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Tax, ethics and the rich

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.

IFB calls for simplification of family business trusts

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.

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

News analysis: Has doing business in India just got harder?

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.

Next gens not prepared to pay for their parents' tax breaks

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.

Bettencourt accuses daughter of “petty reactions”

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".

Bettencourt faces further allegations

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.

Latest issue of Campden FO now available

June 28, 2010

The latest edition of Campden FO, the magazine dedicated to the global family office community, is now available. There are two areas of focus to this issue: tax and family offices in Asia.

The latest edition of Campden FO, the magazine dedicated to the global family office community, is now available. There are two areas of focus to this issue: tax and family offices in Asia. Click here to go straight to the issue.

Tax: Why you need to look beyond the headlines

June 18, 2010

Wealthy families around the world may appear to be facing a barrage of tax increases, but there is positive news if you look carefully, writes Selwyn Parker.

Editor's note

June 18, 2010

John Maynard Keynes, that most famous of economists, has received a lot of renewed coverage since the financial crisis as most governments have followed his proposal that when suffering a downturn, they should borrow and spend money to boost economic activity.

Governments must encourage wealthy to pay tax

June 18, 2010

The ability to tax plan and tax mitigate is now treated almost as the divine right of the wealthy, but in our straightened times is this attitude any longer morally defensible, assuming it ever was?

The ability to tax plan and tax mitigate is now treated almost as the divine right of the wealthy, but in our straightened times is this attitude any longer morally defensible, assuming it ever was? Equally, Governments are ill advised to impose excessive taxation on such a group which is largely mobile, certainly creative and undoubtedly wealth creating. How can this dilemma be reconciled?