KPMG boss Simon Collins won't be seeking re-election after five year tenure

CityAM: KPMG's UK boss will step down in March after five years at the helm of the accountancy giant.  Simon Collins told fellow partners of his plans on Thursday and is expected to put his hat in the ring to step up and lead the global network of the firm, according to reports by Sky News.

Full story: http://www.cityam.com/254801/kpmg-boss-simon-collins-wont-seeking-re-election-after-five

Expat pensioners face income tax rise

Daily Telegraph: British pensioners holding offshore pensions will be forced to pay more tax under new plans proposed by the Government.

Full story: http://www.telegraph.co.uk/pensions-retirement/tax-retirement/expat-pensioners-face-income-tax-hike/

One in three of Britain's richest people being investigated for unpaid taxes

ICAEW: HMRC is currently investigating some of the richest people in Britain over nearly £2bn worth of potentially unpaid taxes.  According to the National Audit Office (NAO), the Revenue is conducting “formal enquiries” on a third of the UK's high net worth taxpayers – those with wealth of more than £20m.

Full story: http://economia.icaew.com/news/november-2016/one-in-three-of-britains-richest-investigated-for-unpaid-taxes-hmrc-national-audit-office

Professional bodies publish updated code in relation to tax advice

STEP: The leading UK accountancy and tax bodies have published updated guidance on the standards expected of tax advisors and agents regarding tax advice.

Full story: http://www.step.org/news/professional-bodies-publish-updated-code-relation-tax-advice

ICAEW chief tells May to stop attacking accountants

ICAEW: ICAEW chief executive Michael Izza has hit back at comments made by prime minister Theresa May last week regarding accountants who facilitate tax avoidance.

Full story: http://economia.icaew.com/news/october-2016/icaew-chief-tells-theresa-may-to-stop-attacking-accountants

New HMRC proposals place tax lawyers between a rock and a hard place

Solicitors Journal: Proposals to fine lawyers and accountants for ‘enabling’ tax avoidance could result in professionals being punished simply for giving their opinion on the legality of tax arrangements, City lawyers have warned.

Full story: https://www.solicitorsjournal.com/news/201610/new-hmrc-proposals-place-tax-lawyers-between-rock-and-hard-place

Top tax advisers react to HMRC tax avoidance clampdown plans

International Adviser: Two leading tax advisers have reacted to HM Revenue & Customs’ discussion document ‘Strengthening Tax Avoidance Sanctions and Deterrents’ following the closure of its consultation phase on 12 October.

Full story: http://www.international-adviser.com/news/1031985/tax-advisers-react-hmrc-tax-avoidance-clampdown-plans

Majority of world's billionaires are American and men, Forbes finds

ICAEW: Forbes has unveiled its annual rich list, with Microsoft co-founder Bill Gates being named America’s richest billionaire for the 23th consecutive year.  According to Forbes’ Billionaires List 2016, the US had the highest number of billionaires by far, with 540 out of the 1,810 existing billionaires.

Full story: http://economia.icaew.com/news/october-2016/vast-majority-of-billionaires-are-american-and-men

England pays 91% of UK’s £4.65bn IHT bill

ICAEW: Taxpayers in England paid 91% of the UK’s record £4.65bn inheritance tax take last year, according to Collyer Bristow.  Meanwhile taxpayers in Scotland, Wales and Northern Ireland picked up the remaining 9% of the bill.

Full story: http://economia.icaew.com/news/october-2016/england-paying-91-per-cent-of-uks-record-iht-bill

Inheritance tax set to hit more people, as UK millionaire numbers surge

Observer: The number of millionaires in the UK could rise to almost half a million this year, according to financial services company NFU Mutual.

Full story: http://www.moneyobserver.com/news/04-10-2016/inheritance-tax-set-to-hit-more-people-uk-millionaire-numbers-surge

Capital taxation and tax-exempt heritage assets - update

CCH: In order to preserve and protect national heritage for the benefit of the public, the government introduced the ‘Conditional Exemption Tax Incentive Scheme’.  Buildings, land, works of art and other objects that qualify under the scheme are exempt from Inheritance Tax and Capital Gains Tax providing that certain conditions are met.

Full story: https://www.gov.uk/government/publications/capital-taxation-and-tax-exempt-heritage-assets 

More than 100 BBC stars face tax investigations by the HMRC

The Independent: High-profile staff at the corporation could face backdated tax bills if they are found to have been incorrectly listed as 'self-employed'.

Full story: http://www.independent.co.uk/news/media/tv-radio/bbc-presenters-hmrc-tax-investigation-self-employment-a7351341.html 

New partner announced at Smith & Williamson

Accountancy Age: Peter Ball, a private client tax specialist from EY has joined top ten accountancy firm Smith & Williamson as a partner.

Full story: https://www.accountancyage.com/2016/09/21/new-partner-announced-at-smith-williamson/

HMRC sending personal Post-it notes to tax avoiders

CCH: HMRC has confirmed it has started sticking handwritten Post-it notes on letters to tax avoiders in a bid to 'nudge' them into paying up, and has recorded a ‘very high’ response rate, as the department expands its use of a range of behavioural psychology tactics to encourage greater compliance.

