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

Spain’s Juan Carlos Makes a Big Tax Payment Amid New Financial Probe

The anticorruption prosecutor’s office has confirmed the existence of a new case involving the king, but has not elaborated.

Does cross-border tax planning stand up to scrutiny?

Countries have shared details of offshore assets worth €10trn

International community reaches important milestone in fight against tax evasion

The report notes that a second stage of the monitoring process, now underway, will assess the effectiveness of automatic exchange now underway in more than 100 jurisdictions.

OECD in head-to-head VAT clash with UK charity body

The report finds tax continues to be a significant burden on UK charities

Wanted: A wealth tax to fund the Covid recovery

It would be paid in instalments over five years, and apply only to wealth above the threshold.

Five-year wealth tax plan could push thousands into debt

He added: This could push thousands of households who may be asset but not cash rich, into debt. A family owning a detached house in Southern England with modest pension and ISA savings could easily be caught.”

Netherlands disagrees with Russia’s proposal to amend tax treaty

Press officer of the Dutch Finance Ministry Remco Raus said that generally, the Netherlands is prepared to review the tax treaty and is constructive during the process

No-Deal Brexit: VAT on Imported Goods for North American Companies

HM Revenue & Customs (HMRC) doesn’t have the capacity to assess and collect import VAT for every import into the UK from 1 January.

HMRC payments to tax evasion whistleblowers up 63%

BDO points out that in 2019 the US tax authorities over $120m (£90m) to whistleblowers, at an average of $664,000 (£500,000) per award, whilst collecting over $660m (£497m) of additional taxes.

Spain Ex-king Submits Papers To Sort Out Tax Affairs: Report

They said investigators were looking into funds deposited in at several Spanish bank accounts held by a Mexican business and a Spanish Air Force official, and whether they had been accessed by the former monarch.

Entry into force of the amendment protocols of six DTAs

Most of the provisions will apply from 1 January 2021, although some provisions are applicable from the date of entry into force.

OECD tax revenues fall slightly before the COVID-19 pandemic

The COVID-19 crisis is likely to significantly hit tax revenues in 2020, particularly from consumption taxes, due to the sharp fall in economic activity and consumption following lockdowns and the forced closure of many businesses.

German Tax Circular Has Wide-Ranging Implications for IP Transactions and M&A

The Circular notes that the law applies to both licenses and sales of covered IP.

Quilter latest to scrap VAT from managed portfolio service

Based on existing guidance and external advice, Quilter said it was now treating its MPS as VAT exempt.

Will ISA savers change their habits in the face of potential tax rises?

Making the most of your tax reliefs and allowances has never been more important

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.