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

Country-by-Country Reporting

The latest information on the EU’s initiatives on public and non-public CBCR.

IHT bills exceed £6bn for first time

‘Inheritance tax is becoming ever-more lucrative for HMRC’

IHT receipts up 35% on 2020 after nil rate band freeze

The best way to beat the big IHT freeze on allowances is to consider intergenerational wealth planning options

Any change in corporate tax rate would only affect ‘very large companies’ – Varadkar

Tánaiste says Ireland’s 12.5% rate would remain for businesses with turnover less than €750m

Non-doms probed by HMRC for suspected unpaid tax

The correspondence has been sent to those whom HMRC believes might have failed to declare and pay an annual levy known as the “remittance basis charge” (RBC) — which kicks in after non-doms have been UK resident for at least seven years.

Germany: Federal tax court rules on direct shareholding requirement under PSD

The federal tax court provided welcome clarification on what has been a long-standing dispute between taxpayers and the German tax authorities.

UK's tax gap points to a system in need of simplification

There are clearly holes in our tax system the government have so far not found the means to plug.

Gift planning opportunities for US persons in the UK

In any event, even under current law, the unified exemption amount will automatically decrease to $5 million (plus an inflation adjustment) come January 1, 2026.

European Commission investigation into individual Belgian “excess profit” tax rulings

Fiscal State Aid – Tax Rulings – Belgium – Excess profit – Selectivity

HMRC confirms probe into 153 people suspected of aiding tax evasion

“HMRC is determined to clamp down hard on anyone who aids in tax crimes, not just the perpetrator themselves,” commented Adam Craggs, Head of Tax Disputes and Partner at RPC.

S. Korea’s tax chief seeks cooperation with Denmark, Hungary

Hungary is the first Eastern European country to form a trading partnership with Korea.

Understanding UK Tax For British Expats Abroad

The tax year is pegged between April 6 one year and April 5 the following year.

Tax consequences of volume ownership

The new concept of “volumes” refers to a geometric space of three dimensions, geographically located at a well-defined place.

Isle of Man labelled as tax haven

Island catches attention of European banks

EY reports global revenues of US$40b in 2021

EY also announced a three-year expansion plan and a combined investment spend of US$10b between FY22 and FY24

Film investment scheme reaches settlement with HMRC

Investors will now not need to pay £1.6bn in ‘dry tax’

HMRC to repay £45m in ‘follower notice’ penalties?

Taxpayers in receipt of one ‘should take action without delay’

‘Large tax bills’ to hit savers without LTA protection

So far, over 300,000 people have applied to HMRC to safeguard against changes

European banks storing €20bn a year in tax havens

Barclays and HSBC among banks booking money equivalent to 14% of annual profits in offshore entities

FOI request reveals HMRC owes millions after landmark 'round the world' case

The follower notice tells P that they may be liable to a penalty of up to 50% of the tax and/or NICs in dispute if they do not amend their return or settle their dispute."