Promotions: ​Irwin Mitchell Private Wealth

Law Society Gazette: Irwin Mitchell Private Wealth has made two promotions with Nick Rucker being appointed national head of Tax, Trusts & Estates and George Merrylees being promoted to partner.

Full story: https://www.lawgazette.co.uk/movers/promotions-irwin-mitchell-private-wealth/5063262.article

EU tax haven blacklist talks brought forward

International Adviser: A European Union blacklist of tax havens will move a step closer to reality on Tuesday when the member states’ finance ministers meet to discuss plans to tackle offshore tax avoidance.

Full story: https://international-adviser.com/eu-tax-haven-blacklist-talks-brought-forward/

GRANT THORNTON MAKES SENIOR PRIVATE CLIENT APPOINTMENTS

Insider Media Ltd: Two senior appointments have been made to the expanding private client team at the Cambridge office of business advisory firm Grant Thornton.

Full story: https://www.insidermedia.com/insider/central-and-east/grant-thornton-makes-senior-private-client-appointments

One of Britain's richest men inherits billions and avoids paying inheritance taxes

The Independent: The Duke of Westminster, one of the richest men in Britian, reportedly inherited the bulk of his father's £8.3bn fortune without having to pay a penny in death duties.

Full story: http://www.independent.co.uk/news/uk/home-news/duke-of-westminster-son-avoids-inheritance-tax-billions-britains-richest-men-family-trusts-rules-a7998246.html 

HMRC prosecutes 1,135 tax offenders

ICAEW: HMRC has issued 1,135 prosecutions for tax offences last year, Thomson Reuters has revealed.  The Revenue exceeded its target of 1,000 prosecutions in 2015/16, placing emphasis on investigating tax evasions among businesses more than wealthy individuals.

Full story: http://economia.icaew.com/en/news/september-2017/hmrc-prosecutes-1135-tax-offenders

UK solicitors are warned that assisting tax avoidance may now be misconduct or even illegal

STEP: The Solicitors Regulation Authority (SRA) has instructed all solicitors to comply with the Code of Professional Conduct in Relation to Taxation (PCRT) drawn up by the accountancy profession.

Full story: http://www.step.org/news/uk-solicitors-are-warned-assisting-tax-avoidance-may-now-be-misconduct-or-even-illegal

Non-doms take flight over threat of tax crackdown

The Times: The super-rich are abandoning Britain as the Brexit vote and threats of a tax crackdown prompt an exodus of “non-doms”.  Up to 12,000 have left the UK over the past year and another 55,000 are considering leaving, according to research by a top-ten accountancy firm.

Full story: https://www.thetimes.co.uk/edition/news/non-doms-take-flight-over-threat-of-tax-crackdown-3r37qfmf2 

SUCCESSION PLANNING: UK citizens not discussing inheritance with their families

STEP: Almost half of UK citizens have never discussed inheritance with their families, and a quarter do not think it is a priority, according to new research from Brewin Dolphin.

Full story: http://www.step.org/news/succession-planning-uk-citizens-not-discussing-inheritance-their-families

HMRC updates worldwide disclosure facility with 90-day extension

CCH Daily: HMRC has updated its guidance on the worldwide disclosure facility (WDF) used to disclose a UK tax liability that relates wholly or in part to an offshore issue to allow an additional 90 days to make a disclosure.

Full story: https://www.cchdaily.co.uk/hmrc-updates-worldwide-disclosure-facility-90-day-extension

PwC best accountancy firm to work for, say students

ICAEW: Accountancy firms are great places to work, according to this year’s RateMyPlacement best undergraduate employer rankings. The six largest UK firms all feature in the top 100: PwC achieved the highest ranking, coming third on the list, just one place ahead of KPMG in fourth. The two Big Four firms were way ahead of their rivals. EY, Grant Thornton and Deloitte came 28th, 32nd and 34th respectively, with BDO following in 44th place.

Full story: http://economia.icaew.com/en/news/september-2017/pwc-best-accountancy-firm-to-work-for

Who are the world’s biggest tax cheats?

International Adviser: A tenth of the world’s total wealth is held in offshore tax havens, with the figure rising to about 15% for Europe and as much as 60% for some Gulf and Latin American countries, new research shows.

