dom-remittance-proposals-may-cause-exodus

Conservative Party hints at inheritance tax reform

The Lawyer: Chancellor George Osborne has indicated that the Conservative Party intends to announce a reform of the rules on inheritance tax, which could result in far fewer people being affected by the death levy. Prime Minister David Cameron has previously made similar comments, arguing that the tax should only be imposed on “the rich”.

Full story: http://www.thelawyer.com/briefings/conservative-party-hints-at-inheritance-tax-reform/3030910.article?

Taking Stock: Shooting begins on Affleck thriller The Accountant

Accountancy Age: Batman thespian Ben Affleck and soon-to-be star of new action thriller The Accountant has begun filming on the streets of Atlanta, Georgia. 

Full story: http://www.accountancyage.com/aa/blog-post/2391811/shooting-begins-on-affleck-thriller-the-accountant

Taxman's ‘affluent unit' nets more tax

Accountancy Age: HMRC has netted 60% more tax from a group it has dubbed the "mass affluent", according to figures obtained by law firm, Pinsent Masons.

Full story: http://www.accountancyage.com/aa/news/2391988/taxmans-affluent-unit-nets-more-tax

London Mayor Boris Johnson agrees to pay US tax bill

BBC News: London Mayor Boris Johnson has settled a US tax bill he had previously described as "absolutely outrageous".

Full story: http://www.bbc.co.uk/news/uk-politics-30932891

Japan unveils plans to impose 'exit tax' on wealthy emigrants

STEP: The Japanese government is planning to impose capital gains tax on the unrealised assets of wealthy residents when they leave the country permanently.

Full story: http://www.step.org/japan-unveils-plans-impose-exit-tax-wealthy-emigrants

HSBC names new global private wealth chief

Finance Asia: HSBC's private bank has named Christopher Marquis as its global head of private wealth solutions.

Full story: http://www.financeasia.com/News/393706,hsbc-names-new-global-private-wealth-chief.aspx

EY hires Shepherd to support North West Tax growth

Huddled: EY has appointed Executive Director Andrew Shepherd to lead its North West Private Client Services practice, as the professional services firm continues to expand its Tax team in the region.

Full story: http://huddled.co.uk/blog/2015/01/19/ey-hires-shepherd-support-north-west-tax-growth/

Entrepreneurs put off by high CGT

ICAEW: High rates of Capital Gains Tax (CGT) are putting the brakes on business expansion, according to research by accountancy firm UHY Hacker Young.

Full story: http://economia.icaew.com/news/january-2015/entrepreneurs-put-off-by-high-cgt

Lord Howard executors gain final victory in CGT dispute over Reynolds masterpiece

STEP: HM Revenue and Customs has been refused leave to appeal to the Supreme Court following its defeat in the case of Lord Howard of Henderskelfe in March 2014.

Full story: http://www.step.org/lord-howard-executors-gain-final-victory-cgt-dispute-over-reynolds-masterpiece

Swiss-Italian deal will ease declaration of untaxed assets

STEP: After negotiations lasting nearly three years, Switzerland and Italy have announced agreement in principle on the automatic exchange of tax information.

Full story: http://www.step.org/swiss-italian-deal-will-ease-declaration-untaxed-assets

Ed Balls: Mansion tax won't be 'crude'

BBC News: Shadow chancellor Ed Balls has defended Labour's planned "mansion tax" after the party's former Cabinet minister Lord Mandelson called it "crude".

Full story: http://www.bbc.co.uk/news/uk-politics-30896974

Richest 1% to own more than rest of world, Oxfam says

BBC News: The wealthiest 1% will soon own more than the rest of the world's population, according to a study by anti-poverty charity Oxfam.

Full story: http://www.bbc.co.uk/news/business-30875633

State of the Union: Obama to seek tax raises on wealthy

BBC News: President Obama is to use Tuesday's State of the Union speech to call for tax increases on the wealthy to help the middle class, officials say.

Full story: http://www.bbc.co.uk/news/world-us-canada-30869190

'No plans' to publish David Cameron's tax return

The Guardian: George Osborne says idea of publishing ministers’ personal taxes, aired in 2012, is complicated by issues of confidentiality.

Full story: http://www.theguardian.com/politics/2015/jan/18/no-plans-to-publish-david-camerons-tax-return?

