PRTC Ronnie Scotts Christmas lunch – 16 December 2013

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Another enjoyable lunch at Ronnie Scotts with our clients and colleagues. Great atmosphere, good food and the Ronnie Scotts All Stars were really entertaining.

Saxophonist Alex Garnett shone throughout and was very funny especially in the ‘challenge’ the band’ slot where the band were tasked to sing various christmas songs in different styles – ‘Walking In The Air’ in Punk and ‘Away In A Manger’ were particular treats.

The surprise of the day was when our esteemed guest, Allan Cinnamon, went on stage for the Kazoo competition but then switched to a singing a jazz solo – good thing he was already friends with the James the pianist…

Our Guests

Our Guests

Patricia and Joey...

Patricia and Joey…

Ronnie Scotts All Stars with Alex G

Ronnie Scotts All Stars with Alex G

Panorama Programme on BBC 1 – Tax, Lies and Videotape (Broadcast – 16 Sept 2013)

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Had to write this as was so angry at the tawdry sensational journalism in tonights’s Panorama programme.  This clearly demonstrates that BBC’s journalists do not understand how government tax policy works and how the legislation is implemented.

The GAAR was not covered…And why pick on David Heaton, one of most respected and genuine tax professionals we have.  I know him well and he does not do abusive or egregious tax schemes.  What about all those promoters who are still out there selling their dodgy tax schemes.  They did not even get a mention…

Unfortunately we have one of the most complex tax codes in the world, and so unintended loopholes can easily arise.   99% of tax professionals help their clients to avoid walking into various tax traps which can snare the innocent and ill-advised.  Tax professionals also effectively help ‘police’ the tax system for HMRC, stopping clients making silly mistakes and prevent them doing all the dodgy stuff they hear about at the pub or golf club.  It’s about time we had some balanced media reporting on tax avoidance – please!

 

 

Radio 2 In The Park – 2013

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For me this was the best ever BBC Radio 2 in the Park I’ve been to…probably because the line-up was an excellent eclectic mix and I really loved most of them.

All our guests enjoyed the lively up-beat performances by Jessie J, Jamie Cullum, James Blunt, Manic Street Preachers, Simple Minds, and Texas who all produced great numbers from their back-catalogues. Our hospitality providers also served up a sumptuous lunch and delightful snacks.  There was an endless supply of Pimms and Wine but most of our guests went for the hot tea and coffee!

My personal favourites were Josh Groban and Smokey Robinson. Josh’s haunting wonderful voice sent tingles on the back of my neck, particularly with his haunting rendition of Stevie Wonder’s ‘I Believe When I Fall In Love (It Will be Forever).  The headline act, Smokey Robinson, also showed that Motown still retains its magical quality. He completely blew us all away with his emotional reworking of Ooh Baby Baby and Tracks of My Tears. What a legend!

Again, the weather was kind to us – only a few odd showers that did not really rain on our parade!

A collection from the photo gallery…

Patricia, Sara, & Paul

Patricia, Sara, & Paul

Patricia & Me_Radio 2 In The Park

Patricia & Me – Radio 2 In The Park

Jo, Patricia and David...a small shower between the acts!

Jo, David and Patricia…a small shower between the acts!

Elaine Page & Me_Radio 2 InThe Park
Elaine Page & Me

Lunch time in the VIP Marquee

Lunch time in the VIP Marquee

 

PRTC’s second year at Proms In The Park

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Promenader Patricia

Promenader Patricia

 

Our guests enjoyed a wonderful night at this year’s Proms In The Park, with a tasty dinner and an endless supply of Pimms in the VIP marquee.

We all had a great singsong as we joined in the staple diet of Rule, Britannia, Land of Hope and Glory, and Jerusalem. The sight of thousands Union Jacks being waived along with other colourful flags is always a real spectacle.

The headline act, Brian Ferry, performed some great alternative versions of Roxy Music hits, with a particularly evocative version of Jealous Guy. My personal highlight was Nigel Kennedy, who dashed over on a bike from the Royal Albert Hall to treat us to a beautiful rendition of his self-penned ‘Melody in the Wind’, accompanied by the highly talented 15-year-old Palestinian violinist Mostafa Saad.

