The Business Magazine: Audit, tax and consulting firm RSM has appointed Sarah Turgoose as a private client partner to strengthen its Southampton tax team.  Turgoose joins RSM from Deloitte, bringing over 16 years’ experience working with private clients providing wide ranging tax advice to entrepreneurs, their families, businesses and family trusts.

Full story: https://www.businessmag.co.uk/southampton-rsm-appoints-new-ex-deloitte-partner/

High probate fees slammed as stealth tax

Accounting Web: A committee of the House of Lords has raised serious concerns over government plans to increase probate fees by up to 2,690% from April 2019.

Full story: https://www.accountingweb.co.uk/tax/personal-tax/high-probate-fees-slammed-as-stealth-tax

BDO to merge with Moore Stephens

Accountancy Age: BDO is in advanced merger discussions with business services company Moore Stephens. The new company will have a turnover of £590 million and employ 5,000 staff, in London, Reading, Birmingham and Bristol. It plans to be the leader in advising the UK’s entrepreneurial mid-sized businesses but will also challenge its larger competitors for more complex audit, tax and advisory work.

Full story: https://www.accountancyage.com/2018/11/26/bdo-to-merge-with-moore-stephens/

KPMG UK hits highest growth rate since 2008

ICAEW: After what could be called its annus horribilis, KPMG UK is ending the year on a high, reporting fee income up 8% from £2.17bn to £2.34bn and underlying profit up 18% to £356m.

Full story: https://economia.icaew.com/news/december-2018/kpmg-uk-hits-highest-growth-rate-since-2008

HMRC can examine taxpayers' personal bank account statements

STEP: HMRC can demand sight of taxpayers' private bank statements if it believes their declared business income does not support their private cash outgoings, the First-tier Tax Tribunal has found.

Full story: https://www.step.org/news/hmrc-can-examine-taxpayers-personal-bank-account-statements

Mills & Reeve enhances international private wealth offering in London with major lateral hire

Mills & Reeve: We are delighted to welcome new partner Sarah Cormack from Withers.  Sarah, who will be based in our London office, specialises in tax, trusts and estate planning for ultra-high net worth international individuals and their families. She has particular expertise in establishing and advising on the holding of assets in multiple jurisdictions, the establishment of private trust companies and tax and structuring for clients who are both resident and non-resident in the UK.

Full story: https://www.mills-reeve.com/mills--reeve-enhances-international-private-wealth-offering-in-london-with-major-lateral-hire-10-01-2018/

BDO UK profits soar by 20%

ICAEW: BDO UK has posted another strong year with profits rising 19.7% to £109.4m thanks to a better-than-expected business environment despite Brexit worries.

Full story: https://economia.icaew.com/news/october-2018/bdo-uk-profits-soar-by-20-percent

A fifth of parents give early inheritance to avoid tax

Financial Reporter: Over 6.9 million parents (20%) have transferred assets to their children to mitigate the amount of inheritance tax payable on their estates, according to research from Direct Line.

Full story: http://www.financialreporter.co.uk/protection/a-fifth-of-parents-give-early-inheritance-to-avoid-tax.html

UK to impose stamp duty surcharge on non-resident property buyers

STEP: Prime Minister Theresa May has announced proposals for a stamp duty land tax (SDLT) surcharge of 1 or 3 per cent on foreign buyers of UK properties.

Full Story: https://www.step.org/news/uk-impose-stamp-duty-surcharge-non-resident-property-buyers

Buzzacott names Hopson as managing partner

Accountancy Daily: Top 25 firm Buzzacott has confirmed Tony Hopson as its new managing partner taking over from Amanda Francis who is stepping down after two four-year terms in the role.

Full story: www.accountancydaily.co/buzzacott-names-hopson-managing-partner

Smith & Williamson continues expansion into Ireland

Accountancy Daily: Smith & Williamson in Ireland has merged with Dublin-based accountancy firm LHM Casey McGrath, in a move that will put the meged practice in the top 10 in the Republic of Ireland

Full story: www.accountancydaily.co/smith-williamson-continues-expansion-ireland

UK’s richest man moves to Monaco

ICAEW: Britain's wealthiest man, Sir Jim Ratcliffe, founder and CEO of petrochemicals manufacturer INEOS, is reportedly leaving the UK for Monaco.