Full story: https://www.cchdaily.co.uk/hmrc-sending-personal-post-it-notes-tax-avoiders

BDO expands global private clients service

Accountancy Age: BDO has announced two key international appointments as the firm continues to expand in its private client business across the BDO global network.

Full story: https://www.accountancyage.com/2016/09/23/bdo-continues-the-expansion-global-private-clients-service/

Sam Allardyce claimed HMRC is the 'most corrupt business' in Britain

The Telegraph: Sam Allardyce complained about the tax system in the UK during the Telegraph's investigation into alleged corruption in football, claiming HMRC is the "most corrupt business" in Britain.

Full story: http://www.telegraph.co.uk/news/2016/09/27/exclusive-sam-allardyce-claimed-hmrc-is-the-most-corrupt-busines/

Trump calls tax avoidance ‘smart’ in live debate with Clinton

Portfolio Adviser: Donald Trump called tax avoidance "smart" during the first live US Presidential TV debate with rival Hillary Clinton in New York

Full story: http://www.portfolio-adviser.com/news/1031701/trump-calls-tax-avoidance-smart-live-debate-clinton

HMRC defeats tax avoidance scheme promoter for tenth time

FT Adviser: HM Revenue & Customs has won its tenth successive case against tax avoidance schemes promoted by NT Advisors.

Full story: https://www.ftadviser.com/tax-efficient-investments/2016/09/26/hmrc-defeats-tax-avoidance-scheme-promoter-for-tenth-time/ 

The rise of the family office threatens private banks

CityWire:The cost of running family offices has increased year-on-year, but leading industry figures say this is a reflection of the sector’s success and not a cause for concern.

Full story: http://citywire.co.uk/wealth-manager/news/the-rise-of-the-family-office-threatens-private-banks/a848624?section=wealth-manager

New private client partners at BDO

Accountancy Age: Top Ten accountancy firm BDO has gained two new private client partners, in Guildford and London.

Full story: https://www.accountancyage.com/2016/09/06/new-private-client-partners-at-bdo/

UK could lose billions by making wealthy non-doms pay more tax, experts claim

The Independent: The Government is risking more than £6bn of tax revenue by changing rules governing non-domiciled taxpayers, an international law firm has warned.  Pinsent Masons said that proposals to scrap non-dom tax status for people living in the UK long-term, due to come into force in April 2017, could prompt many wealthy residents to leave.

Full story: http://www.independent.co.uk/news/business/news/uk-lose-billions-non-dom-tax-rules-wealthy-say-experts-a7238156.html

Concerns raised for tax paying non-doms

Accountancy Age: UK based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy.

Full story: https://www.accountancyage.com/2016/09/12/concerns-raised-for-tax-paying-non-doms/

Non-doms pay ten times more in income tax than average taxpayer group

Pinsent Masons: UK-based non-domiciled taxpayers contributed £6.57 billion in income tax in 2014/15, an average of £56,589 per non-dom over the year compared to the average of £5,152 collected from the remainder of the population.

Full story: http://www.out-law.com/en/articles/2016/september/non-doms-pay-ten-times-more-in-income-tax-than-average-taxpayer-group/?

HMRC proposes swingeing new sanctions to combat tax evasion

ICAEW: Taxpayers with offshore investments and accounts could face penalties of up to three times the amount of tax they owe under tough new anti-tax evasion proposals published on 24 August.

Full story: http://economia.icaew.com/news/august-2016/hmrc-wants-swingeing-new-sanctions-to-combat-tax-evasion

Menzies breaks £40m barrier

ICAEW: Top 20 firm Menzies has broken through the elusive £40m turnover barrier.  Following its merger with Harris Lipman in July, the firm’s latest figures reveal that it hit £40m for the first time in 2015-16, a 20% increase on last year, of which 6% is organic growth, the firm said today.

Full story: http://economia.icaew.com/news/august-2016/menzies-breaks-40m-barrier

UK tax authority consults on new offence of 'failing to correct' offshore non-compliance

STEP: HM Revenue & Customs (HMRC) has announced proposals for further enforcement sanctions against taxpayers who fail to put their existing or previous offshore affairs in order.

Full story: http://www.step.org/news/uk-tax-authority-consults-new-offence-failing-correct-offshore-non-compliance

Duke of Westminster and IHT – a tragedy from all perspectives

Accountancy Age: The death of Gerald, Duke of Westminster is a tragedy on many levels.  He was a family man with a huge sense of duty, who managed his family’s affairs with discretion.

We have seen many headlines suggesting that the family are dodging IHT on his death estate.  As barely a few weeks have elapsed since his demise, no one knows the true value of his personal estate and the amount of IHT that will have to be paid.

