Gordons quartet leave to start private client boutique

The Lawyer: A team of private client lawyers from Leeds based firm Gordons has split away from the firm to set up a private law boutique.

Full story: http://www.thelawyer.com/news/practice-areas/private-client-news/gordons-quartet-leave-to-start-private-client-boutique/3037784.article

HMRC wins High Court battle over tax avoidance demands

CityWire: HM Revenue & Customs (HMRC) has secured victory after Ingenious tax avoidance scheme investors' challenge to its tax avoidance crackdown process were rejected.

Full story: http://citywire.co.uk/new-model-adviser/news/hmrc-wins-high-court-battle-over-tax-avoidance-demands/a830323?ref=new-model-adviser-todays-news-list

Lawyers split over ramifications of landmark Court of Appeal ruling on wills

Solicitors Journal: Daughter awarded £164,000 inheritance after being disinherited by estranged mother.  A landmark Court of Appeal ruling has left lawyers reeling as they try to comprehend the potential ramifications of the decision on testamentary freedom.

Full story: http://www.solicitorsjournal.com/news/private-client/estate-planning/23505/lawyers-split-over-ramifications-landmark-court-appeal-rul

Facebook launches 'online executor' function

Private Client Adviser: UK based Facebook users can now nominate someone to 'inherit' and manage their profile following their death.  The 'online executor' will not be given complete control of the account, but will be able to change things such as the profile picture, approve new friends, and write a final status update.

Full story: http://www.privateclientadviser.co.uk/news/probate/facebook-launches-online-executor-function

Will power: what court ruling means for inheritance

CityWire: A landmark court ruling has confirmed that wishes set out in a will are not guaranteed after a judge awarded £164,000 to a disinherited daughter.

Full story: http://citywire.co.uk/money/will-power-what-court-ruling-means-for-inheritance/a829617?ref=citywire-money-latest-news-list

'World's rich are turning London into capital of inequality and tax evasion'

Evening Standard: London is being "skewed in dangerous ways" by the world’s rich using its property market to dodge tax and make money, an award-winning New York Times columnist has claimed.

Full story: http://www.standard.co.uk/news/london/worlds-rich-are-turning-london-into-capital-of-inequality-and-tax-evasion-10423185.html

Gov’t considers scrapping ‘regressive’ HNWI pension relief

International Adviser: UK pensions minister Ros Altmann has confirmed that the Government is considering the abolishment of the remaining “regressive” pension tax relief for high earners after slashing the benefits in last month’s Budget.

Full story: http://www.international-adviser.com/news/1024032/gov-considers-scrapping-regressive-pension-relief-hnwis

Krista Woodman promoted at Cheltenham office of Smith & Williamson

South West Business: A tax specialist has been promoted at an accountancy and investment management group.  Krista Woodman, pictured, has become director and head of private client tax services at the Cheltenham office of Smith & Williamson.

Full story: http://www.southwestbusiness.co.uk/sectors/professional-services/27072015082500-krista-woodman-promoted-at-cheltenham-office-of-smith---williamson/

Thomson Snell & Passmore: Karl Wingfield is appointed as joint head of our private client practice

Thomson Snell & Passmore: Karl Wingfield has recently been appointed the role of joint head of department at Thomson Snell & Passmore after spending nine years with BP Collins as chief operating officer and then chief executive before later stepping down in December 2014.

Full story: http://www.ts-p.co.uk/knowledge/publications/articles/karl-wingfield-joins-our-private-client-practice

Daughter wins £164,000 after decade-long legal battle over will with charities

The Guardian: Court of appeal increases Heather Ilott’s share of inheritance after she fell out with her mother, who left her entire estate to three animal charities.

Full story: http://www.theguardian.com/uk-news/2015/jul/28/daughter-wins-164000-decade-long-legal-battle-mother-will-charities

New UK offshore tax laws must prove criminal intent - CIOT

International Adviser: The UK government’s plans for a new law to make offshore tax evasion a criminal offence must include a requirement that prosecutors prove criminal intent, according to the Chartered Institute of Taxation (CIOT).

Full story: http://www.international-adviser.com/news/1023859/uk-offshore-tax-laws-mush-prove-criminal-intent-ciot

More IHT planning brought under DOTAS rules

STEP: HM Revenue & Customs is proposing to strengthen the 'hallmarks' it uses to identify inheritance tax (IHT) planning arrangements that must be notified by promoters and users under the Disclosure of Tax Avoidance Schemes (DOTAS) regime.

Full story: http://www.step.org/news/more-iht-planning-brought-under-dotas-rules

Bumpy landing for multiple pilot trusts in inheritance review

BP Collins: New rules confirmed in the summer Finance Bill, published on the 15 July, mean an end to the inheritance tax advantages created by setting up multiple pilot trusts.

