Tax, trust and legal

1. UK Revenue to launch new crackdown on offshore accounts

   UK offshore bank account holders who haven’t revealed details of undeclared money held abroad face a new probe into their tax affairs by HM Revenue & Customs, which is continuing with disclosure initiatives that raised about £400m (€503m) from unpaid taxes last year.

2. Rathbones decides offshore is not worth the risk

   The decision by Rathbone Brothers, the UK wealth manager, to sell its offshore trust operations was driven by the negative view clients take of the business, according to chief executive Andy Pomfret.

3. Rathbones sells offshore trust businesses

   Rathbone Brothers, the UK wealth manager, is selling its Jersey and Singapore offshore trust operations to the management of the businesses and may sell its Swiss and British Virgin Islands trust units.

4. Offshore Tax Evasion Costs U.S. $100 Billion, Senate Probe of UBS, LGT Indicates

   WASHINGTON -- The U.S. loses about $100 billion annually due to offshore tax evasion, according to a Senate probe that is taking aim at Swiss bank UBS AG and Liechtenstein's LGT Group for allegedly marketing tax-evasion strategies to wealthy Americans.

5. Entrepreneurs bemoan government intervention

   Senior executives at UK-based small to medium-sized companies are struggling to achieve growth under the weight of legislation and government intervention, a survey has found.

6. Tax havens get an altered image

   Offshore locations are striving, with some success, to rid themselves of their image as places that enable wealthy individuals to evade tax.

7. Investec bolsters Jersey office with top bankers

   Investec Bank has hired a senior private banker from RBS as head of its Jersey operations and appointed a new head of risk.

8. Guy Hands fights £17m tax loss from film investment scheme

   Guy Hands, the chief executive of UK buyout firm Terra Firma, lost more than £17m (€21m) as a result of a scheme that invested in bizarre films including the tale of a seven-foot boxing shrimp, London’s High Court heard yesterday.

9. Private Client Association warns French to resist further legislation

   The Association of Private Client Investment Managers and Stockbrokers said they welcome the incoming French Presidency but issued a warning to the French that they must resist any pressure to create a European regulator and ensure markets remain attractive to investors.

10. Taxing time for the Mittelstand

    Plans to reform Germany’s inheritance tax rules are prompting the country’s entrepreneurs to consider setting up trusts to protect their assets.