New Swiss Rules On Tax Deductions For Expats Confirmed

Tax News: Switzerland's Federal Department of Finance (FDF) has announced that revised rules on tax deductions for expatriates will apply from January 1, 2016.  Under the amendments to the Expatriates Ordinance, the definition of "expatriate" will be made narrower. To be classified as an expatriate for the purposes of the Ordinance, the person must be a senior employee or a specialist, with special professional qualifications, who is sent to Switzerland temporarily by their foreign employer.

Full story: http://www.tax-news.com/news/New_Swiss_Rules_On_Tax_Deductions_For_Expats_Confirmed____67016.html

Osborne Clarke launches dedicated international private wealth practice

PR Web: International legal practice, Osborne Clarke has today launched a dedicated private wealth practice for high net worth individuals and families across the world.

Full story: http://uk.prweb.com/releases/2015/01/prweb12453467.htm

Monarchs of the Glens: SNP's cuts on tax breaks threaten owners of Scotland's estates

The Independent: Landowners fear Nicola Sturgeon’s plans are a witch-hunt against the rich.

Full story: http://www.independent.co.uk/news/monarchs-of-the-glens-snps-cuts-on-tax-breaks-threaten-owners-of-scotlands-estates-9984441.html

Overseas territories snub Cameron on tax register

ICAEW: The Cayman Islands became the second British overseas territory to snub proposals from UK prime minister David Cameron that would see shell companies’ true owners placed on a register.

Full story: http://economia.icaew.com/news/january-2015/overseas-territories-snub-cameron

Investment in tax investigations set to increase as HMRC sees "tremendous value" from compliance efforts, says expert

Pinsent Masons: HM Revenue and Customs (HMRC) looks set to increase spend more on tax investigations after the department secured an additional £5.9 billion from large businesses last year.

Full story: http://www.out-law.com/en/articles/2015/january/investment-in-tax-investigations-set-to-increase-as-hmrc-sees-tremendous-value-from-compliance-efforts-says-expert/

Penningtons’ debt rocketed by 129 per cent in year of Manches takeover

The Lawyer: Penningtons more than doubled its debt in the year it took over cash-strapped Manches, with a number of its partners giving personal guarantees that the loans would be repaid.

Full story: http://www.thelawyer.com/penningtons-debt-rocketed-by-129-per-cent-in-year-of-manches-takeover/3030391.article

Switzerland consults on international agreement to curb tax evasion

International Adviser: The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries.

Full story: http://www.international-adviser.com/news/tax-regulation/switzerland-intl-agreement-tax-evasion?

Lights go out at stars’ favourite French restaurant Racine marooned in non-doms land

Evening Standard: One of the capital’s best loved French restaurants has closed because of the dwindling number of regular local diners left in “lights out London”.

Full story: http://www.standard.co.uk/news/london/lights-go-out-at-stars-favourite-french-restaurant-racine-marooned-in-nondoms-land-9974514.html

Bircham Dyson Bell keeps emphasis on private wealth with Pinsents hire

The Lawyer: Bircham Dyson Bell (BDB) has announced the hire of Pinsent Masons’ former head of private wealth Karl Woolley as a partner.

Full story: http://www.thelawyer.com/news/practice-areas/private-client-news/bircham-dyson-bell-keeps-emphasis-on-private-wealth-with-pinsents-hire/3030190.article

Cameron vows tax avoidance crack down

ICAEW: Prime minister David Cameron has vowed that a Conservative government in 2015 would continue to “crack down” on tax avoidance as part of the fight against the deficit.

Full story: http://economia.icaew.com/news/january-2015/cameron-vows-tax-avoidance-crack-down

US resident risks deportation after tax evasion conviction

STEP: A 73-year-old Italian citizen living in the US has received fines and penalties exceeding USD3 million for failing to report his Swiss bank account.

Full story: http://www.step.org/us-resident-risks-deportation-after-tax-evasion-conviction

Osborne hints at IHT threshold rise

Citywire: Chancellor George Osborne has hinted that the Conservatives will set out plans to reduce inheritance tax (IHT) ahead of the general election.

Full story: http://citywire.co.uk/new-model-adviser/news/osborne-hints-at-iht-threshold-rise/a792305?ref=new-model-adviser-latest-news-list

Professional footballers in £1bn tax bill

International Adviser: Over 400 professional footballers could face a combined tax bill of £1bn after they invested in tax avoidance schemes which qualified for tax breaks through investments into the UK’s film industry.