Full Story: https://www.accountancyage.com/2016/08/24/duke-of-westminster-and-iht-a-tragedy-from-all-perspective/

Trump refuses to publish tax returns

CCH Daily: Donald Trump, Republican presidential nominee, continues to refuse to publish his tax returns using the defence of currently being under audit by the Internal Revenue Service (IRS), despite politicians, voters and influential business leaders, putting pressure on him.

Full story: https://www.cchdaily.co.uk/trump-refuses-publish-tax-returns

HMRC to open its first regional office in Croydon

ICAEW: HMRC is set to open its first regional office in Croydon next year after signing a 25-year lease in a building in Ruskin Square.  It is the first of 13 regional centres that HMRC intends to open across Britain, as part of its ten-year modernisation programme “to create a tax authority fit for the future”.

Full story: http://economia.icaew.com/news/august-2016/hmrc-to-open-its-first-regional-office-in-croydon

Bakers elects tax partner Chadwick as London head

The Lawyer: Baker & McKenzie has elected tax partner Alex Chadwick to lead its London office for a three-year term.

Full story: https://www.thelawyer.com/issues/online-august-2016-2/baker-mckenzie-elects-tax-partner-chadwick-london-mp/

IHT receipts at record £4.7bn

CCH Daily: HMRC figures show inheritance tax (IHT) receipts have hit their highest level since the current system was introduced in March 1986, totalling some £4.7bn in 2015-16, an increase of 22% compared to 2014-15, and almost double the normal annual growth pattern.

Full story: https://www.cchdaily.co.uk/iht-receipts-record-ps47bn

Owen Smith: I’ll make rich pensioners pay more tax

iNews: Owen Smith has promised to 'radically re-design' how people's pensions are taxed to make the richest pay more if he wins the Labour leadership election and becomes Prime Minister.

Full story: https://inews.co.uk/essentials/news/politics/owen-smith-ill-make-rich-pensioners-pay-tax/

Owen Smith pledges to introduce wealth tax

ICAEW: Labour leadership candidate Owen Smith has pledged to create a new wealth tax on the richest 1% in Britain, in a bid to fund the NHS and tackle inequality.

Full story: http://economia.icaew.com/news/july-2016/labours-owen-smith-pledges-to-introduce-wealth-tax

Private equity platform HgCapital acquires Blick Rothenberg

Accountancy Age: Accountancy firm Blick Rothenberg has been acquired by private equity platform HgCapital. Under the deal, Blick Rothernberg will sit within HgCapital’s Services sector but will retain its name and way of doing business.

Full story: https://www.accountancyage.com/2016/07/26/private-equity-platform-hgcapital-aquires-blick-rothenberg/

Nearly 40 per cent of non-doms are considering leaving UK, according to top accountancy firm

CityAM: Top ten accountancy firm Moore Stephens has found that 37 per cent of non-doms are considering leaving, with 64 per cent citing changes to their tax status as a reason for considering such a move.

Full story: http://www.cityam.com/246054/nearly-40-per-cent-non-doms-considering-leaving-uk

New inheritance tax 'penalises 28,000 for dying early'

Daily Telegraph: Nearly 30,000 families paying inheritance tax in the two years from April 2015 should be compensated because the Government has taken too long to implement changes, campaigners have said.

Full story: http://www.telegraph.co.uk/news/2016/07/26/new-inheritance-tax-penalises-28000-for-dying-early/

Mishcon Private appoints new Partner

Mischon: Mishcon de Reya has today announced the appointment of Private Client Partner, Martin Davies, who joins from Clyde & Co where he was a Partner for six years. Martin joins the firm on 18 July 2016.

Full story: http://www.mishcon.com/news/firm_news/mishcon_private_appoints_new_partner_07_2016

Int’l IFA group urges UK government to delay non-dom reform

International Adviser: Boston Multi Family Office (BMFO), an Isle of Man-based tax advisory firm with offices in Malta and Dubai, has called on the incoming chancellor Philip Hammond to delay tax reforms governing non-UK domiciles.

Full story: http://www.international-adviser.com/news/1030487/int-ifa-urges-uk-government-delay-dom-reform

Wealthy Face A Stealth Death Tax To Pay For Probate

iExpats: Executors of wealthy estates may have to hand over thousands of pounds in probate fees following a review of charges by the Ministry of Justice.

Full story: http://www.iexpats.com/wealthy-face-stealth-death-tax-pay-probate/

Call for UK citizens to pay tax on their global income to HMRC

Expat Forum: UK citizens should pay taxes to the British taxman on their global income regardless of where they live in the world which would make the system simpler, according to a new report.

Full story: http://www.expatforum.com/united-kingdom/call-for-uk-citizens-to-pay-tax-on-their-global-income-to-hmrc.html

KPMG appoints "head of Brexit" following EU exit vote

ICAEW: KPMG has appointed Karen Briggs to the newly-created role of "head of Brexit" following the result of the EU referendum in the UK.