Full story: http://www.bpcollins.co.uk/news-and-articles/news-article/bumpy-landing-for-multiple-pilot-trusts-in-inheritance-review

Experts question focus of HMRC offshore tax evasion powers

International Adviser: Experts have criticised HM Revenue & Customs for using scare tactics and having an incorrect focus after the government body announced new “strict liability” powers to tackle offshore tax avoidance last week.

Full story: http://www.international-adviser.com/news/1023894/experts-question-focus-hmrc-offshore-tax-evasion-powers

Strict liability offence for offshore tax evasion will apply to all jurisdictions

Out-Law: A strict liability offence for those evading UK tax by not declaring overseas income and gains will apply to income and gains in all overseas jurisdictions and not, as was originally proposed,  just income and gains concealed in states which have not signed up to the Common Reporting Standard (CRS).

Full story: http://www.out-law.com/en/articles/2015/july/strict-liability-offence-for-offshore-tax-evasion-will-apply-to-all-jurisdictions/

HMRC takes record tax receipt

Accountancy Age: HMRC announced today that it collected a record £517.7bn in tax in 2014/15 (an increase of £12bn on the previous year), as a result of economic growth and the continued crackdown on tax evasion and avoidance.

Full story: http://www.accountancyage.com/aa/news/2418256/hmrc-takes-record-tax-receipt

Cameron dismisses calls to cut top rate tax

CityWire: David Cameron has dismissed calls to cut the 45p top rate of income tax, stating his government had more important priorities.

Full story: http://citywire.co.uk/new-model-adviser/news/cameron-dismisses-calls-to-cut-top-rate-tax/a826712?ref=new-model-adviser-latest-news-list

Review of Deeds of Variation for tax purposes: call for evidence

Gov.UK: At Budget 2015 the government announced a review into the use of Deeds of Variation (DoV) for tax purposes. The government wants to work with stakeholders to review how DoV are used to ensure that they are not being abused.

Full story: https://www.gov.uk/government/consultations/review-of-deeds-of-variation-for-tax-purposes-call-for-evidence

Investors sue Ingenious

ICAEW: A group of investors are suing the Ingenious film investment scheme and a number of investment advisors, including HSBC and Coutts Bank.

Full story: http://economia.icaew.com/news/july-2015/investors-sue-ingenious

Non-doms leaving UK

ICAEW: The number of non-doms is falling each year and more could be open to relocating.

Full story: http://economia.icaew.com/news/july-2015/nondoms-leaving-uk

Multiple-trust IHT planning restricted but still possible

STEP: It was confirmed in last week's Budget that estate planners can continue to use multiple trusts to mitigate inheritance tax provided they are set up and funded on different days.

Full story: http://www.step.org/news/multiple-trust-iht-planning-restricted-still-possible

UK 'successful' in attracting wealthy migrants since 2000

STEP: The UK has been far more successful at attracting high-net-worth migrants than any other country in the past 14 years, according to a report from the consultancy New World Wealth.

Full story: http://www.step.org/news/uk-successful-attracting-wealthy-migrants-2000

Experts React To UK Non-Dom Rule Changes

Tax-News: Experts have warned of the impact of UK Chancellor George Osborne's decision to abolish permanent non-dom status and tighten non-dom inheritance tax (IHT) rules.

Full story: http://www.tax-news.com/news/Experts_React_To_UK_NonDom_Rule_Changes____68575.html

UK Non-Dom Changes 'May Cause Exodus'

Tax-News: New figures show that 1.5 percent of UK non-domiciled individuals were born in the country, leading international law firm Pinsent Masons to deduce that this population is highly mobile and has strong ties overseas.

Full story: http://www.tax-news.com/news/UK_NonDom_Changes_May_Cause_Exodus_Pinsent_Masons____68587.html

Swiss banks agree US tax evasion deal with Justice Department

BBC News: Two more Swiss banks have agreed deals with the US Justice Department over tax evasion by Americans.

Full story: http://www.bbc.co.uk/news/business-33470118

Summer Budget 2015: the good, the bad and the ugly?

Accountancy Live: Stephen Herring, head of taxation at the Institute of Directors, on a mixed Summer Budget for business, flagging the pros and cons from a good decision to reduce corporation tax to stimulate inward investment but a lukeward welcome for the limited retention of the annual investment allowance.

Full story: https://www.accountancylive.com/summer-budget-2015-good-bad-and-ugly

UK Budget: Non-dom change threatens ‘mass exodus’, boosts UK as family office centre

Campden Family Business: UK government proposals to abolish permanent non-domiciled status and reduce the status timeframe to 15 years could lead to “a mass exodus of older money”, a private client lawyer predicts.