Full story: http://www.international-adviser.com/news/tax-regulation/professional-footballers-in-tax-bill?

Tax return deadline 2015: Men less likely than women to file on time

The Independent: Women are more likely than men to fill in their tax return on time, according to analysis by HM Revenue and Customs (HMRC).

Full story: http://www.independent.co.uk/news/business/news/tax-return-deadline-2015-men-less-likely-than-women-to-file-on-time-9973352.html

HMRC collects £136m in capital gains tax probes

Professional Adviser: HMRC investigations have yielded a record £136m in extra capital gains tax (CGT) collected from individuals and small businesses in the last year, according to an accountancy firm.

Full story: http://www.professionaladviser.com/professional-adviser/news/2389768/hmrc-collects-gbp136m-in-capital-gains-tax-probes

Labour split over mansion tax

ICAEW: Labour MPs are split over the party’s flagship mansion tax policy, according to a new poll out today.

Full story: http://economia.icaew.com/news/january-2015/labour-split-over-mansion-tax

Happy birthday, income tax

ICAEW: It may not rank among national treasures but today we say happy birthday to income tax, which turns 216.

Full story: http://economia.icaew.com/news/january-2015/happy-birthday-income-tax

Is the government clampdown on tax avoidance hindering tax planning?

Professional Adviser: The government is right to stamp out tax avoidance but, Rachael Griffin asks: is the clampdown putting people off legitimate tax planning?

Full story: http://www.professionaladviser.com/professional-adviser/opinion/2389405/is-the-government-clampdown-on-tax-avoidance-hindering-tax-planning

George Osborne confirms plan to use budget surplus to cut taxes by 2020

The Guardian: Chancellor says planned budget surplus of £23bn would allow Tory government to cut UK national debt and reduce tax burden.

Full story: http://www.theguardian.com/politics/2015/jan/08/george-osborne-budget-surplus-cut-taxes-2020?

Credit Suisse offices in Milan searched by Italian tax police

Reuters: Credit Suisse's offices in Milan were searched by Italian tax police last month as part of an investigation into whether the bank helped wealthy Italians hide undeclared funds offshore, an Italian judicial source said.

Full story: http://uk.reuters.com/article/2015/01/08/swiss-tax-credt-suisse-grp-idUKL6N0UN1SJ20150108?rpc=401

Increase in number of Christmas Day tax returns

Payroll World: HMRC received 1,773 online tax returns on Christmas Day – a 13% increase on 2013’s total of 1,566.

Full story: http://www.payrollworld.com/article/17582/hmrc/increase-in-number-of-christmas-day-tax-returns?

‘Foreigner premium’ property taxes highest in Singapore and Hong Kong

OPP Connect: Overseas property buyers have to pay significantly more tax than domestic buyers in Singapore and Hong Kong, making them the most costly places for foreigners to invest in residential real estate in Asia Pacific, says Knight Frank.

Full story: http://www.opp-connect.com/07/01/2015/foreigner-premium-property-taxes-highest-in-singapore-and-hong-kong/?

LAW FIRM WARNS OF UK IMPACT FROM GERMAN IHT RULING

Campden Family Business: A court ruling in Germany making tax breaks and exceptions on inheritance for family businesses illegal may cause concern in the UK, a British law firm has warned.

Full story: http://www.campdenfb.com/article/law-firm-warns-uk-impact-german-iht-ruling?

News from HMRC on trusts and estates

ICAEW: At the end of last year HMRC published the Trusts and Estates Newsletter December 2014
Topics covered include the transition of the web content to the GOV.UK website and Autumn Statement announcements including the simplification of trust charges and new rules for multiple trusts.
Full story: http://www.ion.icaew.com/TaxFaculty/post/News-from-HMRC-on-trusts-and-estates?

France forced to drop 75% supertax after meagre returns

The Guardian: Hollande’s measure was meant to force wealthiest to help dig country out of economic crisis, but was accused of being anti-business.

Full story: http://www.theguardian.com/world/2014/dec/31/france-drops-75percent-supertax

HMRC unveils the 10 worst excuses for late tax returns

Daily Telegraph: 'Barack Obama is in charge of my finances' is just one of the bizarre excuses HMRC received over the last 12 months.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11325809/HMRC-unveils-the-10-worst-excuses-for-late-tax-returns.html