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