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

Weekly Tax Brief - 1 December 2020

Trustees must re-register with HMRC under the Trust Registration Service and complete an annual declaration by 31 January

Dutch MPs launch campaign to challenge FATCA rules

The FATCA legislation requires all US citizens to supply the US tax authorities with detailed information of their bank accounts and assets held abroad and requires non-US banks to report such information directly to the IRS.

USA and Monaco agreed on Tax Exchange reports

The agreement was signed by the US IRS’s Douglas O’Donnell and Monaco’s Minister of Finance and Economy, Jean Castellini.

HMRC targets individuals in latest offshore undeclared tax drive, says accountants Mercer & Hole

But this time around it is being more direct suggesting that it has information that could result in criminal offences or prosecution for individuals if they do not act.

OTS publishes recommendations for reform of capital gains tax

Alongside any reduction, the OTS recommends reform of the current chattels exemption on assets sold for £6,000 or less and a review of reporting requirements to ease the compliance burden for individuals.

Federal Council to request Parliament to abolish withholding tax on bonds

The Federal Council will, in response to its consultation document, submit a request to Parliament that withholding tax on bonds be abolished.

HMRC and Advertising Standard Authority launch new action to disrupt promoters of tax avoidance schemes

A joint enforcement notice on misleading adverts is one of several interventions to tackle promoters.

French draft tax bill for 2020: Nonresident taxation and other provisions

A few provisions are of particular interest for the internationally mobile workforce, in particular the about-face in nonresident withholding reform.

UK will need £27bn of spending cuts or tax rises, watchdog warns

Office for Budget Responsibility says tough decisions needed to fill spending gap by 2024

Brexit VAT and Duty will hit classic car buyers

The charges come as the prices of classic cars and motorcycles have soared in recent years and ownership a popular pastime.

Luxembourg and Russia agree on the amendments of the double tax treaty

Dividends paid by a company that is a resident of a Contracting State to a resident of the other Contracting State may be taxed in that other State.

Global tax evasion costs US$427b per year

The only way to fund the long-term recovery is by making sure our tax authorities have the power and support they need to stop corporations and the mega rich from not paying their fair share.

FRC announces company reporting expectations for 2020/21

During a recent thematic review the FRC noted the quality of cash flow statements was a concern, numerous basic errors were seen

HMRC sends out ‘nudge’ letters to check on UK residency

The main reason for these campaigns is to increase the tax take, and this one comes as the Government looks at ways of clawing back billions spent during the current pandemic.

Guernsey to scrap income tax on international savings plans

As UAE advice firm chief expects a ‘commercial war’ between crown dependencies

Weekly Tax Brief

HMRC’s announcement therefore prompted a concerned response from industry and representative bodies

Overhaul of the Capital Gains Tax Regime – Office of Tax Simplification makes bold recommendations

On the other hand, the recommendations represent such a ground shift that they could, if implemented, lead to a significant reduction in investment in the UK (particularly by foreign investors).

Tax on acquisitions in France

Special rules apply to transfers of shares in real estate companies.

Deutsche Bank: Workers Should Pay 5% 'Privilege' Tax To Work From Home After Covid

As a basis for the argument, the bank says working from home is financially rewarding thanks to "direct financial savings" on expenses such as commuting, clothes and lunches, as well as indirect savings from things like reduced work-related soci

Who can benefit from Malta’s Fiscal Units which consolidate income tax?

The new legislation allows for this by giving companies the right to form Fiscal Units.