Swiss bank fined $211m over tax evasion

ICAEW: BSI, one of the 10 largest private banks in Switzerland, has agreed to pay a penalty of $211m (£143m), the US Department of Justice (DoJ) has announced. 

Full story: http://economia.icaew.com/news/march-2015/swiss-bank-fined-211m-over-tax-evasion

Largest concentration of wealth now rests with NWBs

Private Client Adviser: The size of their assets and rate of growth will outstrip high net worth individuals and mass market segments.

Full story: http://www.privateclientadviser.co.uk/news/financial-planning/largest-concentration-wealth-now-rests-nwbs

Wealthy Russians are pushing up London rental prices by paying an entire year's rent upfront - as stamp duty and the mansion tax scare buyers into becoming tenants

City A.M.: Wealthy tenants from Russia, Ukraine, Nigeria and China are pushing up high-end rents in the capital by paying for an entire year of tenancy upfront, a new study has suggested.

Full story: http://www.cityam.com/212753/wealthy-russians-are-pushing-london-rental-prices-paying-entire-years-rent-upfront-stamp-duty?

Tax avoidance investigations up by a quarter as HMRC rakes in extra £39m by targeting the rich

The Independent: A Finance Team set up by HM Revenue and Customs to target wealthy fund managers and investment bankers has brought in £39 million since it started in September 2012, while the number of investigations is up by a quarter in the last year.

Full story: http://www.independent.co.uk/news/business/news/tax-avoidance-investigations-up-by-a-quarter-as-hmrc-rakes-in-extra-39m-by-targetting-the-rich-10142885.html

HMRC bowled over after three more tribunal wins against tax avoidance

Accountancy Age: HMRC has secured a hat-trick of tribunal wins against tax avoidance schemes, protecting over £260m in tax. 

Full story: http://www.accountancyage.com/aa/news/2401984/hmrc-bowled-over-after-three-more-tribunal-wins-against-tax-avoidance

Existing UK codes of conduct are adequate protection against aggressive tax planning, says industry

STEP: Professional bodies have responded cautiously to the government's request for tighter regulatory supervision of tax and accountancy practitioners.

Full story: http://www.step.org/existing-uk-codes-conduct-are-adequate-protection-against-aggressive-tax-planning-says-industry

New Swiss-EU treaty will replace Savings Tax Agreement

STEP: Switzerland has signed an agreement to exchange bank account information automatically with the European Union within three years.

Full story: http://www.step.org/new-swiss-eu-treaty-will-replace-savings-tax-agreement

UK wealthy failing to plan for IHT, says Canada Life International

International Adviser: Less than one tenth of wealthy UK citizens have sought advice for inheritance tax planning, putting their families at risk of a large tax bill when they die.

Full story: http://www.international-adviser.com/news/tax-regulation/uk-wealthy-failing-to-plan-for-iht?

Former HMRC boss Dave Hartnett forced to defend new job – with HSBC

The Independent: The former boss of HM Revenue & Customs told MPs that the fact that only one of HSBC’s Swiss account holders had been prosecuted for tax evasion was “a miserable result”.

Full story: http://www.independent.co.uk/news/business/news/former-hmrc-boss-dave-hartnett-forced-to-defend-new-job-with-hsbc-10129195.html

Tax disclosure opportunities to close early

Solicitors Journal: The government is successfully making it extremely difficult to hide undeclared funds from HMRC. All existing tax disclosure opportunities will be closed by the end of 2015 instead of 2016, as the government continues its relentless drive to quash tax evasion.

Full story: http://www.solicitorsjournal.com/news/commercial/tax/22238/tax-disclosure-opportunities-close-early

HMRC to continue tax avoidance clampdown

Solicitors Journal: Many of the chancellor's policies have been called nothing more than 'electioneering'. The government expects to raise £3.1bn by closing tax avoidance loopholes and further utilising legislation already in place.


Full story: http://www.solicitorsjournal.com/news/commercial/tax/22240/hmrc-continue-tax-avoidance-clampdown

Selborne's Romie Tager QC turns to Withers to challenge £1.25m tax penalty ruling

The Lawyer: Former Selborne Chambers head Romie Tager QC has instructed Withers partner Amber Melville-Brown to challenge a tribunal ruling ordering him to pay £1.25m in tax bills to HMRC.

Full story: http://www.thelawyer.com/news/practice-areas/litigation-news/selbornes-romie-tager-qc-turns-to-withers-to-challenge-125m-tax-penalty-ruling/3032894.article

Plans for 'strict liability' offshore offence included in new package of measures targeting tax evaders and advisers

Pinsent Masons: The UK government will press ahead with plans to create a new 'strict liability' criminal offence for the "worst cases" of offshore tax evasion, among a package of new measures targeting those who illegally evade tax and their advisers.

