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

European Commission publishes 2022 tax management plan

hese recommendations will be the foundations of a major reform of EU customs, which DG TAXUD will propose in the second half of the year.

VAT treatment of UK termination and compensation payments

VAT may also have been payable on termination payments for unpaid invoices or for future VATable supplies.

Adviser Update – Q1 2022

The conflict in Ukraine has undoubtedly delivered a shock to markets, the world economy and even perhaps to people’s sense of financial wellbeing and security.

The Green Taxonomy: Addressing the Challenges

One of the first steps was to develop a common taxonomy, one that defines whether an activity is deemed sustainable and that provides a common language for actors across the EU to speak with one voice when discussing sustainable finance.

Update on the UK’s Qualifying Asset Holding Companies Regime

Many clients are therefore considering the potential costs and benefits of relocating companies to the UK under the regime.

World’s first UN Tax Convention draft is antidote to sanctions-busting financial secrecy, campaigners announce

The draft convention would bring transparency to the estimated $10 trillion held offshore anonymously by wealthy individuals and the $1 trillion in profit shifted by multinational corporations across borders every year.

UK considers online sales tax

The government said it would not be intended to actively encourage customers to shop in-store rather than online.

Closing Tax Havens Is the True Test of the West's Resolve

Their complicity has removed the incentives these elites might have had to rein in their countries' authoritarian leaders.

Big four accountancy firms cut off businesses in Russia and Belarus

EY and Deloitte join KPMG and PwC in separating Russia operations in response to Ukraine invasion

HMRC now successful in 86% of tax disputes in UK courts and tribunals

Delays of sometimes more than a year in the issue of judgments and long delays in listing cases were reported by users of the FTT last year

Digital income tax pilot must be expanded

HMRC needs more participants to test key systems properly

Specific tax framework for European long-term investment funds enacted

It should be noted that the DRD regime applies to dividends arising in full or in part from real estate income received by Belgian ELTIFs

Seven allowances to use before the tax year-end

Simple but effective, an ISA allows you to hold cash or investments in a tax-efficient way and the current annual allowance can protect £20,000 per individual.

HSBC's 2021 pre-tax profit jumps 115% amid economic recovery

Business across regions turned profitable last year, Europe's biggest lender says

Agnelli Family Pays €746M in Italy Tax Dispute

Exor SPA had applied participation exemption regulations in 2016, when it merged with its Dutch subsidiary Exor Holding N.V., which would have excluded nearly all capital gains from taxable income in calculating the exit tax, the report said.

Luxembourg: New One-Time Tax Reporting Obligation for Investment Vehicles

It is worth highlighting that these reporting obligations apply even if the investment vehicle never invested, directly or indirectly, in Luxembourg real estate.

Expect forward-looking UK corporate tax reform in coming months

The availability of tax relief for overseas R&D is often essential to businesses

HMRC tax refunds of around £2,500 owed to thousands of Brits - are you affected?

Often it feels like money only flows one way with HMRC, but if you spend money for work expenses then you could be due a hefty refund

KPMG to grow its South West team after business services giant posted £436m profit

KPMG has 22 UK offices including in Bristol and Plymouth and will recruit into regional team after it saw revenue grow 10% in 2021

How can charities maximise input VAT and tax?

The receipt of large distortive non-business income such as legacies, large donations and capital grants can disrupt the level of VAT recovery on an income-based method, and so the use of an alternative proxy can sometimes be advantageous in this scenario