Bernard Matthews’ children lose High Court case

Private Client Adviser: The adopted children of businessman Bernard Matthews lost their case at the High Court yesterday (5 September 2012) in relation to the inheritance tax (IHT) liability they face on their late father’s villa in France. The turkey tycoon’s three children, whom he adopted with his wife Joyce, had argued that the £2m IHT bill on Villa Bolinha in the south of France that they inherited after his death in 2010 should be paid out of Matthews’ English estate.

Full story: http://www.privateclientadviser.co.uk/news/international/bernard-matthews%E2%80%99-children-lose-high-court-case

Labour plans wealth tax, and it won't be temporary

CityWire: Shadow chancellor Ed Balls has taken his lead from the Liberal Democrats and announced that Labour would introduce a permanent ‘wealth tax’ should the party be re-elected.

Full story: http://www.citywire.co.uk/money/labour-plans-wealth-tax-and-it-wont-be-temporary/a616105?

Boris attacks ‘misguided’ Lib-Dem plan for wealth tax

London Evening Standard: Boris Johnson today warned against introducing a wealth tax, claiming it would hit Londoners too hard. The Mayor waded in as shadow chancellor Ed Balls offered a deal with the Liberal Democrats to hit owners of high-value properties.

Full story: http://www.standard.co.uk/news/mayor/boris-attacks-misguided-libdem-plan-for-wealth-tax-8113199.html

HMRC targets higher rate taxpayers over late returns

Bytestart.co.uk: In the latest of a string of initiatives, HMRC has given higher rate taxpayers one month’s warning to complete any overdue tax returns, or face penalties of up to 100% of the amount of tax due.

Full story: http://www.bytestart.co.uk/hmrc-targets-higher-rate-taxpayers-over-late-returns.html?

Industry ‘horrified’ by Lib Dems threats to savings tax relief

IFAonline.co.uk: Industry experts are “horrified” that the Liberal Democrats are considering cutting tax relief on ISAs and pension contributions for the wealthy.

Full story: http://www.ifaonline.co.uk/ifaonline/news/2203093/industry-horrified-by-lib-dems-threats-to-savings-tax-relief?WT.rss_f=Home&WT.rss_a=Industry+%E2%80%98horrified%E2%80%99+by+Lib+Dems+threats+to+savings+tax+relief

Celebrities “regularly” dodge tax, says TUC

Accountancy Age: Celebrities and corporations frequently use complex tax arrangements in order to reduce their effective tax rate, according to a study by the Trades Union Congress.

Full story: http://www.accountancyage.com/aa/news/2202960/celebrities-regularly-dodge-tax-says-tuc?