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

Overview of recent EU tax policy and other tax developments (June 2020)

Action plan to fight tax evasion and to make taxation “simple and easy”

Weekly Tax Brief - 23 June 2020

We also encourage the Government to scrap or postpone other planned measures, such as deferring a planned cap on repayable PAYE credits whilst bringing forward the inclusion of cloud-related costs.

Wealth tax by Svenja Keller, Head of Wealth Planning at Killik & Co

“If a wealth tax were introduced it’s hard to say what percentage of wealth would be taxed, but it would likely only have to be a small percentage to have a big tax take, given the overall wealth UK residents hold.”

What will Switzerland’s coronavirus debt mean for your tax bill?

Boosting businesses to funding freelancers: Here is how Switzerland is tackling its coronavirus-affected economy

Weekly Tax Brief

During the early stages of the coronavirus emergency, many businesses undergoing VAT compliance reviews were contacted by HMRC and told that the process had been put on hold, due to diversion of HMRC resources to coronavirus work.

Tax-efficient ways to give

The coronavirus is hurting the pockets of many charities, but the British tax system is remarkably generous to those who want to help.

Will UK assets invite a bigger tax bill after Brexit?

Even without Brexit, once you are living abroad it is a good idea to review whether holding on to UK assets is still in your best interests.

Secret HMRC Unit Targets Wealthy Families

HMRC argues releasing more details about the unit would allow family offices to divert assets and resources to avoid tax.

HMRC’s smart and stealthy approach to closing the tax gap

Global crises such as the financial crisis of 2007/08 and the current coronavirus pandemic impose enormous financial strains on countries’ economies and tax systems.

Charities seek social investment tax relief extension

Social enterprises and charities gearing up to help combat the impact of Covid-19 and support economic recovery are calling on the government to extend social investment tax relief (SITR) for two years, in order to help them fundraise

Weekly Tax Brief

Despite the imminent reopening of certain EU borders, Britons will lose the ability to travel freely across the EU from the end of the year.

Funding the coronavirus response in the UK

The Conservative Party manifesto pledged not to increase income tax, national insurance or VAT.

UK taxman account freeze orders up 177% in a year

And it could use ‘powerful weapons’ on those suspected of abusing coronavirus furlough scheme

Management of tax reliefs

The UK tax system has over 300 of this kind of tax reliefs, which cost the Government an estimated £155 billion of foregone tax revenues in 2018-19

A clampdown on corporate tax avoidance is coming. Companies should embrace it

In the U.K., for instance, the forecasts already predict the national deficit could rise from 55 billion pounds to 337 billion pounds (around $67 billion to $410 billion) by the end of this year.

HMRC Sharply Increased Use of Account Freeze Orders in Latest Tax Year: FT

The total compares to HMRC’s use of 60 account freezing orders, covering £8 million, during the previous tax year.

Scotland bans Covid-19 support to firms based in tax havens

MSPs vote to prevent such businesses and individuals from using relief funds

The situs of cryptocurrencies: an answer, but for how long?

Cryptocurrencies also pose challenges to HMRC

Island expats cough up cash amid HMRC corona crackdown

Part of the rise has been attributed to reforms in recent years

Expats hit with tax planning complications due to lockdowns

This could impact your tax planning strategies which, in turn, could affect other personal finance matters including retirement planning, estate planning and trusts.