UK millionaire population rises by 41% to 715,000 over 5 years

International Business Times: The number of millionaires in the UK has increased by 41% over the last five years, with every region in the country seeing a rise. The country's property market boom and stock market gains have contributed largely to the gain.

Full story: http://www.ibtimes.co.uk/uk-millionaire-population-rises-by-41-715000-over-5-years-1517408

HMRC to chase unnecessary levels of tax payer information

Solicitors Journal: Boodle Hatfield believe HMRC's desire to increase transparency will only succeed in creating an unnecessary layer of bureaucracy.

Full story: http://www.solicitorsjournal.com/news/commercial/tax/23765/hmrc-chase-unnecessary-levels-tax-payer-information

UK Gov’t lowers wealth sights for tax investigations

International Adviser: The UK government is targeting more individuals in the £10m to £20m wealth bracket for tax non-compliance investigation, according to accountancy firm Crowe Clark Whitehill. 

Full story: http://www.international-adviser.com/news/1024378/uk-gov-lowers-wealth-sights-tax-investigations

Accountants and solicitors encouraged to work together

Private Client Adviser: The managing partner of a chartered accountancy firm has challenged solicitors to embrace collaboratively working with other professional advisers.

Full story: http://www.privateclientadviser.co.uk/news/legal-practice/accountants-and-solicitors-encouraged-work-together

Large bequests to charities are incentivising heirs to contest wills

Solicitors Journal: Inheritance tax relief on charitable donations hits record high of £630m as government is told to align incentives with the way people contribute.

Full story: http://www.solicitorsjournal.com/news/private-client/wealth-management/23753/large-bequests-charities-are-incentivising-heirs-contest

UK's oldest private bank to 'fully adopt' digital age

CityWire: The UK's oldest private bank is set to enter the digital age. C Hoare, which was founded in 1672 by Sir Richard Hoare and remains family-owned, said it intends to launch a mobile app for customers at the start of next year.

Full story: http://citywire.co.uk/wealth-manager/news/uks-oldest-private-bank-to-fully-adopt-digital-age/a831748?ref=wealth-manager-private-office-list

New EU inheritance law should prompt wills reviews, say experts

Law Society Gazette: UK residents with assets in Europe could unwittingly be opting to apply English law on them, lawyers have warned as new rules on cross-border inheritance in the European Union come into effect today.

Full story: http://www.lawgazette.co.uk/law/new-eu-inheritance-law-should-prompt-wills-reviews-say-experts/5050595.article

Monitoring of super-rich finances may rise as a result of tax information exchange, says expert

Pinsent Masons: The OECD said this week that tax authorities around the world must improve their monitoring of the super-rich. While 85% of revenue bodies have set up dedicated divisions to manage large corporate taxpayers, far fewer have similar arrangements for high net worth individual (HNWI) taxpayers, the OECD said.

Full story: http://www.out-law.com/en/articles/2015/august/monitoring-of-super-rich-finances-may-rise-as-a-result-of-tax-information-exchange-says-expert/

Coutts launches concierge service for ultra-rich

CityWire: Coutts has launched an online concierge service for clients who have the bank's Silk Card.

Full story: http://citywire.co.uk/wealth-manager/news/coutts-launches-concierge-service-for-ultra-rich/a831701

Non UK domiciliary proposed changes

ICAEW: The ICAEW Tax Faculty has published TAXGUIDE 04/15, giving more details about the proposed changes to the tax rules on domicile.

Full story: http://www.ion.icaew.com/TaxFaculty/post/Non-UK-domiciliary-proposed-changes

IHT relief prompts investment in SMEs

Accountancy Age: Taxpayers are expected to reduce their inheritance tax bills by a record £565m this year by investing in unlisted companies, according to private equity firm Radius Equity.

Full story: http://www.accountancyage.com/aa/news/2421519/iht-relief-prompts-investment-in-smes

HMRC is taking 20pc longer to look into your tax affairs

Daily Telegraph: HMRC is taking longer to carry out 'disruptive and costly' checks to ensure that taxpayers have declared all their income or profits.

Full story: http://www.telegraph.co.uk/finance/personalfinance/tax/11782271/HMRC-is-taking-20pc-longer-to-look-into-your-tax-affairs.html

Farrers launches firmwide three-year strategy for growth

The Lawyer: Farrer & Co has unveiled its three-year strategy, as the independent firm plans to expand its offering with the introduction of a child protection unit and provisions to help new foreign clients.

Full story: http://www.thelawyer.com/news/practice-areas/private-client-news/farrers-launches-firmwide-three-year-strategy-for-growth/3037778.article