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

Sunak promises to scrap VAT on fuel bills if PM in dramatic U-turn

Year-long cut to help tackle cost of living crisis announced as contender battles to remain in leadership race against Truss

Adsum revolutionises alt-fi again, launches monthly tax-credit financing model

Similarly, VAT refunds, particularly after a company makes a sizable investment, can be a vital source of funds that companies can't afford to wait for.

Treasury committee opens inquiry into tax reliefs

Questions the committee has asked include do “cliff edges” in the structure of tax reliefs lead to problem for taxpayers, businesses or for the wider economy, as well as what problems do tax reliefs cause.

Ex-KPMG junior escapes fine in Carillion document forging case as senior auditors banned from practice

Ex-KPMG accountants fined and banned for role in Carillion cover-up

Peter McGahan: The stars that unnecessarily fell through tax advice

Many of these have agents who often determine the individual’s financial adviser, and with such complex financial issues, schemes can be put forward by an ‘adviser’, keen to impress, that sail way beyond ‘close to the wind’.

PwC appoints new partners across Midlands teams

Three offices have welcomed eight new staff to its partnership along with directors and a host of other promotions

UK charity tax relief receipts remain broadly steady but warning over future donations given cost of living crisis

This is an important indicator that charities are benefitting from UK donors and can continue to do good work in communities around the world as a result.

Tax default can lead to FCA scrutiny

A person’s details may not be included in the list if the penalty has been reduced fully to account for the individuals’ co-operation and disclosure.

Lack of crypto tax understanding a ‘concern’ for HMRC

The explosion of interest in this space could lead to many young people’s first real interactions with HMRC being an investigation into their affairs for unpaid tax in the future.

PwC partners to earn £1m each as firm sets new pay records

Earnings milestone for 950 executives comes despite repeated censure of big four auditors over standards

Banco Sabadell sells Nomo stake 18 months after investment

Nomo, an inhouse incubated startup of Banco Santander, received €2.5 million of investment from the bank in January 2021

European tax administrations meet in Switzerland

Switzerland held the presidency for 2020/21, represented by Marc Bugnon, Deputy Director of the Federal Tax Administration (FTA).

Denmark to cut electricity tax to curb energy prices

The agreement acknowledges that lower electricity tax will cost the state 475 million krone in revenue.

FCA launches tax investigation into Wise boss

The regulator may rule that Käärmann is not a fit and proper person to head an authorised financial institution.

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.