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Warning on tax rate move 'havens'

Other parts of the UK could become havens for affluent Scottish taxpayers if income tax is set at a higher rate north of the border, an accountancy firm has warned.

PKF said a separate rate of income tax in Scotland would lead to confusion and could see wealthy people declare they are not Scottish residents.

The new Scotland Act devolves new financial powers to Holyrood and was agreed by the Scottish and UK parliaments earlier this year.

It provides for a Scottish income tax which will start 10p below the UK rate. MSPs will be able to decide how to make up the difference or whether to set a different level. The power is expected to be transferred by April 2016.

HM Revenue & Customs (HMRC) has recently issued a technical note clarifying the way in which the proposed Scottish tax rate will affect people in Scotland.

PKF said uncertainty arises because of residency and how it is defined. If a person has a house in Scotland, and another home elsewhere in the UK, they will have to decide which country is their main residence.

This can be done by counting the number of days they spend in Scotland during a year. If more days are spent in Scotland than elsewhere, then they will be liable to pay the Scottish tax rate.

Neil Whyte, a tax partner with PKF, said: "As there are no border controls between England and Scotland, there is no way of verifying how many days are spent in either jurisdiction. As a result, it's possible that an individual may decide residency based on the most favourable level of taxation."

He went on: "The likelihood of improving the tax take is limited if the most affluent in society can simply declare they are not Scottish residents if the tax rate is higher north of the border, or they are Scots if the tax rate is lower. As tax liability is determined on a year-by-year basis, we may find individuals who annually flip residency depending on their tax liability. For HMRC to prove residency under these circumstances, other than through the use of surveillance, seems impossible."

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Warning on tax rate move 'havens'

LOS ANGELES, CA--(Marketwire -06/01/12)- Imperial Capital announced the addition of Thomas Pritchard and Kenneth Morris, who joined the Firm as Managing Directors in the Investment Banking Group based out of the firm's New York office. They will Co-Head Imperial Capital's investment banking practice in the Energy sector. They come to Imperial with deep industry knowledge and expertise in all segments of the Energy Sector: E&P, Oilfield services, midstream, alternative energy and coal.

Mr. Pritchard joins Imperial Capital with over 20 years of financial industry experience. He was most recently the Founding Partner and Chairman of the Board of Pritchard Capital Partners, LLC, a boutique investment bank, focused solely on the Energy sector. He was also a co-founder of Offshore Tool & Energy, an oil service company listed on the London AIM and sold to London Merchant Securities in 2002. Over the course of his career, he has advised numerous companies on critical strategic matters, including mergers and acquisitions and capital markets transactions. His prior experience includes Jefferies & Company, Johnson Rice & Company and Bear Stearns. He began his career at Drexel Burnham Lambert. Mr. Pritchard graduated from Washington & Lee University with a Bachelor's degree in Geology.

Mr. Pritchard commented, "Ken and I are excited about joining Imperial and expanding the opportunities available to our clients in the energy sector. Imperial's expertise across the capital structure is a perfect complement to our deep native understanding and longstanding relationships with key industry players in the Energy business."

Mr. Morris comes to Imperial Capital with a distinguished career in investment banking and wealth of industry knowledge. He was most recently a Partner and Board member of Pritchard Capital Partners, LLC. His over 20 years of experience began on Wall Street as a sell-side Trader at various investment banks, including Arnhold and S. Bleichroeder as a Senior Trader, Schroders, Inc and the Royal Bank of Canada as a Senior Equities Trader and Director of Energy Trading. Mr. Morris received an M.A. in Economics from Rutgers, The State University of New Jersey and a B.S. in Finance and Economics from the University of Delaware.

"Tommy and Ken's experience and Capital Markets expertise are a strong addition to our energy practice," said John E. Mack, III, Executive Vice President and Co-head of Investment Banking at Imperial Capital. "They will add significant depth to Imperial Capital's existing Energy Investment Banking practice."

"The addition of Tommy and Ken is consistent with the overall focus of our firm for growth in sectors of the economy that are active users of capital. In addition to growing our Energy Banking team, Imperial Capital intends to invest in additional sales, trading and research personnel in the Energy business," added Jason Reese, Chairman and CEO of Imperial Capital Group, LLC.

About Imperial Capital, LLC

Imperial Capital, founded in 1997, is a full-service investment banking firm with offices in Los Angeles, New York, San Francisco, Minneapolis, Boston and Chicago. The firm currently employs over 205 professionals and offers a wide range of proprietary products and services to institutional investors, middle market companies, and private equity firms. Imperial Capital provides institutional clients research and sales and trading of high yield and distressed debt securities, bank debt, convertible bonds, preferred stocks, and equities. The firm provides middle market companies and financial sponsors with capital markets, merger and acquisitions, capital structure, restructuring and recapitalization advisory services. More information about Imperial Capital can be found at http://www.imperialcapital.com.

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Thomas Pritchard and Kenneth Morris Join Imperial Capital to Head Its Energy Sector Investment Banking Practice

01-06-2012 07:49 TNA Impact Wrestling 5/31/12 - Part 5/6 (HD) - 31st May 2012

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TNA Impact Wrestling 5/31/12 - Part 5/6 (HD) - 31st May 2012 - Video

01-06-2012 10:38 Welcome to the Course: C# For Beginners. This extensive course teaches you all the skills used by professional developers every day. Upon completion of this course-- Almost 4 and a half hours of video instruction, 6 lab exercises and dozens and dozens of code examples. Here's the course outline: Chapter 1: Getting Started with Visual Studio 1.1 Welcome to Visual Studio 1.2 Project Types 1.3 Framework Introduction 1.4 Creating a Windows Application 1.5 Getting Started Summary Chapter 2: C# Variables 2.1 Built In Variable Types 2.2 Creating Variables 2.3 Converting Data 2.4 Using a Variable 2.5 C# Variable Summary Chapter 3: Creating C# Classes 3.1 Creating a Class 3.2 Storing Class Data 3.3 Creating a Method 3.4 Using Classes 3.5 C# Class Summary Chapter 4: Abstract Classes, Interfaces and Nested Types 4.1 Abstract Classes 4.2 Interfaces 4.3 Nested Types 4.4 Using Abstract Classes, Interfaces and Nested Types 4.5 Abstract Classes, Interfaces and Nested Types Summary Chapter 5: Handling Files 5.1: Reading a File 5.2: Copy, Delete and Move a File 5.3: Create a File or Folder 5.4: Writing to a File 5.5: Handling Files Summary Chapter 6: Creating a Text Editor 6.1: Setting Up An Interface 6.2: Setup a Menu 6.3: Save a File 6.4: Open a File 6.6: Copy and Paste Selections For more information:

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Beginning C# Course - Video

01-06-2012 10:48

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