Full story: http://www.international-adviser.com/news/1038110/world-biggest-tax-cheats

HMRC Trusts and Estates Newsletter: September 2017

https://www.gov.uk/government/publications/hm-revenue-and-customs-trusts-and-estates-newsletters/hmrc-trusts-and-estates-newsletter-september-2017 

Withers posts 8% revenue rise and promotes eight to partnership

Legal Week: Withers has announced an 8% revenue rise for 2016-17 alongside the promotion of eight lawyers to its partnership, including six in London.

Full story: http://www.legalweek.com/sites/legalweek/2017/07/17/withers-posts-8-revenue-rise-and-promotes-eight-to-partnership/

Deloitte appoints new head of private client services

Accountancy Age: Deloitte has announced the appointment of a new head of private client services, effective July 2017. Nicola Roberts has been appointed to the role. In 2011, she became one of the firm’s youngest partners, having joined the firm in 2008 following 12 years at PwC.

Full story: https://www.accountancyage.com/2017/07/14/deloitte-appoints-new-head-of-private-client-services/

Withers chops London property space in agile working drive

The Lawyer: Withers is set to move out of its London headquarters next summer, reducing the amount of space it occupies by 10,000sq ft. The relocation across the road from its Old Bailey premises will see the firm cut down on space from 72,313sq ft to 60,000sq ft.

Full story: https://www.thelawyer.com/issues/online-july/withers-chops-london-space-agile-working-drive/

RSM hires private client tax partner

Accountancy Age: RSM has announced the appointment of a private client tax partner in its Leeds office.  Chris Etherington joins the firm from PwC, where he spent 12 years in the private client and private business teams, focusing on providing tax advice to individuals and businesses in Yorkshire.

Full story: https://www.accountancyage.com/2017/07/11/rsm-hires-private-client-tax-partner/

EY bolsters UK offering with 63 partner promotions

ICAEW: The Big Four firm's equity partner promotions in its UK business are part of the 669 partner promotions made globally in 2017.

Full story: http://economia.icaew.com/en/news/july-2017/ey-bolsters-uk-offering-with-63-partner-promotions

UK to bring in non-dom reforms ‘as soon as possible’

International Adviser: The UK government has announced it will introduce long-anticipated changes to the rules governing non-UK domiciles “as soon as possible”, after they were postponed earlier this year because of the snap election.

Full story: http://www.international-adviser.com/news/1036972/uk-bring-dom-reforms-soon

Thomson Snell & Passmore's private client team further bolstered by lateral hire

Law Society Gazette: Leading South East law firm Thomson Snell & Passmore is excited to welcome Christopher Walker who joins the firm as an equity partner in its renowned private client team. He joins from Adams & Remers in Lewes where he was a partner and head of private client for the last 14 years. This is a significant lateral hire for the firm as it looks to build on the growing success of its private client practice, which has been serving generations of clients since 1570.

Full story: https://www.lawgazette.co.uk/movers/firm-hire-thomson-snell-and-passmore/5061871.article

Irwin Mitchell Private Wealth hires three new associates in the will, trust and estate disputes team

Law Society Gazette: Irwin Mitchell Private Wealth has appointed two senior associates and one associate in its national will, trust and estate disputes team.

Full story: https://www.lawgazette.co.uk/movers/firm-hires-irwin-mitchell/5061993.article 

HMRC tax clampdown brings £29bn boost to UK government coffers

International Advisor: HM Revenue & Customs' action on tax avoidance, evasion and organised crime has brought in record additional revenues of £29bn ($37.6bn, €32.9bn) in the past fiscal year, as revealed in its latest annual report.

Full story: http://www.international-adviser.com/news/1036989/hmrc-tax-clampdown-brings-gbp29bn-boost-uk-government-coffers

Withers, Macfarlanes and Taylor Wessing shine in ranking of world’s top private client lawyers

Legal Week: Withers, Macfarlanes and Taylor Wessing are among the firms with the most partners named in a ranking of the world’s top 200 private client and trust lawyers, published by Legal Week today (26 June).

Full story: http://www.legalweek.com/sites/legalweek/2017/06/26/withers-macfarlanes-and-taylor-wessing-shine-in-ranking-of-worlds-top-private-client-lawyers/

Crowe Clark Whitehill announces new CEO appointment

Accountancy Age: Crowe Clark Whitehill has announced the appointment of a new chief executive, effective 1 September this year.  Nigel Bostock has been appointed as the top 15 firm’s new CEO, succeeding David Mellor who plans to retire from the firm in March 2018.

