- Managers of Wealth - Europe -Wealth, private banking and asset management news and opinion

HMRC criticised over £32bn ‘tax gap’ estimate

Tax experts say shortfall between expected income and actual receipts underplays true scale of fraud in 2020-21 financial year

Extension to deadline for new tax regime for inbound taxpayers and researchers likely

The proposed amendment would extend from 31 July 2022 (as specified in the program law) to 30 September 2022 the deadline to submit applications to participate in the regime.

Etsy paid just £128,000 in corporation tax in 2020 in the UK despite £160m in sales

US-based business would have been liable for almost £7m if it had booked all UK sales at Etsy UK, TaxWatch finds

UK/Luxembourg tax treaty signed

Tax treaty practice has changed significantly since then and several features of the current treaty now appear outdated.

What is behind HMRC’s unwillingness to estimate the offshore tax gap?

Taxpayers also often make use of various annual allowances or exemptions – such as non-domicile status – not to disclose income

Luxembourg Signs New Double Tax Treaty With the UK

As expected, the main change is in relation to the taxation of Luxembourg entities with real estate investments in the UK; the taxation of these is now aligned with other jurisdictions.

Brits have £570bn in offshore accounts

But not-for-profit claims HMRC has no idea how much is tax evasion

Grant Thornton strengthens its legal area with the incorporation of three new partners

Eduardo González will lead the litigation and real estate practices

Treasury makes a pretty penny as NI hike comes into play and more are caught in the IHT net

This tax year, you can pass on up to £175,000 of your property tax-free, which is effectively doubled to £350,000 when combined with the allowance of your spouse or civil partner.

Why HMRC measures to suspend R&D cash payments and manage error and fraud matter to claimants

After the economic shock of the pandemic, and going into what increasingly threatens to be a recession, cash funding for R&D is vital.

HMRC warns against misleading tax avoidance schemes with raft of examples

The nature of the schemes and arrangements may be different, and on first glance some products may appear as genuine investment opportunities.

Govt must reduce pension 'injustice' for women, says Quilter

She made her comments in response to research issued for ‘gender pensions gap day’, which is the day when female pensioners finally begin being paid.

Unpacking Pillar Two: EU implementation

Without the discipline of a directive, the Commission fears that the scale, detail, and technicalities of the Pillar Two rules could fragment the EU internal market, creating mismatches and distorting fair competition.

Euro Tax Flash from KPMG's EU Tax Centre

CJEU rules that former French “précompte” system of dividends taxation is contrary to EU law

Tax threshold freezes to create 2.5m new higher rate taxpayers - LCP

"This is certainly not a transparent way of raising extra tax revenue."

The Italian VAT regime on the Leasing and Chartering of Pleasure Vessels

The new amendments have been acted to address objections from the European Commission

Norway Raises Wealth Tax, Scraps EV Sales Tax Exemption

The government proposes raising the wealth tax rate for joint stock companies

Lower tax court treats cryptocurrency gains as taxable income

The decision of the lower tax court of Cologne is the third decision of a lower tax court that confirms the view of the tax authorities

‘Ghost dom’ tax loophole hampering efforts to stop sanctioned Russian money flowing into UK

One official working on British sanctions policy told The Independent that the UK’s tax system, and specifically “ghost doms” and non-doms, “severely limited” their ability to track and trace individuals’ income streams

UK venture capital market review should look to simplify tax rules

Given that the Treasury inquiry seeks evidence on options for change, it is hoped that the inquiry provides an opportunity for the industry to raise some of the challenges associated with the complexity of the tax rules.