Full story: http://economia.icaew.com/news/july-2016/kpmg-appoints-head-of-brexit

Firm promotions: Thomson Snell & Passmore

Law Society Gazette: Leading south-east law firm Thomson Snell & Passmore has announced 13 significant promotions, as it enters its new financial year.  These promotions include two equity partners, one partner, eight senior associates and two associates across key practice groups. These promotions highlight Thomson Snell & Passmore’s continued commitment to organic growth and further strengthen the firm’s capabilities of supporting businesses and individuals through the generations.

Full story: http://www.lawgazette.co.uk/people/movers/firm-promotions-thomson-snell-and-passmore/5056431.article

France looks to attract British expats using tax breaks

International Adviser: France’s prime minister, Manual Valls, has vowed to make its tax regime for British expatriates the most favourable in Europe as Paris looks to lure talent away from London’s financial services industry following last month's Brexit vote.

Full story: http://www.international-adviser.com/news/1030286/france-looks-attract-british-expats-tax-breaks

Conservative leadership candidates quizzed over personal tax

Accountancy Live: The five candidates who are standing in the Conservative party leadership election are coming under pressure to publish their tax returns as part of a move to ensure greater transparency over the financial affairs of the MP who goes on to become prime minister.

Full story: https://www.cchdaily.co.uk/conservative-leadership-candidates-quizzed-over-personal-tax

PwC loses out to EY as most attractive professional services employer

ICAEW: PwC has lost its top spot as the most attractive professional services business to work for in the world, employer branding consultants Universum have revealed.

Full story: http://economia.icaew.com/news/june-2016/pwc-loses-out-to-ey-as-most-attractive-professional-services-employer

George Osborne is trying to turn post-Brexit Britain into a tax haven - and it won't benefit anyone except the elite

The Independent: The UK is finally catching up with its Overseas Territories and Crown Dependencies by inching ever closer to becoming a fully-fledged tax haven. And that’s without any of the sunshine to ease the pain.  Despite ongoing concern over corporate tax avoidance, George Osborne has announced that he plans to slash corporation tax from 20 to 15 per cent. The aim of the measure is to signal to multinational corporations that in spite of the uncertainty over Brexit, the UK is “open for business”. The new rate, if implemented, would give the UK the lowest corporation tax of any major economy.

Full story: http://www.independent.co.uk/voices/george-osborne-is-trying-to-turn-post-brexit-britain-into-a-tax-haven-and-it-wont-benefit-anyone-a7119211.html

Brexit ‘slog’ ahead for accountants, suggest experts at CFO Agenda

Accountancy Age: Workloads are likely to increase for accountants due to Brexit, believe experts, but their lucrative value-added services offerings may suffer as a result.

Full story: http://www.accountancyage.com/2016/06/29/brexit-slog-ahead-for-accountants-suggest-experts-at-cfo-agenda/

Expats: buying your way out of Brexit

International Adviser: A number of European countries are offering citizenship for a price, as expats scramble to secure a future in the EU.

Full story: http://www.international-adviser.com/news/1030152/expats-buying-brexit

Guernsey is a financial services ‘safe haven’, says minister

International Adviser: The island remains a 'safe haven' for financial services despite the UK's decision to leave the European Union, according to Guernsey's chief minister, deputy Gavin St Pier.

Full story: http://www.international-adviser.com/news/1030159/guernsey-financial-services-safe-haven-minister

Probate fees set to rocket

Which?: The government has proposed a new tiered system of probate fees in England and Wales, based on the value of the deceased's estate, rather than the current flat fee of £215.  

Full story: http://www.which.co.uk/news/2016/06/probate-fees-set-to-rocket-446338/?cmp=RSS-NEWS_446338

Reducio tax bill! Harry Potter star fights HMRC in court

CityWire: Actor Rupert Grint, who played Ron Weasley in the Harry Potter films, is contesting a tax bill after he was blocked from trying to shield some of his earnings from the 50p top tax rate.

Full story: http://citywire.co.uk/money/reducio-tax-bill-harry-potter-star-fights-hmrc-in-court/a926664

C Hoare & Co chief executive steps down

CityWire: C Hoare & Co’s Jeremy Marshall has stepped down as chief executive of the private bank and will be replaced by deputy chief executive David Green.

Full story: http://citywire.co.uk/wealth-manager/news/c-hoare-and-co-chief-executive-steps-down/a912132

Harry Potter star bought £3m home via tax haven

The Times: Emma Watson used an offshore company in a Caribbean tax haven to buy a £2.8 million home in London, the Panama papers reveal.

Full story: http://www.thetimes.co.uk/edition/news/harry-potter-star-bought-3m-home-via-tax-haven-jjqw0fr56

Non-dom's children quarrel over division of Liechtenstein trust's assets

STEP: The son of the late David Hamilton has sued his sister in an unsuccessful attempt to establish his right to a half share of the assets placed in a Liechtenstein foundation by their father.

Full story: http://www.step.org/news/non-doms-children-quarrel-over-division-liechtenstein-trusts-assets

HMRC Trusts and Estates newsletter: April 2016

Full story: https://www.gov.uk/government/publications/hm-revenue-and-customs-trusts-and-estates-newsletters/hmrc-trusts-and-estates-newsletter-april-2016

Irwin Mitchell partners with building society to offer probate service

Law Society Gazette: Members of Leeds Building Society will have round-the-clock access to legal advice on probate and estate administration under a partnership announced today between the society and national firm Irwin Mitchell.