Full story: http://www.out-law.com/en/articles/2015/march/plans-for-strict-liability-offshore-offence-included-in-new-package-of-measures-targeting-tax-evaders-and-advisers/

Mazars profits up 18.2%

ICAEW: The firm’s profit before tax increased to £26.2m in 2014, up from £22.2m.

Full story: http://economia.icaew.com/news/march-2015/mazars-profits-up-18-per-cent

Government considers inheritance tax escape for family homes

CityWire: The inheritance tax (IHT) threshold for properties will be raised to £1 million under Conservative pre-election plans.

Full story: http://citywire.co.uk/money/government-considers-inheritance-tax-escape-for-family-homes/a804104?

Budget 2015: From 108 mentions of tax to the number of 'billions' - Osborne's speech in stats

The Independent: From 108 mentions of tax to four sips of water, these are the bookmakers' best guesses for the Budget in numbers.

Full story: http://www.independent.co.uk/news/business/news/budget-2015-from-108-mentions-of-tax-to-the-number-of-billions--osbornes-speech-in-numbers-10114473.html

HSBC may shut Jersey accounts of UK residents

The Guardian: Bank asks clients to prove ID in attempt to avoid further accusations of helping tax avoidance after scandal involving its Swiss arm.

Full story: http://www.theguardian.com/business/2015/mar/17/hsbc-may-shut-jersey-accounts-uk-residents?

Inheritance tax changes mooted under Conservative plans

BBC: The Conservatives have reportedly drawn up plans to allow some parents to leave homes worth up to £1m to their children without paying inheritance tax.

Full story: http://www.bbc.co.uk/news/uk-politics-31920289

Tax advisers should be subject to code of conduct, say readers

Accountancy Age: Tax advisers should be made to abide by a new code of conduct to counter the promotion and administration of tax avoidance schemes, according to Accountancy Age readers.

Full story: http://www.accountancyage.com/aa/news/2400094/tax-advisers-should-be-subject-to-code-of-conduct-say-readers

Divorcing? Delay until April 6 to cut your tax bill

Daily Telegraph: A little-understood aspect of the tax rules means couples could avoid capital gains tax by delaying separation until the next financial year.

Full story: http://www.telegraph.co.uk/finance/personalfinance/capital-gains-tax/11477464/Divorcing-Delay-until-April-6-to-cut-your-tax-bill.html

French tax on Britons' second homes illegal

Daily Telegraph: Ruling by the European Court of Justice means France is liable to reimburse tens of millions of euros to British and other EU non-resident owners who let out or sold their properties.

Full story: http://www.telegraph.co.uk/news/worldnews/europe/france/11468615/French-tax-on-Britons-second-homes-illegal.html

Osborne in Budget battle to slash IHT

CityWire: George Osborne is hoping to push through a dramatic overhaul of the inheritance tax regime in this week's Budget.

Full story: http://citywire.co.uk/wealth-manager/news/osborne-in-budget-battle-to-slash-iht/a803853?ref=wealth_manager_all_stories_list

Tax avoidance sanctions 'premature'

Law Society: The Law Society tax law committee has denounced HM Revenue and Customs (HMRC) plans on tax avoidance as 'premature'. 

Full story: http://www.lawsociety.org.uk/news/press-releases/tax-avoidance-sanctions-premature/?

Coutts hires Credit Suisse banker for new ultra high net worth role

CityWire: Coutts has hired Credit Suisse private banker and relationship manager Alison Bishop as an executive director in its private office.

Full story: http://citywire.co.uk/wealth-manager/news/coutts-hires-credit-suisse-banker-for-new-ultra-high-net-worth-role/a802461?ref=wealth-manager-new-latest-news-test1-list

HSBC executives answer before MPs on tax avoidance and evasion

Daily Telegraph: HSBC boss Stuart Gulliver has told MPs investigating tax evasion that he pays "millions of pounds of tax to HMRC at the top rate each year as I should".

Full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11459261/Watch-live-HSBC-executives-answer-before-MPs-on-tax-avoidance-and-evasion.html

Woman jailed for trying to dodge £500,000 inheritance tax bill

Daily Telegraph: Theresa Bunn, 56, inherited £1.5m but told the taxman the sum was £285,000. She has been sentenced to two years in prison.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11461961/Woman-jailed-for-trying-to-dodge-500000-inheritance-tax-bill.html

Avoidance promoters must publicise HMRC monitoring

ICAEW: Any organisation judged by HMRC to be a "high risk" promoter of tax avoidance must now publicise the fact they are being monitored.