Full story: https://www.accountancyage.com/2017/06/26/crowe-clark-whitehill-announces-new-ceo-appointment/

The British Virgin Islands is trying to prove it's not a tax haven — campaigners aren't buying it

Business Insider: Transparency and tax campaigners are clashing with officials from the British Virgin Islands (BVI) over a new report claiming the Caribbean islands are not a tax haven.

Full story: http://uk.businessinsider.com/british-virgin-islands-a-tax-haven-or-legitimate-business-hub-2017-6

HMRC collects record £5.1bn in inheritance tax

CCH: The £5bn barrier was cleared in IHT receipts for the year to May 2017, a 9% rise in the previous period. The Office for National Statistics revealed that a £5.1bn haul was made, compared to £4.7bn a year earlier.

Full story: https://www.cchdaily.co.uk/hmrc-collects-record-ps51bn-inheritance-tax

How to help your non-dom clients with IHT

FT Adviser: They say change brings opportunity, so the optimists among you can rejoice (maybe) because, thanks to the present government, a whole new range of clients need your advice (perhaps).

Full story: https://www.ftadviser.com/residential/2017/06/23/how-to-help-your-non-dom-clients-with-iht/

HMRC addresses criticism of tax guidance

FT Adviser: HM Revenue & Customs has insisted it produces tax guidance carefully, after accountancy RSM suggested recent tribunal decisions flagged problems with HMRC's phrasing.

Full story: https://www.ftadviser.com/your-industry/2017/06/22/hmrc-addresses-criticism-of-tax-guidance/

RSM partner appointed ICAEW president

Insider Media: An RSM tax partner based at the accountancy firm's offices in Basingstoke and Southampton has been elected as president of Institute of Chartered Accountants in England and Wales (ICAEW) for 2017-18.

Full story: https://www.insidermedia.com/insider/southeast/rsm-partner-appointed-icaew-president

Cristiano Ronaldo strongly denies allegations of £13m tax fraud from Spanish tax office

The Independent: Cristiano Ronaldo has strongly denied allegations he defrauded the Spanish tax office of £12.9m.  The statement, released via his representatives, was in response to a tax fraud lawsuit being filed against the 32-year-old Real Madrid star on Tuesday.

Full story: http://www.independent.co.uk/sport/football/european/cristiano-ronaldo-denies-13m-tax-fraud-real-madrid-star-accused-spanish-authorities-a7788861.html

Tax evaders exposed: why the super-rich are even richer than we thought

The Guardian: Analysis of a massive trove of data – much of it leaked from tax havens – suggests that inequality levels across the world should be revised upwards dramatically.

Full story: https://www.theguardian.com/inequality/2017/jun/14/tax-evaders-exposed-why-super-rich-are-even-richer-than-we-thought

UK PM Says No Change To Tax Proposals For High Earners

Tax-News: UK Prime Minister Theresa May has downplayed comments by a senior member of her party that there would no income tax increases for higher earners.  In an interview with the Telegraph, Secretary of State for Defence Michael Fallon said that there would "absolutely" be no income tax rise for higher earners.

Full story: http://www.tax-news.com/news/UK_PM_Says_No_Change_To_Tax_Proposals_For_High_Earners____74411.html

UK’s IHT relief on charitable relief reaches record levels

International Adviser: The amount of inheritance tax saved by leaving money to charities in the UK is predicted to surpass £900m (€1,027m, $1,159m) in the next financial year, following a sharp increase in the amount of charitable donations left in wills.

Full story: http://www.international-adviser.com/news/1036252/uk-iht-relief-charitable-relief-reaches-record-levels

'They completely f***ed up': David Gower slams 'immoral' HMRC

Wealth Manager: David Gower has launched a fierce attack on the tax office following the conclusion of the latest round in the legal battle over a film investment scheme.

Full story: http://citywire.co.uk/wealth-manager/news/they-completely-f-ed-up-david-gower-slams-immoral-hmrc/a1022293?ref=wealth_manager_all_stories_list

Tax pushes UK to top of ex-pat league table of costs

CCH: The UK remains the most expensive destination among the top 40 financial-hub countries for expatriates from foreign companies, despite the fall in sterling, largely because of higher tax costs, according to analysis by ECA International.