Full story: http://www.lawgazette.co.uk/practice/irwin-mitchell-partners-with-building-society-to-offer-probate-service/5055096.article

Withers launches tax practice in key Middle East hub with hire of EY private client chief

Legal Business: Withers continues its international expansion with a deal to launch a practice in Dubai with the hire of EY’s Middle East and North Africa (MENA) private client chief Stijn Janssen.

Full story: http://www.legalbusiness.co.uk/index.php/lb-blog-view/6175-withers-launches-tax-practice-in-key-middle-east-hub-with-hire-of-ey-private-client-chief

Tax avoidance investigations netted £494 million for Treasury in 2015

Business Reporter: Probes by HMRC into tax avoidance schemes raked in an additional £494million in income tax for Treasury coffers last year, figures from law firm Pinsent Masons show.

Full story: http://business-reporter.co.uk/2016/05/03/tax-avoidance-investigations-netted-494-million-treasury-2015/

Surrey suburbs of Esher and Walton home to UK’s highest taxpayers

CCH Daily: The leafy Surrey suburbs of Esher and Walton are home to the highest taxpayers in the country, according to research by UHY Hacker Young, which showed that nearly nine in ten top paying UK-based taxpayers live in the leafy ‘stockbroker belt’ around London.

Full story: https://www.cchdaily.co.uk/surrey-suburbs-esher-and-walton-home-uks-highest-taxpayers

The top one per cent of earners pay over a quarter of all income tax, according to the Institute of Fiscal Studies

CityAM: The UK's top one per cent of earners is now paying more than a quarter of all income tax, according to a new report.

Full story: http://www.cityam.com/239878/the-top-one-per-cent-of-earners-pay-over-a-quarter-of-all-income-tax-according-to-the-institute-of-fiscal-studies

Number of late tax returns declines, ICAEW finds

ICAEW: According to the institute’s research, 10.39 million returns were filed by the January deadline, 150,000 more than last year.

Full story: http://economia.icaew.com/news/april-2016/number-of-late-tax-returns-declines-icaew-finds

Prince 'left no will', says sister

The Independent: Prince left no will when he died last week, according to court documents filed by his sister, potentially leading to complications for the star’s financial and musical legacy estimated to be millions of dollars.

Full story: http://www.independent.co.uk/news/people/prince-left-no-will-says-sister-a7002721.html

Solicitors suspended over tax avoidance schemes after SRA appeal

Solicitors Journal: Two solicitors have been suspended for three years by the Solicitors Disciplinary Tribunal (SDT) for their involvement in operating tax avoidance schemes.

Full story: http://www.solicitorsjournal.com/news/regulation/regulators/26325/solicitors-suspended-over-tax-avoidance-schemes-after-sra-appeal

Barely more than half of adults pay income tax, says report

The Guardian: Receipts from individuals and companies have fallen, while VAT and banks pay more to the Treasury, finds IFS research.

Full story: http://www.theguardian.com/politics/2016/apr/26/barely-more-than-half-of-adults-pay-income-tax-says-report

John Cooney joins Smith & Williamson from EY

Smith & Williamson: Smith & Williamson, the accountancy, investment management and tax group, is pleased to announce the appointment of John Cooney as a partner.

Full story: http://www.smith.williamson.co.uk/news/8571-john-cooney-joins-smith-williamson-from-ey

Accountancy firm appoints new tax Partner

Wilkins Kennedy: Top 20 UK accountancy firm, Wilkins Kennedy, has just appointed David Kitson who will join as a tax Partner from 12th April 2016. 

Full story: http://www.wilkinskennedy.com/news-press/wk-press-releases/accountancy-firm-appoints-new-tax-partner/

The Spotlight On The Rich Shines Brighter Than Ever

Irwin Mitchell: With The Sunday Times ready to publish its 2016 Rich List this weekend, leading lawyers from Irwin Mitchell Private Wealth say the financial affairs of wealthy people have never come under more scrutiny. 

Full story: http://www.irwinmitchell.com/newsandmedia/2016/april/the-spotlight-on-the-rich-shines-brighter-than-ever-jq-157403

Irwin Mitchell to scrap Thomas Eggar name as it merges private wealth teams

Legal Week: Irwin Mitchell is to scrap the Thomas Eggar name as it combines its private client offerings under a new brand called Irwin Mitchell Private Wealth. 

Full story: http://www.legalweek.com/legal-week/news/2455371/irwin-mitchell-to-scrap-thomas-eggar-name-as-it-merges-private-wealth-teams

Lucian Freud’s estate offsets £560,000 inheritance tax by gifting self-portrait to the nation

Daily Telegraph: A recently discovered self-portrait by Lucian Freud is to go on display at the National Portrait Gallery after the artist's estate left it to the nation in lieu of paying inheritance tax. 

