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April 11, 2013

Bernard Arnault, second-gen chief executive of LVMH and France's richest man, has withdrawn his application for Belgian citizenship following continued accusations that he was trying to avoid the new 75% tax levied on incomes of more than €1 million.

Bernard Arnault, second-gen chief executive of LVMH and France's richest man, has withdrawn his application for Belgian citizenship following continued accusations that he was trying to avoid the new 75% tax levied on incomes of more than €1 million.

"I explained several times that I would remain a resident in France and that I would continue to pay my taxes there. In vain – the message did not get through," Arnault told French newspaper Le Monde in an interview on 10 April.

March 7, 2012

The Liechtenstein Disclosure Facility may have been in the news a lot recently, but many accountants in the UK are still unaware of the benefits it may offer wealthy families and individuals.

The Liechtenstein Disclosure Facility may have been in the news a lot recently, but many accountants in the UK are still unaware of the benefits it may offer wealthy families and individuals.

That’s according to a recent survey by UK-based accountancy firm Crowe Clark Whitehill, which found that a fifth of accountants do not understand the tax amnesty facility.

Sean Wakeman, a partner in the firm’s tax investigations group, reckons this would deprive wealthy individuals in the UK of a chance to clear up their tax arrears.

September 8, 2011

The US government needs to avoid overstepping the limitations of the tax treaty signed with Swiss authorities or risk causing disturbances to the financial markets, according to a top investment expert.

The US government needs to avoid overstepping the limitations of the tax treaty signed with Swiss authorities or risk causing disturbances to the financial markets, according to a top investment expert.

Steffen Binder, research director at Switzerland’s MyPrivateBanking, told CampdenFB: “If the US tax authorities threaten criminal charges again to get access to information on tax evaders with Swiss accounts, it will heavily unsettle the financial markets. The event with UBS was a special case and one that should not be repeated.”

September 6, 2011

When somebody as eccentric as Liliane Bettencourt, the L’Oreal heiress, says she believes something, you might consider that a reductio ad absurdum of the position. Last week she, along with some other wealthy French people, said that the rich ought to pay more tax.

When somebody as eccentric as Liliane Bettencourt, the L’Oreal heiress, says she believes something, you might consider that a reductio ad absurdum of the position. Last week she, along with some other wealthy French people, said that the rich ought to pay more tax.

February 3, 2011

The UK-based Institute for Family Business has recommended that the rules governing creation of a family business trust be simplified so that families can plan their succession successfully.

The UK-based Institute for Family Business has recommended that the rules governing creation of a family business trust be simplified so that families can plan their succession successfully.

According to IFB, family businesses use trusts to ensure stable management of the business, especially when handing over control to the next generation.

September 10, 2010

A ruling by Mumbai’s high court that has landed UK-based phone operator Vodafone with a huge tax bill could have ramifications for family companies looking to build business interests in India.

A ruling by Mumbai's high court that has landed UK-based phone operator Vodafone with a huge tax bill could have ramifications for family companies looking to build business interests in India.

The high court ruled on Wednesday that the $11 billion (€8.64 billion) sale of mobile phone business Hutchison Essar, a subsidiary of the Li family's Hong-Kong-based Hutchison Whampoa conglomerate, to Vodafone in 2008, is eligible for capital gains tax in India.

July 21, 2010

The offspring of wealthy business owners, or next gens, are facing potentially embarrassing tax demands as they inherit offshore bank accounts from deceased parents, writes Katie Barker.

The offspring of wealthy business owners, or next gens, are facing potentially embarrassing tax demands as they inherit offshore bank accounts from deceased parents, writes Katie Barker. 
 
The problem has risen to the surface in the last few years as governments seek to tighten tax loopholes for wealthy individuals stashing money in offshore centres.
 

July 16, 2010

L’Oreal heiress Liliane Bettencourt has condemned her daughter, Francoise Bettencourt-Meyers, on primetime television following accusations that she is mentally unfit.

L'Oreal heiress Liliane Bettencourt has condemned her daughter, Francoise Bettencourt-Meyers, on primetime television following accusations that she is mentally unfit.

France's richest woman has finally spoken out after the trial brought by her daughter to prosecute a man accused of exploiting Bettencourt for just under €1 billion was postponed.
 
The octogenarian told France 3 Bretagne: "I am both saddened and upset because I ask myself how, after so many years, someone who lived near me had such petty reactions".
 

July 7, 2010

L'Oreal heiress and France's richest woman Liliane Bettencourt is accused of paying president Sarkozy’s government €150,000 during the 2007 elections.

L'Oreal heiress and France's richest woman Liliane Bettencourt (pictured) is accused of paying president Sarkozy's government €150,000 during the 2007 elections.

The allegations come from Bettencourt's former accountant Claire Thibout in an interview with French news website Mediapart.

The interview claims that Bettencourt's financial advisor Patrice de Maistre gave French Labour Minister Eric Woerth a €150,000 donation. The accusation is severe as an individual political donation cannot exceed €7,500 a year under French law.

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