Full story: https://www.cchdaily.co.uk/tax-pushes-uk-top-ex-pat-league-table-costs

Business owners best prepared to pass on wealth - research

Professional Adviser: Business owners are best prepared to pass on wealth, as almost two-fifths (39%) have a full financial plan in place compared with about a quarter (26%) of employed professionals, RBC Wealth Management has found.

Full story: http://www.professionaladviser.com/professional-adviser/news/3010183/business-owners-best-prepared-to-pass-on-wealth-rbc-wealth-management

Scotland mulls plan to raise top income tax rate to 50p

CCH Daily: The Scottish finance secretary has indicated the government is conserving whether to raise the top rate of income tax in Scotland to 50p next year, in line with an SNP manifesto commitment.

Full story: https://www.cchdaily.co.uk/scotland-mulls-plan-raise-top-income-tax-rate-50p

HMRC wins Swiss tax deal case

ICAEW: The Revenue has won a legal battle with a UK taxpayer who paid too much tax as part of a deal with Swiss authorities.  As a result HMRC will not have to refund £57,865 to UK resident Karin Vrang, obtained from her Swiss bank account.

Full story: http://economia.icaew.com/news/may-2017/hmrc-wins-swiss-tax-deal-case

Inheritances expected to rise by more than 60 per cent in ten years

STEP: New research suggests that the total annual amounts passing from one generation to the next will rise from the current level of GBP69 billion to GBP115 billion by 2027.

Full story: http://www.step.org/news/inheritances-expected-rise-more-60-cent-ten-years

Wealthy Investors Lose Another Film Tax Relief Appeal

Money International: Wealthy celebrities and sports stars have lost another appeal against a ruling that failed film partnerships were above board business investments.

Full story: http://www.moneyinternational.com/investments/wealthy-investors-lose-another-film-tax-relief-appeal/

UK Firms Seek Tax Certainty From Next Gov't

Tax-News: The next UK Government should instruct HM Revenue and Customs (HMRC) to issue a 'white-list' of acceptable tax planning arrangements, to differentiate these from abusive or aggressive tax avoidance arrangements, Stephen Herring, Head of Taxation at the Institute of Directors said.

Full story: http://www.tax-news.com/news/UK_Firms_Seek_Tax_Certainty_From_Next_Govt____74260.html

Labour manifesto: new tax band for high earners

CCH Daily: Labour claims it will fund its £48.6bn of pledges with extra tax revenue, including from a new 50p income tax band for those earning over £123,000, as it launched its election manifesto.

Full story: https://www.cchdaily.co.uk/labour-manifesto-new-tax-band-high-earners

How HMRC is profiting from non-res property owners

Spear's: Solicitors are failing to warn non-res clients on the fines they can accrue upon failure to declare CGT within 30 days of sale, and the Revenue is revelling at their expense.

Full story: http://www.spearswms.com/hmrc-profiting-non-res-property-owners/

Spain targets Gibraltar’s 'privileged' tax haven status

International Adviser: Spain will target what it considers to be Gibraltar's "unjustifiable privileges" on tax in Brexit negotiations, a leaked government report has revealed.

Full story: http://www.international-adviser.com/news/1035718/spain-targets-gibraltar-privileged-tax-haven-status

Labour to create new tax bracket for £80k earners

Wealth Manager: Labour has said it would introduce tax rises for those earning north of £80,000 if Jeremy Corbyn becomes prime minister.

Full story: http://citywire.co.uk/wealth-manager/news/labour-to-create-new-tax-bracket-for-80k-earners/a1014028?ref=wealth_manager_all_stories_list

Farrer & Co has elected Anne-Marie Piper as its first ever female senior partner

LSG: Farrer & Co has elected Anne-Marie Piper as its first ever female senior partner. The appointment came into effect on 1 May 2017. Piper will succeed Richard Parry who is set to retire. Parry had been senior partner since 2011, and with the firm for 42 years.

Full story: https://www.lawgazette.co.uk/movers/promotion-farrer-and-co/5060896.article

Largest UK legal merger completed as CMS, Nabarro and Olswang become one

Solicitors Journal: Largest UK legal merger completed as CMS, Nabarro and Olswang become one
CMS UK, Nabarro and Olswang completed their three-way merger on 1 May 2017, creating a new London-based practice ranked 6th by revenue in the UK.