Full story: https://economia.icaew.com/en/news/august-2018/uks-richest-man-moves-to-monaco 

'Noticeable increase' in wealthy non-doms leaving the UK

Campden FB: A 29% fall in the number of non-domiciled taxpayers in the UK could be a symptom of ultra-high net worth families and investors looking to move elsewhere.

Full story: http://www.campdenfb.com/article/noticeable-increase-wealthy-non-doms-leaving-uk 

India's wealth to overtake UK in next decade

ICAEW: The UK is expected to remain one of the 10 wealthiest countries in the world over the next decade, but it will be outpaced by India.  According to New World Wealth research, the US is currently the wealthiest country in the world, with a total of $62.58trn, followed by China, Japan, the UK and Germany.

Full story: https://economia.icaew.com/en/news/may-2018/indias-wealth-to-overtake-uk-in-next-decade

Number of billionaires soars worldwide

ICAEW: The number of billionaires rose 15% in the last year and their combined wealth increased thanks to an improving world economy.  According to Wealth-X Billionaire Census 2018, the wealth of these individuals surged by 24% to $9.2trn. The billionaire population also increased to 2,754.

Full story: https://economia.icaew.com/en/news/may-2018/number-of-billionaires-soars-worldwide

Families pay a record £5.2 billion IHT to tax man

Money International: Death taxes for families reached a record high of more than £5 billion last year, according to figures from HM Revenue & Customs.

Full story: http://www.moneyinternational.com/tax/families-pay-a-record-5-2-billion-iht-to-tax-man/

EU set to remove Bahamas, St Kitts from tax haven blacklist

Reuters: European Union finance ministers are set to remove the Caribbean islands of the Bahamas and Saint Kitts and Nevis from an EU list of tax havens next week, EU documents show.

Full story: https://uk.reuters.com/article/uk-eu-tax-blacklist/eu-set-to-remove-bahamas-st-kitts-from-tax-haven-blacklist-idUKKCN1IJ0YC?rpc=401&

KPMG boosts Thames Valley Private Client Team

Insider Media Ltd: KPMG has strengthened its private client team in the Thames Valley with the appointment of a new director.

Full story: https://www.insidermedia.com/insider/southeast/kpmg-boosts-thames-valley-private-client-team

EY and Deloitte make top employers list

ICAEW: Two of the Big Four were named in the Sunday Time’s list of top 25 big companies to work for.

Full story: https://economia.icaew.com/en/news/february-2018/ey-and-deloitte-make-top-employers-list

Deloitte remains world's largest firm

ICAEW: Deloitte has maintained its lead over Big Four rival PwC following a strong year of fee income growth.

Full story: https://economia.icaew.com/en/news/february-2018/deloitte-remains-worlds-largest-firm-pwc-ey-kpmg

EY appoints Barton as head of global tax

ICAEW: Kate Barton has been appointed as the new global tax leader at Big Four firm EY.  Barton will now oversee all aspects of EY’s tax strategy and operation, and will also lead the EY tax executive committee and become a member of the firm’s global executive.

Full story: https://economia.icaew.com/en/news/february-2018/ey-appoints-barton-as-head-of-global-tax

No tax changes in Spring Statement

ICAEW: Chancellor Philip Hammond will keep to his promise of an economic update rather than a replacement for the Autumn Statement.

“There will be no red box, no official document, no spending increases, no tax changes,” the Treasury spokesperson told the Financial Times.

Full story: https://economia.icaew.com/en/news/february-2018/no-tax-changes-in-spring-statement

Saffery Champness: Matthew Burton elected as new managing partner

Saffery Champness: Saffery Champness has announced the election of Matthew Burton to the role of managing partner, with effect from April 2018.  He takes over as managing partner from Rob Elliott, whose term of office has come to an end, having served a total of three terms in the role.

Matthew originally qualified as a surveyor, before retraining as an accountant and tax adviser, and then joining Saffery Champness in 2004. He most recently served as head of the firm’s Private Wealth & Estates Group and has been a member of the management board since 2013. He advises a range of clients including high net worth individuals, landed estates and owner-managed businesses.