Full story: http://www.campdenfb.com/article/uk-budget-non-dom-change-threatens-mass-exodus-boosts-uk-family-office-centre

Observations on the UK's Summer Budget

Collyer Bristow: General impact of non-dom changes: The changes in the availability of non-dom status will have a huge impact on some very wealthy individuals and a much more manageable impact on a wider class. The biggest immediate impact is to create uncertainty about the UK as a destination for the internationally mobile. A longer term issue is that there is now a disproportionately complex regime which benefits very few. The Government should look at a new, simpler, more certain offering for individuals with very complex affairs - they might even attract some talented Brits back to the country. Clients should not make rash decisions because a consultation process will begin in the autumn and changes will only come into effect from April 2017.

Full story: http://www.collyerbristow.com/archive/view/mailid-128/key-54acf27dc74b2793d808fe2a2c640454/subid-9-62526838c113724bc620b3f91a15b3c3

Serial tax avoiders to be ‘named and shamed’, Osborne reveals

International Adviser: The UK’s chancellor of the exchequer has said serial users of tax avoidance schemes will be ‘named and shamed’ as he promised to introduce further measures to tackle evasion, avoidance and aggressive tax planning in his Summer Budget.  

Full story: http://www.international-adviser.com/news/1023655/serial-tax-avoiders-named-shamed-osborne-reveals

Summer budget: Private client summary

Private Client Adviser: The Chancellor of the Exchequer, George Osborne, delivered his emergency summer budget to the House of Commons today (Wednesday). Here we go through all the announcements relevant to private clients and their advisers.

Full story: http://www.privateclientadviser.co.uk/news/financial-planning/summer-budget-private-client-summary

Inheritance tax Summer Budget 2015 – new exemption for passing on the family home

ICAEW: An extra nil rate band will be phased in from April 2017 and could mean IHT relief of up to £1m for a couple
Full story: http://www.ion.icaew.com/TaxFaculty/post/Inheritance-tax---new-exemption-for-passing-on-the-family-home

Summer Budget 2015 Permanent non-domicile status is to come to an end and there are new IHT rules

ICAEW: Permanent non-domicile status for tax purposes will be abolished from April 2017 and there will be new IHT rules for UK residential property held indirectly by non-UK domiciled individuals or by excluded property trusts.

Full story: http://www.ion.icaew.com/TaxFaculty/post/Permanent-non-domicile-status-is-to-come-to-an-end-and-there-are-new-IHT-rules

Call for non-dom changes to be coherent with other tax incentives

CIOT: Reform of the tax regime for non-doms needs to be accompanied by a review of Business Investment Relief aimed at attracting investment by wealthy non-doms, says the Chartered Institute of Taxation (CIOT).

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

Osborne set to raise 40p tax threshold

CityWire: Chancellor George Osborne is set to bring forward plans to increase the threshold at which workers begin paying the 40p tax rate in the first Tory-only Budget for almost 20 years later today.

Full story: http://citywire.co.uk/new-model-adviser/news/osborne-set-to-raise-40p-tax-threshold/a825224?ref=new-model-adviser-latest-news-list

Jeb Bush releases 33 years of personal tax returns

Accountancy Live: US presidential hopeful Jeb Bush has released 33 years of personal tax returns into the public domain as part of a bid to encourage greater transparency about the tax affairs of public figures, in a move which will increase the pressure on UK politicians to review their own decisions about disclosing how much tax they pay.

Full story: https://www.accountancylive.com/jeb-bush-releases-33-years-personal-tax-returns

Swiss bank Julius Baer could settle US fine to put probe of assisting tax evasion aside

STEP: Zürich-based bank, Julius Baer, has set aside USD350 million to cover penalties likely to be imposed on the bank by the US Department of Justice (DoJ) for allegedly helping American clients evade tax.

Full story: http://www.step.org/news/swiss-bank-julius-baer-could-settle-us-fine-put-probe-assisting-tax-evasion-aside

Mills & Reeve significantly expands private client team in Birmingham

Mills & Reeve: Four members of SGH Martineau’s private client team have transferred to our Birmingham office. The move significantly strengthens Mills & Reeve’s existing private client team in Birmingham and increases the number of private client lawyers to 46 in total across the firm’s six offices

Full story: http://www.mills-reeve.com/mills--reeve-significantly-expands-private-client-team-in-birmingham-06-18-20151/

Lloyds expands expat service for non-doms in UK

International Adviser: Lloyds Bank has announced an expansion of its London Expat Service to tap to the growing number of high net worth individuals moving into the UK.

Full story: http://www.international-adviser.com/news/1023355/lloyds-expands-expat-service-doms-uk

Osborne faces growing calls to cut top tax rate

CityWire: Up to 160 Tory MPs want the top rate of income tax cut to 40p in next month’s Budget as chancellor George Osborne faces mounting pressure to make the move.

Full story: http://citywire.co.uk/new-model-adviser/news/osborne-faces-growing-calls-to-cut-top-tax-rate/a823393?ref=new-model-adviser-latest-news-list