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

Expats in Spain risk tax residency if caught in covid lockdown

183 days remains the threshold even if people were unable to leave the country

COVID- 19 lockdown stays in Spain will count towards tax residency status in Spain

According to Spanish law, an individual will be considered tax resident in Spain if, amongst other criteria, they spend more than 183 days in Spain.

Treasury denies it plans to drop 'Facebook tax' in favour of trade deal

Newly introduced tax expected to raise £500m, helping to reduce Britain’s huge Covid bill

Belgium Launches Tax Evasion, Money Laundering Probe into Credit Suisse

The object of the operation was to hide the money in the Credit Suisse accounts from the Belgian tax authorities – a practice that better international cooperation is making more and more difficult, though still not impossible.

Inheritance tax rules set to be overhauled following Supreme Court ruling – full details

A gratuitous benefit is deemed to occur when a particular action is taken in relation to funds with the intention of reducing the IHT applied on those funds.

Five million wealthy Brits will not receive inheritance

As only 40% of HNWs have plans in place to minimise the tax paid by beneficiaries

HMRC collects £120m through ‘plea bargain’ tax evader deals

Law firm expects investigations to rise to pay for cost of coronavirus-related economic assistance

HMRC investigates 10,000 Covid scams

“These scams are often cleverly designed with official branding are incredibly realistic, coaxing unsuspecting victims to hand over confidential information such as bank account details, usernames and passwords.”

Weekly Tax Brief

The Self Employed Income Support Scheme (SEISS) aims to help those who are adversely affected by the coronavirus crisis

Tax specialist Stellar poaches Blankstone AIM fund manager duo

Stellar Asset Management has embarked on an expansion of its AIM service, launching a new office and hiring two fund managers from Liverpool stockbroker Blankstone Sington

Tax evasion: 25% increase in amount collected in UK deals

HMRC receives information automatically under the Common Reporting Standard about financial accounts held by UK residents in more than 100 jurisdictions.

UK creative industries an “economic success story”

UK film and television is an international success story, employing over 125,000 full time earners.

Tax incentives hit record high at £25.6bn

These types of incentives include tax relief on pension contributions, individual savings accounts and venture capital trusts.

Savers and investors net £25.6bn in tax incentives

But wealth firm says government needs to ‘exercise caution’ if it wants to cut this ‘easy target’

Surcharge sees foreign buyers move on London stamp duty hotspots

For foreign buyers making their move now, this means an additional £24,006 saved in Stamp Duty Land Tax in addition to the sum already wiped off by the stamp duty holiday.

Cyprus: EU anti-tax avoidance directive provisions adopted

These measures are expected to impact companies and groups of companies with international activities.

HMRC given ‘powerful new weapon’ to access taxpayer information

As UK taxman sends out ‘nudge letters’ to people suspected of having undisclosed offshore assets

UK higher earners concerned about tax hikes and relief cuts - deVere

The deVere CEO concludes that it is likely to be safer politically for the Chancellor to "tinker around with taxes" rather than make bold moves to boost the UK's growth and competitive edge.

Unpacking UK tax reliefs – a series

The relief is surprisingly wide in scope, compared to some other tax reliefs, given that both debt and equity investments qualify, as well as investments in property trading companies.

Transatlantic Tax Updates: July 2020

A round-up of the recent US tax changes relevant to American taxpayers living in the UK.