KPMG: Personal Perspectives with Dermot Callinan
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FOR details on why Moscow is home to more billionaires than any other global city; why an offshore mortgage is an interesting option for those relocating to the UK and buying a home; and what the entrepreneur’s green cross code is, click here to download Personal Perspectives, the just-launched newsletter from KPMG’s Private Client practice. Dermot Callinan, the new UK Head of KPMG’s Private Client practice, which he will be running from his long established Leeds base, says: “Personal perspectives offers informed insight and discussion on the topical issues faced by KPMG’s diverse range of personal tax clients.” Dermot is the first partner outside of London to head its national team of 150 tax professionals, who manage the tax affairs of a diverse and influential UK client base with a collective wealth in the region of £20bn. Clients include wealthy individuals, family offices, high earning executives, entrepreneurs, equity partners, family business owners, overseas nationals, trustees and executors. Tax is rarely off the political, business and individual agendas, with the increasing rates of National Insurance Contributions from April 2011, the complicated rules which limit tax relief on pension contributions, together with the government’s new approach to tax policy and the tackling of anti-avoidance rules which continue to stimulate debate. So, in Personal Perspectives KPMG focuses on a variety of contemporary subjects on which Dermot and his team are advising. Introducing the newsletter he said: “The range of issues covered in the first edition illustrates the diversity of our practice, from family and other entrepreneur run businesses to articles on issues relevant to international wealth such as the focus on Russia and partnerships trading in the UK.” It is widely recognised that the government is seeking to stimulate the private sector economy through entrepreneurial activity, as reflected in the lower rates of corporation tax coupled with the generous increase in capital gains tax entrepreneurs’ relief. The increase in entrepreneurs’ relief has been a key talking point since the June 2010 Budget where careful planning can achieve tax savings of up to £900,000. This in turn has generated substantial activity, particularly in the Yorkshire marketplace. Though given the complexity of these rules, it is important that individuals consider any planning opportunities carefully and seek specialist advice. However, the introduction of the 50 per cent personal income tax rate, in response to the country’s fiscal deficit, propelled the UK from 13th to 4th position in the league table of EU personal tax rates, according to KPMG’s Individual Income Tax and Social Security Survey 2010. Whilst this increase has yet to be reflected in tax revenues, just this week the Office of National Statistics reported that the UK public sector net borrowing registered a surplus in January 2011, its biggest since July 2008; this has been attributed to the income and corporation tax receipts. Dermot, who has been based in Yorkshire for the last twenty years, has an in-depth understanding of the issues facing individuals in the local marketplace. Nearly three quarters of the region’s largest 100 non-listed companies have remained profitable in the last year; a reflection of their entrepreneurial spirit which sees them striving to succeed in this difficult economic environment. The core of these businesses – who are key to wealth and employment creation in the region – are family run or have overseas parents and the inherent issues which they face are of particular focus to KPMG and the Private Client practice. Of course, the next key date on the tax calendar is the Budget, scheduled for 23 March 2011. Full KPMG commentary will be available here http://www.chancellorsfinanceagenda.co.uk with more detailed analysis and considered interpretation in future editions of Personal Perspectives, while those interested in joining KPMG’s Budget Breakfast on 24 March should simply contact Karin Wilson. If you would like to receive future editions of Personal Perspectives or to discuss any of the issues covered, please contact Dermot at dermot.callinan@kpmg.co.uk or on 0113 231 3358. KPMG’s national Private Client practice has been awarded the title private client accountancy firm of the year by the sector’s key organisations – Spears, STEP and Citywealth – and earlier this month was named as one of Private Client Practitioner’s 25 most admired firms. More articles in
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