Full story: https://www.solicitorsjournal.com/news/201705/largest-uk-legal-merger-completed-cms-nabarro-and-olswang-become-one

Number of female high earners remains static

ICAEW: The proportion of female high earners has remained unchanged for the last six years, according to data from HMRC, despite attempts to increase the number of women in senior positions.

Full story: http://economia.icaew.com/en/news/may-2017/number-of-female-high-earners-remains-static

EY has UK's fifth most valuable brand

ICAEW: The Big Four firm increased its brand value from £9.7bn in 2016 to £10.3bn in 2017 to move into the top five most valuable brands.

Full story: http://economia.icaew.com/en/news/april-2017/ey-has-uks-fifth-most-valuable-brand

Slimmed down Finance Bill hits IHT for non UK domiciles

CCH Daily: Changes to the rules on inheritance tax charges on residential property for non UK domiciles have been dropped from the rushed Finance Bill, creating uncertainty for high net value individuals, warns Mercer & Hole.

Full story: https://www.cchdaily.co.uk/slimmed-down-finance-bill-hits-iht-non-uk-domiciles

Brits are destined to pay higher taxes no matter which party wins the general election

The Independent: In terms of personal taxation the stated policies of the two parties, so far as we know them, look surprisingly similar. Higher earners will pay more tax, while lower wage groups will pay less.

Full story: http://www.independent.co.uk/voices/editorials/no-matter-who-is-in-charge-brits-will-pay-higher-taxes-a7710566.html

Private client team expansion at Smith & Williamson

Accountancy Age: Smith & Williamson has expanded its private client tax team with three new appointments.

Full story: https://www.accountancyage.com/2017/04/12/private-client-team-expansion-at-smith-williamson/

High earners hardest hit by tax rises, says IFS

ICAEW: The director of the Institute for Fiscal Studies (IFS) has hit back at claims by shadow chancellor John McDonnell that low and middle income earners are being hit hard by tax increases.

Full story: http://economia.icaew.com/en/news/april-2017/high-earners-hardest-hit-by-tax-rises-says-ifs

Government drops new probate fees branded as "stealth tax"

City AM: A controversial increase in fees on estates after death will not be brought in before the General Election, raising the prospect it could be quietly shelved.

Full story: http://www.cityam.com/263300/government-drops-new-probate-fees-branded-stealth-tax-

Who are the world’s top private client and trusts lawyers?

Legal Week: Legal Week is aiming to identify the world’s leading private client and trusts lawyers with a call for nominations for the relaunched Private Client Global Elite, five years on from the publication of the first supplement.

Full story: http://www.legalweek.com/sites/legalweek/2017/03/14/who-are-the-worlds-top-private-client-and-trusts-lawyers/

New head of Bristol office for Saffery Champness

Accountancy Age: Top 20 firm Saffery Champness has announced the appointment of a new head of the firm’s Bristol office.

Full story: https://www.accountancyage.com/2017/03/24/new-head-of-bristol-office-for-saffery-champness/

PwC hangs on to Oscars contract

ICAEW: The Big Four firm has retained its lucrative contract with the Oscars despite its best picture blunder.

Full story: http://economia.icaew.com/en/news/march-2017/pwc-hangs-on-to-oscars-contract-academy-awards

UK delays non-dom tax changes to offshore trusts until 2018

International Advisor: The UK government has delayed changes to the treatment of overseas trusts held by non-UK domiciles, amid concerns the reforms may force out Britain’s wealthiest foreigners.

Full story: http://www.international-adviser.com/news/1035030/uk-delays-dom-tax-changes-offshore-trusts-2018

Returning expats ‘hardest hit’ by non-dom reforms

International Advisor: Thousands of British expats face significant bills if they return to the UK after new non-dom tax rules come into force next week.

Full story: http://www.international-adviser.com/news/1035094/returning-expats-hardest-hit-dom-reforms

Majority of Brits ignorant of new IHT break

FT Adviser: Seven out of ten people in the UK know nothing about a new rule granting hefty inheritance tax breaks on property, research by Old Mutual Wealth has revealed.

Full story: https://www.ftadviser.com/property/2017/03/31/majority-of-brits-ignorant-of-new-iht-break/

There’s no dodging death – but inheritance tax relief could save £1m

The Guardian: A new inheritance tax (IHT) allowance is being introduced this month, available to people who want to pass on their home to family members.

