« September 2006 | Main | December 2006 »
Gaines-Cooper a hundred million pound man
Just how much is the Gaines-Cooper case worth?
The Special Commissioners’ decision was a preliminary judgment, with the full case set to follow in due course, when all the juicy details will come out.
For those who aren’t aware, Robert Gaines-Cooper is an international businessman who is fighting HM Revenue & Customs over domicile and residence issues. Gaines-Cooper has been an executive on a large Nasdaq-listed business for some time, and also has other business ventures, so anyone tempted to speculate would not imagine it was thruppence.
One tax adviser tells us that the QC representing Gaines-Cooper, Michael Flesch, is a £100m man i.e. you don’t hire him unless the case is worth £100m or more. As one of the senior barristers at Gray’s Inn Tax Chambers, Flesch is certainly no slouch.
TS can only await the next Special Commissioners’ decision with interest.
Colin talks to Katherine Lee
See Colin's latest escapades by clicking on the image, or click here.
In tents approach to reporting
Katherine Lee is the modern finance director incarnate.
Not only is she female and young in a traditionally male domain, the YouGov FD is changing the way finance directors do their job.
Take for example her most recent delivery of interim results.
Not only did she not let the results delivery disturb her holiday plans she popped along to the beautiful coast of Cornwall for a camping trip but she delivered her results from her Cath Kidston tent, fielding calls from the coast, clad in holiday garb.
Could this begin a new TS section of ‘the weirdest place you’ve delivered your results from’? Possibly, if you let us know.
An ‘Oscars’ moment
Awards ceremonies have the strangest effect on some folks. TS’ all-seeing eye was mesmerised by the transformation of one nominee from sinner to saint after scooping one of the Accountancy Age’s most coveted gongs last week.
As the night began with a spot of champagne-fuelled schmoozing, TS eased its well-cushioned behind into a seat at the bash to watch the night’s drama unfold.
Not only did the esteemed winner’s table talk at high volume throughout the speeches, the shortlistee - a certain Margaret Ewing - engaged in a spot of heckling at one of nominees as the name was read out.
It was only when William Hague announced later in the evening that Ewing had won Blue Chip FD of the Year that it all went a bit ‘Oscars’. TS was treated to a perfect impression of a Hollywood star shocked to hear their name.After this point the firebrand morphed into a paragon of virtue, modestly weathering the protracted round of backslapping and glad-handing that followed.
That melange of bunker mentality and modesty is the perfect mix for top level FDs, TS would suggest.
Izza sits on management's table
While much of TS’ Accountancy Age Awards gossip focuses on the going’s on of the accounting community on the night, other interesting snippets were also picked up on during the jollities.
It seems that new ICAEW chief executive Michael Izza is deserting his pals in the technical teams on the seventh floor at Moorgate Place, to sit with management on the fifth. Hold on a minute, wasn’t Michael COO before his promotion? Did he not sit ‘upstairs’ then?
No is the answer, a good organsational man who liked to keep close to the foot soldiers.
Of course now he’ll have to spend his time schmoozing with government, EU top bods and big business heads in his role.
TS thinks that Moorgate Place will see a bit less of him after Christmas.
Labour man goes Euro-sceptic
And the prize for political opportunist of the week goes to Ed Balls. Speaking at the ICAEW annual conference on Monday - though readers of the FT were already in the know as the pink ‘un was by remarkable coincidence both event sponsor and the paper chosen for a pre-briefing - he launched a national crusade against lax accounting by Brussels.
Balls said the NAO would attest to the veracity of UK government spending of EU money. All very sensible. And good luck to the minister. Nevertheless it struck us as remarkably similar to comments made by EC chief accountant Brian Gray 12 months ago. Gray said the only way the EC would ever get a clean audit would be for national finance ministers to sign off the accounts.
TS detects the black art of political negotiations, the kind that end with: ‘No, I insist, minister. You take the credit.’
A date for our diaries
It’s always exciting when the pre-Budget Report date is announced. OK, so TS needs to get out more.
This year we heard apparently authoritative rumours that it would be on the 22 November or the 27th. Alas, both such informants were out of the loop. Even though our sources are always wrong on this, we were confident it would be one of those dates. It’s on 6 December.
PwC were apparently also in a terrible rush to get the news out about the date, sending out an e-mail last week mentioning 6 November, Richard Murphy’s tax blog reports. That would be 2013, then, the next time that date occurs on a Wednesday, the usual PBR day.
Chris Wales, the chancellor’s tax guru, once gave TS some sage advice on guessing the PBR/ Budget date. ‘Just look at the PM’s calendar and the chancellor’s. When they’re both in the country, that’s when it is.’
When TS finally gets hold of both the two most important people in the country’s calendars, Chris, that’s exactly what we’ll do.
