Making the most of the 36 per cent IHT rate

Solicitors Journal: The planning potential of the lower rate of inheritance tax (IHT), introduced in 2012, has often been under estimated. Two key issues are variations within two years of death and merger of components.

Full story: http://www.solicitorsjournal.com/private-client/estate-planning/making-most-36-cent-iht-rate?

High net worth unit is five years old

ICAEW: HMRC’s High Net Worth Unit (HNWU) was set up in 2009 and guidance was issued at the time. Since then HMRC has developed specialist teams in the HNWU, which aim to give the unit a better understanding of different customers.

Full story: http://www.ion.icaew.com/TaxFaculty/post/High-net-worth-unit-is-five-years-old?

More Scottish tax powers could create loopholes, accountants say

Reuters: Giving Scotland more tax-raising powers would increase the complexity of Britain's already-lengthy tax code and may create new loopholes for tax avoidance, accountants and tax advisors told British legislators on Tuesday.

Full story: http://uk.reuters.com/article/2014/10/28/uk-britain-scotland-tax-idUKKBN0IH1F720141028?rpc=401

Divorcees top list of paid tax evasion informants

International Advisor: The number of informants being paid by HMRC to provide information about tax evasion has reached a record high, with former spouses coming top of the list for tip-offs, according to City law firm, RPC.

Full story: http://www.international-adviser.com/news/tax-regulation/tax-evasion-informants-increasingly-paid-by-hmrc?

Net draws tighter around tax evaders as age of secrecy ends

The Times: Tax evaders will have fewer places to hide as an era of banking secrecy comes to an end with the signing of an international agreement to disclose non-resident accounts, the German finance minister has told The Times.

Full story: http://www.thetimes.co.uk/tto/business/industries/banking/article4248660.ece

Swiss banks urge US government to amend conditions to bank amnesty

STEP: The US Justice Department (USDoJ) has added new conditions to the amnesty programme offered to Swiss banks suspected of helping their clients evade US tax.

Full story: http://www.step.org/swiss-banks-urge-us-government-amend-conditions-bank-amnesty