Full story: https://www.theguardian.com/money/2017/apr/01/inheritance-tax-relief-1m-residence-nil-rate-band

Thrings appoints private client partners

Insider Media: South West law firm Thrings has appointed two partners to its private client team.

Full story: https://www.insidermedia.com/insider/southwest/thrings-appoints-private-client-partners

Credit Suisse fights back against tax probe with series of newspaper adverts in defence of "zero tolerance"

The Telegraph: Credit Suisse has attempted to defend itself in the wake of a series of tax raids by inspectors in five countries late last week by highlighting its "strict zero tolerance" against evasion in a series of  newspaper adverts.

Full story: http://www.telegraph.co.uk/business/2017/04/02/credit-suisse-fights-back-against-tax-probe-series-newspaper/

Brexit: UK lawyers and accountants 'could be banned from EU work'

The Independent: British lawyers and accountants could be barred from working in Europe if the Government leaves the Brexit negotiations without a deal, House of Lords peers have warned.

Full story: http://www.independent.co.uk/news/uk/home-news/brexit-latest-news-uk-lawyers-accountants-banned-eu-work-european-union-free-trade-agreement-fta-a7643981.html

Why becoming a tax haven would be bad news for Britain

The Guardian: Theresa May and Philip Hammond have warned the EU that if they don’t like the Brexit deal, they could turn the UK into a tax haven. The truth is that being ‘offshore’ means being unfair and undemocratic – and you still pay tax.

Full story: https://www.theguardian.com/world/2017/mar/22/tax-haven-theresa-may-bad-news-britain-brexit 

HSBC chief loses closure notice bid over non-dom status

CCH: The tax status of Stuart Gulliver, HSBC group chief executive, has been put in the spotlight again following a procedural ruling at First Tier Tribunal (FTT), which found that HMRC is not bound by an earlier decision regarding his non-UK domicile status when considering his more recent tax returns

Full story: https://www.cchdaily.co.uk/hsbc-chief-loses-closure-notice-bid-over-non-dom-status

Fourteen-lawyer London private client team leaves Gowling WLG for Forsters

Legal Week: Gowling WLG’s 14-lawyer City private client team is to move to Forsters later this year.

Full story: http://www.legalweek.com/sites/legalweek/2017/03/09/gowling-wlg-sees-14-lawyer-london-private-client-team-move-to-forsters/

Spring Budget leaves HNWIs considering their options

Accountancy Age: Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs.

Full story: https://www.accountancyage.com/2017/03/21/spring-budget-leaves-hnwis-considering-their-options/

HSBC boss ‘tested’ UK tax office on his non-dom status

International Adviser:  Stuart Gulliver, the chief executive of HSBC, may have set up a trust to test whether the UK taxman would accept he was a non-dom, according to specialist tax advice agency Mark Davies & Associates.

Full story: http://www.international-adviser.com/news/1034871/hsbc-boss-tested-uk-tax-office-dom-status

What advisers need to know about non-dom property rules

FT Adviser: The UK Government has dealt yet another blow to the ownership of UK residential property through corporate structures.

Full story: https://www.ftadviser.com/tax-efficient-investments/2017/03/21/what-advisers-need-to-know-about-non-dom-property-rules/

Taxman levies inheritance tax on £5.8bn of shares

CityAM: Half of all inherited shares were subject to inheritance tax (IHT) according the latest figures, prompting calls for people to manage their personal finances more efficiently.

Full story: http://www.cityam.com/261257/taxman-levies-inheritance-tax-58bn-shares

MoJ issues clarification on probate fees after outcry

Law Society Gazette: The Ministry of Justice has published further guidance on its plans to hike probate fees in the face of fierce criticism.

The guidance, a question-and-answer style paper called ‘further information regarding interim arrangements for the probate service ahead of the new fees implementation', has been published in response to ‘questions raised so far’.

Full story: https://www.lawgazette.co.uk/law/moj-issues-clarification-on-probate-fees-after-outcry-/5060332.article

HMRC scores another win in film tax battle

International Adviser: HM Revenue & Customs has extended its run of victories against schemes seeking to exploit tax breaks for the UK film industry.

Full story: http://www.international-adviser.com/news/1034850/hmrc-scores-win-film-tax-battle

Over 55s at risk of inheritance ‘sibling tax trap’

BestAdvice: Over 1.7 million over 55s could miss out on the upcoming increased nil-rate inheritance tax band (the Family Home Allowance) because they’ve assigned their sibling to inherit their family home and not a direct descendant, according to the latest research from LV= Legal Services.