Full story: http://www.telegraph.co.uk/tax/inheritance/lucian-freuds-estate-offsets-560000-inheritance-tax-by-gifting-s/

Big Four in top employers for women 2016

ICAEW: Deloitte, EY, KPMG and PwC have all been named in the 2016 top 50 employers for women.

Full story: http://economia.icaew.com/news/april-2016/big-four-in-top-employers-for-women-2016

IHT rule change clash flagged for advisers

FT Adviser: Advisers have been warned to scrutinise clients’ will arrangements or risk losing their loved ones incoming extra inheritance tax allowances because they have relied on discretionary trusts.

Full story: http://www.ftadviser.com/2016/04/18/ifa-industry/tax-planning/iht-rule-change-clash-flagged-for-advisers-CG8POqr1bbc1iG1cnNPBbO/article.html

HMRC still not doing enough to tackle tax fraud, says PAC

ICAEW: HMRC needs to increase investigations and prosecute more wealthy tax evaders in order to tackle tax fraud in the UK, according to the Public Accounts Committee (PAC).

Full story: http://economia.icaew.com/news/april-2016/hmrc-still-not-doing-enough-to-tackle-tax-fraud-says-pac

HMRC goes after just 35 tax dodgers a year

The Times: Only 35 wealthy British tax dodgers are investigated by Revenue & Customs each year despite tax fraud costing the country an annual £16 billion, according to a committee of MPs.


Full story: http://www.thetimes.co.uk/edition/news/hmrc-goes-after-just-35-tax-dodgers-a-year-2spwlsf7r

Report urges families to plan ahead to avoid heavy succesion taxes

Campden FB: Families should plan ahead to ensure they can make use of tax exemptions when businesses are transferred from one generation to the next, a report has advised. Global Family Business Tax Monitor,released by KPMG, found that tax rates of 40% or more on the transfer of a €10 million family business through inheritance or retirement can be cut to zero once exemptions are factored in.

Full story: http://www.campdenfb.com/article/report-urges-families-plan-ahead-avoid-heavy-succession-taxes

New HMRC leadership pledges smaller, more digital service

CCH Daily: HMRC’s new executive leadership plans to maximise revenues, crack down on avoidance and evasion, transform tax and payments, and design and deliver a professional, efficient and engaged organisation, according to information given to MPs.

Full story: https://www.cchdaily.co.uk/new-hmrc-leadership-pledges-smaller-more-digital-service

Supreme Court rules against football bosses' tax scheme

CityWire: Investors including Alex Ferguson and Sven-Göran Eriksson face huge tax bills after Supreme Court rules against Eclipse 35 scheme.

Full story: http://citywire.co.uk/money/supreme-court-rules-against-football-bosses-tax-scheme/a898375

Linklaters appoints Peter Golden to lead its UK trusts practice

Linklaters: Linklaters has hired Peter Golden as a partner, leading the firm’s trusts practice. Peter will be based in London and joined the firm on 29 February 2016.

Full story: http://www.linklaters.com/News/LatestNews/2016/Pages/Linklaters-appoints-Peter-Golden-to-lead-UK-trusts-practice.aspx

Druces LLP launches new International Wealth and Fiduciary practice with strategic partner hires

Druces: The City of London law firm Druces LLP, focused on business and private wealth, has today launched a new International Wealth and Fiduciary practice with the strategic hire of two additional partners.  This represents a very significant development of the firm’s private client offering from its existing three-partner team and ensures that Druces has a significant presence in the London private wealth market and proven international experience.

Full story: http://www.druces.com/1776-2/

Double taxation of estates in EU is a serious problem, says report

STEP: The problem of double taxation of cross-border estates in the European Union (EU) is much more serious and urgent than some member states acknowledge, according to a report prepared for the European Commission.

Full story: http://www.step.org/news/double-taxation-estates-eu-serious-problem-says-report

London 'most important city for the ultra-wealthy'

AOL: London has beaten New York as the most important city for the ultra-wealthy, according to an annual report.

Full story: http://money.aol.co.uk/2016/03/02/london-most-important-city-for-the-ultrawealthy/

Taxpayers to 'save' £30m in inheritance tax relief

Accountancy Age: Money saved by people using inheritance tax relief on gifts increased by 20% between 2014 and 2015, and is expected to rise even further in the coming years, a London-based law firm has found.
Full story: http://www.accountancyage.com/aa/news/2449074/taxpayers-save-gbp30m-in-inheritance-tax-relief

UK's Top Earners 'Pay More' Despite Lower Tax Rate

Tax News: The UK's wealthiest taxpayers pay a "higher proportion of income tax" following the reduction in the top rate of tax from 50 to 45 percent, Chancellor George Osborne has said.

Full story: http://www.tax-news.com/news/UKs_Top_Earners_Pay_More_Despite_Lower_Tax_Rate____70600.html

A 40p top rate of tax is on its way on 16 March

Tax Research: According to the Daily Mail this morning: George Osborne should slash tax for top earners further still, say senior Tories after figures showed a cut from 50p to 45p raised an additional £8 billion. The Chancellor said income tax data for 2013/14 “completely” defied predictions made by Labour that cutting the rate would cost £3 billion and give top earners an average £10,000 tax cut.