Full story: http://economia.icaew.com/news/march-2015/avoidance-promoters-must-publicise-hmrc-monitoring

HMRC issues almost £100m in late tax return penalties

Private Client Adviser: Taxpayers could find themselves with a daily penalty increase if they continue to fail to submit their return.  HMRC has issued 890,000 people with a £100 penalty fine for failing to complete their tax returns by the 31 January deadline.

Full story: http://www.privateclientadviser.co.uk/news/tax/hmrc-issues-almost-%C2%A3100m-late-tax-return-penalties

HMRC toughens tax avoidance crackdown with £1m fines

CityWire: HM Revenue & Customs (HMRC) is escalating its tax avoidance crackdown, which could result in £1 million fines for promoters of certain schemes.  

Full story: http://citywire.co.uk/wealth-manager/news/hmrc-toughens-tax-avoidance-crackdown-with-1m-fines/a802193?ref=wealth_manager_all_stories_list

Risky tax schemes forced to reveal HMRC surveillance

Professional Adviser: The government is to force tax avoidance schemes to reveal they are being monitored by HM Revenue & Customs (HMRC) as part of its wider clamp down on tax crime.

Full story: http://www.professionaladviser.com/professional-adviser/news/2398666/risky-tax-schemes-forced-to-reveal-hmrc-surveillance

England Ashes heroes among cricketers facing large bills for tax avoidance schemes

The Guardian: David Gower and several members of 2005 winning side could face ‘substantial’ losses as HMRC seeks repayment for film investments.

Full story: http://www.theguardian.com/sport/2015/mar/05/england-ashes-tax-bills

Vivienne Westwood accused of hypocrisy over offshore tax base

Daily Telegraph: Vivienne Westwood's donation of £300,000 to the Green Party sparks controversy over her company's use of off-shore account.

Full story: http://www.telegraph.co.uk/news/politics/green-party/11457076/Vivienne-Westwood-accused-of-hypocrisy-over-offshore-tax-base.html

Experts urge Government to revamp Britain's complex tax system

Daily Telegraph: Political courage needed to overhaul tax system, but lack of action leaves system open for abuse, experts say.

Full story: http://www.telegraph.co.uk/finance/economics/11455728/Experts-urge-Government-to-revamp-Britains-complex-tax-system.html

London’s safe haven status at risk as election uncertainty and mansion tax threat deter super-rich

CityAM: Political uncertainty and the threat of a potential mansion tax on £2m-plus homes is threatening London’s status as the top destination for the world’s super-rich, property consultancy Knight Frank warned.

Full story: http://www.cityam.com/210880/london-s-status-safe-haven-risk?

Capital Gains Tax for non-residents: sales and disposals of UK residential property

HMRC: From 6 April 2015, non-UK residents must tell HMRC when they sell UK residential property as Capital Gains Tax may be due.

Full story: https://www.gov.uk/capital-gains-tax-for-non-residents-sales-and-disposals-of-uk-residential-property?

High risk promoters of tax avoidance face government clampdown

HMRC: Under new rules introduced by the Financial Secretary to the Treasury, David Gauke, high risk promoters must now publicise the fact that they are being monitored by HM Revenue and Customs (HMRC), so that potential customers are aware of the risks of using them.

Full story: https://www.gov.uk/government/news/high-risk-promoters-of-tax-avoidance-face-government-clampdown?

Coutts hires Barclays' Saunders as managing director

CityWire: Coutts has appointed John Saunders as managing director for eastern European, American and UK-resident non-domiciled clients.

Full story: http://citywire.co.uk/wealth-manager/news/coutts-hires-barclays-saunders-as-managing-director/a796030

Mishcon heads up ten firms ranked in Sunday Times Best Companies list

Sunday Times: Mishcon de Reya has achieved the highest law firm ranking in the annual Sunday Times 100 Best Companies to Work For list, coming in at seventh.

Full story: http://www.thelawyer.com/solicitor/mishcon-heads-up-ten-firms-ranked-in-sunday-times-best-companies-list/3032233.article

Swiss sign first tax information pact with Australia

International Adviser: Australia has signed a reciprocal agreement with Switzerland for the automatic exchange of tax information on each other’s citizens, the Swiss finance ministry has said.

Full story: http://www.international-adviser.com/news/tax-regulation/swiss-sign-first-tax-information-pact-with-aus?