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