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

Tax Controversy Update: September 2021

This edition focusses on HMRC’s approach to Wealthy individuals, how this is changing and how your wealthy clients can better prepare for interactions with HMRC.

A global corporation tax rate: Understanding the OECD's proposal

This report provides a summary of the key parts of the proposals and the issues which should be monitored over the next 18 months

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.