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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?

Editor's note

March 8, 2010

What do family offices in London, New York and Manama (Bahrain) have in common? As our family ties section shows while they have different pieces of advice to offer, they all cite the regulatory environment and consequent tax implications as their biggest challenge over the next 12 months

Dogan family wins court victory after relinquishing executive positions

February 2, 2010

Turkey’s Dogan family, owners of one of the country's biggest conglomerates, has won a small victory after a court revoked part of a huge set of tax fines against the media arm of its empire.

Turkey's Dogan family, owners of one of the country's biggest conglomerates, has won a small victory after a court revoked part of a huge set of tax fines against the media arm of its empire.

Tax inspectors alleged that Dogan Yayin Holding AS had falsified the sale date of a 25% stake in the group's TV unit to Axel Springer AG of Germany. The court has now cancelled a fine worth 772.5 million Turkish lire ($516 million).

Taxman investigates Fiat’s Agnelli family

August 14, 2009

Italian tax authorities are investigating the Agnelli family, owners of the car manufacturers Fiat, after allegations were made that Gianni Agnelli, the late Fiat chairman, hid €1 billion of undeclared assets in Swiss bank accounts.

Put family at the heart of tax planning

July 23, 2009

Tax is never far from the headlines in an average year, but it has demanded particular attention in 2009. Conscientious wealthy families and their family offices have been reassessing their tax arrangements in light of this hiatus of activity. However, it is important to remember that tax planning is much more than a simple financial calculation.

Tax is never far from the headlines in an average year, but it has demanded particular attention in 2009, writes Hakan Hillerstrom. The worldwide recession has reduced the income of all the world's economies as tax receipts from business profits, personal income, wealth tax and VAT have fallen away. Many governments have reacted by aggressively reducing interest rates and making sure that central banks pump money into the system to get the banking system to work again.

Taking advantage of new tax changes

June 3, 2009

On 17 February, the American Recovery and Reinvestment Tax Act of 2009 was signed into law. The Act included $300 billion in tax relief so if you own a business in the US or invest in a business in the US, it’s important to understand these changes and capitalise on them now.

On the 17 February 2009, the American Recovery and Reinvestment Tax Act of 2009 ("the Act") was signed into law by President Obama. The Act included $300 billion in tax relief so if you own a business in the US or invest in a business in the US, it's important to understand these changes and capitalise on them now, as a number of the changes are either temporary or temporarily extend prior provisional law.

Highlights of major business deduction changes include:

Tax tips for a downturn

June 3, 2009

One of the best ways to reduce inheritance tax (IHT) on your death is to give away assets during your lifetime. The problem is, a gift can trigger a large capital gains tax (CGT) bill if the asset has gone up in value during your period of ownership. That has always been a big disincentive to lifetime giving.

Save inheritance tax and reduce your capital gains tax bill
One of the best ways to reduce inheritance tax (IHT) on your death is to give away assets during your lifetime. The problem is, a gift can trigger a large capital gains tax (CGT) bill if the asset has gone up in value during your period of ownership. That has always been a big disincentive to lifetime giving.

Did your investment knee jerk?

April 30, 2009

Last week’s UK budget has been widely seen as a political budget designed to set the parameters for the country’s general election, due next year. Chancellor Alistair Darling’s headline-grabbing increase in interest rates for the wealthy (the top rate is now 50%) was certainly a knee-jerk reaction to political rather than economic problems.

Last week's UK budget has been widely seen as a political budget designed to set the parameters for the country's general election, due next year. Chancellor Alistair Darling's headline-grabbing increase in interest rates for the wealthy (the top rate is now 50%) was certainly a knee-jerk reaction to political rather than economic problems.

All change for non-UK domiciliaries

April 9, 2009

The UK has long been known as a tax haven for foreign nationals looking for a low tax jurisdiction.But despite the benefits of the old rules, a new set of highly complicated rules kicked in as of this week which will be costly to monitor and stay within, for those who wish to remain in the UK.

The UK has long been known as a tax haven for foreign nationals looking for a low tax jurisdiction. It's not that the UK has particularly low taxes. It's the way taxes are applied for individuals considered non-UK domiciled. This favourable position has existed for years, largely due to Britain's colonial past. Some changes were made, largely in the 1990s, with the most significant taking effect from 6 April 2008. So be warned if you're considering a move to the UK.