Once More Unto the Breach: Case Report on Pitt v HMRC and Futter v HMRC 24/05/2013
This month the Supreme Court handed down its decision in the cases of Pitt v HMRC; and Futter v HMRC. The Supreme Court dismissed both appeals insofar as they related to the rule in Hastings Bass, but allowed one appeal on the grounds of mistake.
Increase in foreign nationals applying for 'Tier 1 investor visa' leads to growth of niche market 24/05/2013
According to the UK Home Office, around 470 foreign nationals made a successful application to enter the UK on a ‘Tier 1 investor visa’ in 2012 – and the trend shows no sign of abating. As a condition of entry, applicants must deposit a minimum sum of £1 million, to be invested in Gilts, UK Bonds or UK Equities, and this has created an opportunity for a number of wealth management firms.
European Council vows to tackle tax evasion 24/05/2013
Fighting tax evasion and tax fraud was one of the two main themes at a European Council meeting held in Brussels on 22 May 2013.
Swiss introduce consultation to freeze dictators' assets 24/05/2013
The Swiss Federal Council has opened a consultation on a draft act aimed at freezing the assets of “politically exposed persons obtained by unlawful means”.
US FATCA deals with Russia and Luxembourg make progress 24/05/2013
Russia will join the U.S.’ Foreign Account Tax Compliance Act (FATCA) whilst Luxembourg picks the Model 1 IGA
Will-writing quality mark to launch in July 24/05/2013
The Law Society is pushing ahead with a will-writing quality assurance mark following a MoJ decision to reject will-writing legislation.
Government launches consultation on LLP changes 24/05/2013
HM Revenue & Customs (HMRC) has published its consultation document on changes to LLP rules.
Preference for single family offices among Middle East's wealthy - report 23/05/2013
Multi family offices are struggling to compete with private banks and single family offices in the Middle East according to the latest Invesco report.
IoM Chief Minister backs Cameron over tax 22/05/2013
The Isle of Man's Chief Minister, Allan Bell MHK, has welcomed a letter from David Cameron calling on all Britain’s Crown Dependencies and Overseas Territories to continue working with the United Kingdom on tax transparency.
Burges Salmon boosts private client team with trust partner promotion 22/05/2013
UK law firm Burges Salmon has promoted Suzanna Harvey, a specialist in international tax and trusts work, to partner in its 2013 promotions round. Alongside two candidates from the firm's energy and environment team, the trio of promotions takes the firm’s total number of partners to 79 as of 1 May 2013.