Full story: http://bestadvice.co.uk/over-55s-at-risk-of-inheritance-sibling-tax-trap/?doing_wp_cron=1490114127.4085459709167480468750  

PwC issues apology after Oscars best picture envelope mistake

The Guardian: PricewaterhouseCoopers, the accountancy firm that has overseen the counting of the Oscars ballots for 83 years, has apologised for the most spectacular blunder in the history of the starry ceremony – when the award for best film was mistakenly presented to La La Land instead of the actual winner Moonlight.

Full story: https://www.theguardian.com/film/2017/feb/27/pricewaterhousecoopers-issues-sincere-apology-for-oscars-blunder

MoJ confirms hike in probate fees

Law Society Gazette: The Ministry of Justice has confirmed a massive overhaul in probate charges, which will see some estates charged up to £20,000. From May this year, subject to parliamentary approval, the MoJ is planning to introduce a sliding scale of charges for probate fees to replace the current flat fees.

Full story: https://www.lawgazette.co.uk/law/moj-confirms-hike-in-probate-fees/5060010.article

Deloitte overtakes PwC as world's largest firm

ICAEW: Deloitte has wrestled back its crown as the biggest firm in the world by fee income following a strong year.

Full story: http://economia.icaew.com/en/news/february-2017/deloitte-overtakes-pwc-as-worlds-largest-firm

Newly qualified accountants in high demand

ICAEW: Recently qualified accountants were in high demand last year, particularly auditors making their first move into the industry, Morgan McKinley's UK Salary Guide has found.

Full story: http://economia.icaew.com/en/news/february-2017/newly-qualified-accountants-in-high-demand

Inheritance tax trap: more than 100,000 families won't get the new tax break

Daily Telegraph: Hundreds of thousands of people who established trusts as a way of limiting inheritance tax liabilities will have to hurriedly re-arrange their affairs – or risk losing out on a valuable new tax perk.  Lawyers warn there is a “ticking time bomb” which could see families miss out the new “family home allowance” which could save thousands of pounds in death duties.

Full story: http://www.telegraph.co.uk/tax/inheritance/inheritance-tax-trap-100000-families-wont-get-new-tax-break/

HMRC criticised over film industry tax avoidance probes

BBC News: HMRC has rejected criticism by Andrew Tyrie, chairman of the Treasury select committee, over its response to the exploitation of tax breaks for the film industry.

Full story: http://www.bbc.co.uk/news/business-39080743

HMRC collects £92m in property tax avoidance crackdown

Solicitors Journal: The government’s targeted crackdown on stamp duty land tax avoidance seems to be taking effect as property investors lose their appetite for such schemes, Collyer Bristow has advised.

Full story: https://www.solicitorsjournal.com/news/201702/hmrc-collects-%C2%A392m-property-tax-avoidance-crackdown

RSM appoints two partners to strengthen team

Accountancy Age: RSM has appointed two new partners to its East Anglian team.

Paul Harris has been appointed as lead partner in the private client tax team. He joins from Grant Thornton in Norwich, and was previously a private client tax partner with Smith & Williamson in Salisbury. Harris has over 30 years’ experience in private client taxation, including expertise in advising on wealth preservation and capital tax planning.

Full story: https://www.accountancyage.com/2017/01/31/rsm-appoints-two-partners-to-strengthen-team/

Six partner promotions at Crowe Clark Whitehill

Accountancy Age: Top 15 firm Crowe Clark Whitehill has announced six partner promotions, effective April 2017.  In the private clients tax team, Richard Bull, Nick Latimer and Mark Stemp have all been promoted.

Full story: https://www.accountancyage.com/2017/02/02/six-partner-promotions-at-crowe-clark-whitehill/ 

Tax fraud loses HMRC £16bn

Accountancy Age: A total of £16bn was lost through tax fraud last year, according to estimates released by Pinsent Masons.

Full story: https://www.accountancyage.com/2017/02/09/tax-fraud-loses-hmrc-16bn/ 

The rising significance of inheritances

Accountancy Age: Rosamond McDowell of Payne Hicks Beach solicitors looks at key changes to inheritance tax policy, which apply from April this year.

Full story: https://www.accountancyage.com/2017/02/09/the-rising-significance-of-inheritances