This argument makes no sense at all. It is true that latest estimates (not data) suggest that those with the highest incomes will have paid more than £8 billion more in 2013/14 when compared to 2012/13 but let’s be clear why. They were told that if they delayed their income from March 2013 until sometime in April 2013 the tax rate would fall by 5%, and so they did just that. And as a result income was understated in 2012/13 and overstated in 20913/14. Official estimates show there is no expectation that this pattern should recur and of course there is not. This is a not a phenomena of the tax rate; it is a phenomena of the change in rate.

Full story: http://www.taxresearch.org.uk/Blog/2016/03/03/a-40p-top-rate-of-tax-is-on-its-way-on-16-march/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29

Mapped: the cities where HNWIs will buy, hold and sell real estate

Savills: We asked wealth advisors to identify the cities in which their clients intend to buy, hold and sell real estate in the coming years. The aggregated results are shown on the map. The locations shown are those where buy and hold outweighs intentions to sell.

Full story: http://www.savills.com/blog/article/197861/us-articles/mapped-the-cities-where-hnwis-will-buy-hold-and-sell-real-estate.aspx

Zac Goldsmith pledges to publish tax return after non-dom status row

Evening Standard: Tory mayoral hopeful Zac Goldsmith has pledged to publish his tax return after facing pressure over his finances.

Full story: http://www.standard.co.uk/news/mayor/zac-goldsmith-pledges-to-publish-tax-return-after-nondom-status-row-a3182521.html

Questions asked about delay to IHT rule clarification

FT Adviser: A tax adviser has said that George Osborne’s failure to deliver on his promise to consult on new inheritance tax (IHT) rules on UK property held in offshore companies, has created confusion for advisers.

Full story: http://www.ftadviser.com/2016/02/19/ifa-industry/tax-planning/questions-asked-about-delay-to-iht-rule-clarification-M7CgPDfPisKOh6UZ0ttM9J/article.html

Probate fees soar to £20k to fund courts

Law Society Gazette: The Ministry of Justice is proposing a massive increase in probate fees for the highest-value estates in an effort to raise an extra £250m a year to fund the courts and tribunal service.

Full story: http://www.lawgazette.co.uk/news/probate-fees-soar-to-20k-to-fund-courts/5053754.article

KPMG appoints new UK head of tax

Accountancy Age: KPMG has selected Michelle Quest as its new UK head of tax, pensions and legal services with immediate effect.

Full story: http://www.accountancyage.com/aa/news/2448135/kpmg-appoints-new-uk-head-of-tax

EU, Monaco Initial New Tax Transparency Agreement

Tax-News: The European Union and Monaco have agreed to automatically exchange information on their residents' financial accounts from 2018.

Full story: http://www.tax-news.com/news/EU_Monaco_Initial_New_Tax_Transparency_Agreement____70511.html

What is behind the rise of the Private Office?

CityWire: The growing popularity of private investment offices underlines the range of means wealth managers are pursuing to service ultra-high net worth clients.

Full story: http://citywire.co.uk/wealth-manager/news/what-is-behind-the-rise-of-the-private-office/a877896?ref=wealth_manager_all_stories_list

IHT tools to escape HMRC tax disclosure rules

International Adviser: Including popular inheritance tax planning vehicles in the UK's tax avoidance disclosure regime would be a step too far, HM Revenue & Customs has agreed.

Full story: http://www.international-adviser.com/news/1027465/iht-tools-escape-hmrcs-dotas-rules

PwC replaces Deloitte as world's largest firm

ICAEW: PwC has seized back the number one spot in the world rankings from Deloitte after two years of playing catch-up.

Full story: http://economia.icaew.com/news/february-2016/pwc-back-as-largest-firm-in-the-world

Activist actor takes aim at HMRC loopholes in TV documentary

International Adviser: A documentary programme on Britain's Channel 4 to be aired on Monday (8 February) will see actor Greg Wise pose as a client while two financials advisers offer to help him exploit HMRC’s tax loopholes.

Full story: http://www.international-adviser.com/news/1027410/actor-greg-wise-takes-aim-hmrc-tax-loopholes-tv-documentary

Withers launches class action for footballers hit by tax schemes

CityWire: Private client law firm Withers has a launched class action for footballers who face losing millions from investing in tax avoidance schemes.

Full story: http://citywire.co.uk/wealth-manager/news/withers-launches-class-action-for-footballers-hit-by-tax-schemes/a881103?ref=wealth_manager_all_stories_list

HM Revenue & Customs (HMRC) has brought in over £2bn from tax avoidance scheme users since a rule change in 2014 allowed it to collect money upfront

CityAM: HM Revenue & Customs (HMRC) has collected over £2bn from tax avoidance scheme users since 2014, thanks to a rule change that makes it easier to collect disputed amounts upfront.