The cast of ‘Let it Be’ (currently showing in London’s West End) also treated us to some great Beatles classics, finishing with their early cover of “Twist and Shout’.

All in all a great night, which finished with a breathtaking firework display. And thankfully the forecast rain did not appear!

All our guests

All our guests

The Stage setting

The Stage setting

Advanced Corporation Tax issues – 2013

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I have recently had a number of requests for a copy of the ‘Advanced Corporation Tax issues – 2013’ handout that was prepared for my talk to the Chartered Institute Of Taxation – South West England branch…so here goes – please feel free to download!

Advanced CTax issues handout_2013_May 2013 copy

PRTC at Taxation Awards, London Hilton Park Lane, 23 May 2013

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A string of ‘thank-you’ emails and cards showed that our guests really had a great night at the 2013 Taxation Awards.  It was the best one yet!

The familiar Voice of the Balls (aka Alan Dedicoat) took us through the proceedings with his well-honed articulation.  Comedian Tim Vine also acted as joint compere and presented the awards.  He had our table in stiches, firing off his witty one-liners with effortless rapidity… “So I was getting into my car, and this bloke says to me “Can you give me a lift?” I said, “Sure, you look great, the world’s your oyster, go for it”.

The boy with the tape on his mouth also gave us a very clever and novel act as a break between the two halves of the awards ceremony.

Our table lapped it all up together with the tasty four-course dinner. As hosts we took great pleasure in seeing all the guests getting on so well with each other – no surprise really since they were all such lovely warm people!

We were proud to sponsor ‘Best tax practice in a regional firm’ and Patricia presented the award to ‘Bishop Fleming’, which mainly operates in the south west of England.  

Our firm again made the shortlist for the ‘Best Tax Consultancy Team’ but alas we had to be content again to be a ‘runner up’.  With three consecutive short listings, we are beginning to feel like a fiscal version of Kate Winslett!

The PRTC table poses for a photo…

PRTC table at Taxation Awards 2013

Graham Norton’s Radio 2 show – My ‘tune with a tale’ – 19 January 2013

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I was thrilled to be invited to talk about ‘my tune with a tale’ on Graham Norton’s Radio 2 show on a very snowy Saturday morning in January. My ‘tune with a tale’ was EVERYTHING I OWN by Bread (David Gates). As I explained, contrary to popular belief, this song is not a typical romantic ballad. Gates penned it following the death of his father as a loving tribute to him.

I also got to explain about the perils of egregious tax planning!

Please play the attached audio file by opening this link

https://peterrayney.co.uk/radio/grahamnorton.mp3

Peter

 

Further FB 2013 relaxation for EMI shares

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The Budget 2012 announced that measures would be introduced in the FA 2013 to dispense with the 5% entrepreneurs’ relief (ER) voting shareholding requirement for shares acquired under an EMI option after 5 April 2012 (where they were sold after 5 April 2013).
Under the original proposals, the employee option holders would only benefit from the 10% ER CGT rate where they have held their ‘EMI’ shares for at least twelve months before they are sold. However, since the vast majority of EMI share options are only exercised immediately before a sale of the company, these proposals did not really ‘hit the spot’ since, in practice, employees would only hold their EMI shares for a very short period and could not therefore meet the ‘one year’ ownership requirement.
The Government have listened to the various representations made over the summer and have revised the proposals. Under the revamped legislation the qualifying period for the EMI shares will now start from the date the option is granted. This will enable employee option holders to obtain the beneficial ER 10% CGT rate on a sale of their EMI shares (irrespective of the percentage held) provided their options were granted at least 12 months before the shares are sold.

The Finance Bill 2013 achieves this relaxation by inserting an additional set of qualifying ER conditions for EMI shares. These enable ER to be claimed on EMI shares where the option grant date falls before the ‘beginning of the period of one year ending with the date of the disposal’ provided the other ER ‘trading’ and ‘employment/officer’ tests are met throughout this period.

Peter Rayney