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