Full story: http://www.saffery.com/news-and-events/press-releases/2018/18-feb-matthew-burton-elected-as-new-managing-partner

Nearly 100,000 properties in England and Wales owned by foreign entities

STEP: Some 97,000 properties in England and Wales were held by overseas firms as of January 2018, a quarter of them owned by entities registered in the British Virgin Islands (BVI), according to Land Registry data.

Full story: https://www.step.org/news/nearly-100000-properties-england-and-wales-owned-foreign-entities

Incoming FCA chair admits using tax avoidance scheme

International Adviser: The next chair of the UK’s Financial Conduct Authority said he made an “error in judgement” when he used a tax avoidance film scheme promoted by Ingenious, a firm that has lost several court battles against HM Revenue & Customs.

Full story: https://international-adviser.com/incoming-fca-chair-admits-using-tax-avoidance-scheme/

OTS details scope of IHT review

Accountancy Live: The Office of Tax Simplification (OTS) has published more details about its review of inheritance tax (IHT) which will look at ways of simplifying IHT from both a tax technical and an administrative standpoint.

Full story: https://www.accountancylive.com/ots-details-scope-iht-review

More families turn to pensions to avoid death duties

Daily Telegraph: Billions of pounds are being passed down the generations – and bypassing inheritance tax – as savers exploit a lesser-known advantage of the “pension freedoms”.

This set of reforms, applying from April 2015, made it easier to pass unused pension assets from one generation to another. New figures from the City regulator reveal the extent to which families are now benefiting from this.

Full story: http://www.telegraph.co.uk/tax/inheritance/families-turn-pensions-avoid-death-duties/ 

Big accountancy firms applauded for LGBT inclusion

ICAEW: PwC, KPMG and EY have all made the top 100 in lesbian, gay, bisexual and transsexual (LGBT) charity Stonewall’s 2018 most inclusive employers ranking.

Full story: https://economia.icaew.com/en/news/february-2018/big-accountancy-firms-applauded-for-lgbt-inclusion

UK: Office of Tax Simplification to review inheritance tax system

STEP: Chancellor of the Exchequer Philip Hammond has asked the Treasury's Office of Tax Simplification (OTS) to carry out a review of inheritance tax (IHT).

Full story: https://www.step.org/news/uk-office-tax-simplification-review-inheritance-tax-system

New HMRC guidance: Deemed Domicile rules and Remittance basis changes

Accountancy Live: HMRC have published two new guides on deemed domicile rules and remittance basis changes for income tax and capital gains tax from 6 April 2017.

Full story:  https://www.accountancylive.com/cch_uk/cln/news_005438_deemdom

HMRC maintains tough attitude on non-resident capital gains tax

STEP: Non-resident property owners who fail to report their liability to UK capital gains tax (CGT) cannot escape penalties by pleading ignorance, the First-tier Tax Tribunal has held in two recent cases.

Full story: https://www.step.org/news/hmrc-maintains-tough-attitude-non-resident-capital-gains-tax

Shoosmiths appointment strengthens trusts and probate expertise

Shoosmiths: National law firm Shoosmiths continues to expand its expertise in contentious trusts and probate with the recruitment of Tara McInnes, who will be based at the firm's Thames Valley office. Senior associate Tara (previously a partner at Gardner Leader Solicitors) is a full member of the Association of Contentious Trusts and Probate Specialists (ACTAPS) and brings a wealth of experience as well as significant expertise in civil litigation concerning estates worth several million pounds.

Full story: http://www.shoosmiths.co.uk/news/press-releases/appointment-strengthens-trusts-and-probate-expertise-13708.aspx

EU to remove Panama, Korea, UAE, five others from tax haven blacklist

Reuters: European Union officials have proposed removing eight jurisdictions from the blacklist of tax havens the bloc adopted in December, in what critics may see as a blow to its campaign against tax avoidance.  EU states decided last month to draw up the list in a bid to discourage the most aggressive tax dodging practices.

Full story: https://uk.reuters.com/article/uk-eu-taxavoidance-blacklist/eu-to-remove-panama-korea-uae-five-others-from-tax-haven-blacklist-idUKKBN1F4232?rpc=401&