Taxman levies inheritance tax on £5.8bn of shares March 19, 2017 Half of all inherited shares were subject to inheritance tax (IHT) according the latest figures, prompting calls for people to manage their personal finances more efficiently. Around £5.8bn of the £11.7bn of securities passed down were subject to IHT, according to data prepared by HM Revenue & Customs. Read more: How the taxman benefits from the large growth [...]
Judges need to work on boosting their public image, says justice secretary Liz Truss, warning they’ll be in the spotlight even more post-Brexit March 19, 2017 The justice secretary today called on the judiciary to do more to boost its public image, warning it will face more scrutiny once the European Court of Justice is no longer the top court post-Brexit. Liz Truss told the Financial Times the Supreme Court would face "even greater attention" once the UK was no longer [...]
The Queen and Oliver Twist movie backers forced to pay back £26m to the taxman in landmark ruling March 17, 2017 The taxman today hailed its victory in a tax avoidance case against partnerships that backed a number of high profile films including The Queen and Oliver Twist. The £26m ruling paves the way for HM Revenue & Customs (HMRC) to go after similar schemes, a decision it estimates could swell its coffers by £286m. British movie makers have [...]
Solicitor general gives no guarantees fraud squad won’t be culled, as the government mulls the future of economic crime oversight in the UK March 16, 2017 The solicitor general today came out in support for the Serious Fraud Office (SFO) but refused to go as far as guarantee it won't be rolled into another of the UK's crime agencies in the future. The government is currently auditing the UK's approach to economic crime, leading some to believe the future of the SFO [...]
Now the legal eagles are urging the government to seek a bespoke Brexit agreement for the City, while warning a “no deal” situation would have serious consequences March 16, 2017 Legal eagles have today become the latest in a string of experts calling on the government to secure a bespoke deal for the financial sector in the Brexit negotiations. The report from the Bar Council warns London's status as a financial capital risks being "greatly diminished" if the country cannot find a suitable alternative for [...]
Government sets up new watchdog – Office for Professional Body Anti-Money Laundering Supervision – to get tough on money laundering March 15, 2017 The UK government is toughening up on money laundering by launching a watchdog to deal specifically with the crime. The Office for Professional Body Anti-Money Laundering Supervision, or OPBAS as it will be known for short, will sit within the Financial Conduct Authority and should be up and running by the start of next year. The [...]
LuxLeaks’ whistleblowers have sentences reduced, but appeal court upholds convictions March 15, 2017 A Luxembourg appeals court today cut the sentences of two ex-PwC workers for playing a part in leaking data from the firm which revealed the ins and outs of the tax tricks used by hundreds of companies. In a court ruling last June, Antoine Deltour was given a 12-month suspended sentence and a €1,500 (£1,305) fine and Raphael [...]
Robert Walters thankful for overseas operations as it posts record revenue figures but warns on uncertain environment March 15, 2017 Headhunter and outsourcing firm Robert Walters today posted record revenues but warned of an "unpredictable geopolitical environment". Shares rose over one per cent in early trading, with the figures boosted by currency gains from its overseas operations. The figures Revenues grew to £999m, up 23 per cent from £813m in 2015 with gross profit up 19 per [...]
The Supreme Court has sided with charities in their battle against a disinherited daughter who was written out of her mother’s will March 15, 2017 The Supreme Court today ruled in favour of three animal charities, arguing a lower court had been wrong in reassigning money left to them to the deceased's disinherited daughter. The Court of Appeal decided in 2015 Heather Ilott should be handed over £163,000 of her late mother's wealth, despite the two having been estranged for over two decades and [...]
Olympic Stadium investigation: Beancounters net fees, findings to be made public this summer March 13, 2017 The mid-tier accountancy firm undertaking the forensic investigation into the London Stadium overspend will net at least £140,000, according to documents published by City Hall. Moore Stephens was appointed in February to perform a review of how the cost to transform the Olympic Stadium into the multi-use London Stadium increased from an original budget of £115m to £323m. The firm plans to deliver [...]