Full story: http://www.cityam.com/234065/hm-revenue-customs-hmrc-has-brought-in-over-2bn-from-tax-avoidance-scheme-users-since-a-rule-change-in-2014-allowed-it-to-collect-money-upfront

Non doms: tax changes to RBC put 15-year limit on future status

Accountancy Live: Non dom tax reforms are still being confirmed and advisers must be ready to move swiftly for clients as the remittance basis charge (RBC) changes go ahead while anyone born in the UK cannot use non dom status, says Lisa Spearman, private client partner at Mercer & Hole.

Full story: https://www.accountancylive.com/non-doms-tax-changes-rbc-put-15-year-limit-future-status

Former KPMG partner among 10 charged with UK tax cheating offences

Reuters: Patrick McCoy, the former head of investment advisory for KPMG in the UK, is among 10 people charged with tax cheating offences who have been ordered to appear in a UK court on Feb. 23, a UK prosecutor said on Tuesday.

Full story: http://uk.reuters.com/article/uk-kpmg-tax-charges-idUKKCN0UX2D6?rpc=401&

Frank Hirth: Private Client Tax Directors, Iain Younger and Rhea Lucia-Hennis, have been appointed to the Board with effect from 1 January 2016.

Frank Hirth: Having joined the company in 2000 and 2002 respectively, Iain and Rhea have both successfully moved through the management hierarchy with their outstanding knowledge and experience of UK/US tax planning and compliance for high net worth individuals.

Full story: http://www.frankhirth.com/frank-hirth-appoints-two-new-directors-to-the-board/#.Vpv8YGxifIU

HMRC not investigating HSBC

ICAEW: HMRC has admitted that it is not launching an investigation into HSBC despite revelations about its Swiss arm aiding clients to evade tax.

Full story: http://economia.icaew.com/news/january-2016/hmrc-not-investigating-hsbc

Worst late tax return excuses

ICAEW: From hungry pets to five-year arguments, HMRC has heard it all. Here’s the top ten worst late tax return excuses.

Full story: http://economia.icaew.com/news/january-2016/worst-late-tax-return-excuses

HMRC looks to pre-empt late tax returns

Private Client Adviser: The tax authority wants to avoid a repeat of the collapse of its 'reasonable excuse' criteria for fixed penalties last year.

Full story: http://www.privateclientadviser.co.uk/news/tax/hmrc-looks-pre-empt-late-tax-returns

'Calamitous' prospects for footballers who invested in tax schemes

STEP: Some professional footballers who invested in film partnership tax avoidance schemes that were later challenged by HM Revenue & Customs (HMRC) are facing 'calamitous' financial consequences.

Full story: http://www.step.org/news/calamitous-prospects-footballers-who-invested-tax-schemes

Tax expert expects surge for inheritance tax help

FT: Advisers could see more demand for their help in minimising inheritance tax bills, according to Simon Ruthers of Oxford Capital.

Full story: http://www.ftadviser.com/2016/01/15/ifa-industry/tax-planning/tax-expert-expects-surge-for-inheritance-tax-help-4QF9yGPItjDeARnUemjnvO/article.html

Bircham Dyson Bell bolsters will and trust disputes offering with new Partner and Head of Team

Bircham Dyson Bell: We are pleased to announce that Geoffrey Kertesz has joined the firm as a Partner and Head of the Will and Trust Disputes Team. Geoff specialises in trusts and legacy disputes and joins from Withers, where he was a senior associate.

Full story: https://www.bdb-law.co.uk/bircham-dyson-bell-bolsters-will-and-trusts-disputes-offering-with-new-partner-and-head-of-team/

More women paying highest tax rate

ICAEW: The number of women paying the highest tax bracket has risen to 50,000 for the first time, a rise of 48% since the rate was introduced in 2010.

Full story: http://economia.icaew.com/news/january-2016/more-women-paying-highest-rate-tax

Co-op bolsters its legal business

Daily Telegraph: Mutual has acquired an estate-planning firm as part of its expansion into the law.

Full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/12090219/Co-op-bolsters-its-legal-business.html

HMRC chief Lin Homer to step down

The Guardian: Head of HM Revenue and Customs quits after fierce criticism from MPs over failure to answer 12m tax phonecalls and furore over lenient settlements.

Full story: http://www.theguardian.com/politics/2016/jan/11/hmrc-chief-lin-homer-step-down

Former Rangers adviser charged over film scheme tax fraud

Accountancy Age: A corporate financier who previously held shares of Glasgow Rangers Football Club has been charged with tax fraud by the CPS over a £134m film investment scheme.

Full story: http://www.accountancyage.com/aa/news/2440891/former-rangers-adviser-charged-over-film-scheme-tax-fraud

Second home stamp duty surcharge will create problems for trust beneficiaries

STEP: HM Treasury has published details of how it will apply the new stamp duty land tax (SDLT) surcharge on second properties.

Full story: http://www.step.org/news/second-home-stamp-duty-surcharge-will-create-problems-trust-beneficiaries