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