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

PwC fined nearly £1.8m over BT fraud audit failures

Accounting firm failed to act with ‘requisite professional scepticism’ says accounting regulator the FRC

HMRC bags record £14.3bn in capital gains tax

A 42% increase from the 2019-20 financial year

HMRC rakes in £6bn IHT receipts as more families caught in the net

HMRC’s figures released today (28 July) cover the 2019-20 tax year and they showed an increase in the number of estates paying inheritance tax.

GAAR advisory panel backs UK taxpayer in anti-abuse dispute for first time

The panel concluded that, despite the arrangements being contrary to the policy objectives of the legislation and exploiting a shortcoming in the legislation, the steps taken were a reasonable course of action for tax purposes.

Getting ready for R&D tax credit regime changes

HMRC is reviewing the treatment of foreign branches of a UK company within this context, and we should understand more in due course.

Taxation of BPS Lump Sum Exit Scheme payments clarified by HMRC

The LSES provides a lump sum payment for eligible farmers seeking to retire from farming, replacing the payments that would otherwise have been due to them under the Basic Payment Scheme (BPS), through to 2027.

One Four Nine Group launches its tax efficient alternative investment panel

The One Four Nine panelled solutions are delivered by a variety of carefully selected fund managers

Sunak promises to scrap VAT on fuel bills if PM in dramatic U-turn

Year-long cut to help tackle cost of living crisis announced as contender battles to remain in leadership race against Truss

Adsum revolutionises alt-fi again, launches monthly tax-credit financing model

Similarly, VAT refunds, particularly after a company makes a sizable investment, can be a vital source of funds that companies can't afford to wait for.

Treasury committee opens inquiry into tax reliefs

Questions the committee has asked include do “cliff edges” in the structure of tax reliefs lead to problem for taxpayers, businesses or for the wider economy, as well as what problems do tax reliefs cause.

Ex-KPMG junior escapes fine in Carillion document forging case as senior auditors banned from practice

Ex-KPMG accountants fined and banned for role in Carillion cover-up

Peter McGahan: The stars that unnecessarily fell through tax advice

Many of these have agents who often determine the individual’s financial adviser, and with such complex financial issues, schemes can be put forward by an ‘adviser’, keen to impress, that sail way beyond ‘close to the wind’.

PwC appoints new partners across Midlands teams

Three offices have welcomed eight new staff to its partnership along with directors and a host of other promotions

UK charity tax relief receipts remain broadly steady but warning over future donations given cost of living crisis

This is an important indicator that charities are benefitting from UK donors and can continue to do good work in communities around the world as a result.

Tax default can lead to FCA scrutiny

A person’s details may not be included in the list if the penalty has been reduced fully to account for the individuals’ co-operation and disclosure.

Lack of crypto tax understanding a ‘concern’ for HMRC

The explosion of interest in this space could lead to many young people’s first real interactions with HMRC being an investigation into their affairs for unpaid tax in the future.

PwC partners to earn £1m each as firm sets new pay records

Earnings milestone for 950 executives comes despite repeated censure of big four auditors over standards

Banco Sabadell sells Nomo stake 18 months after investment

Nomo, an inhouse incubated startup of Banco Santander, received €2.5 million of investment from the bank in January 2021

European tax administrations meet in Switzerland

Switzerland held the presidency for 2020/21, represented by Marc Bugnon, Deputy Director of the Federal Tax Administration (FTA).

Denmark to cut electricity tax to curb energy prices

The agreement acknowledges that lower electricity tax will cost the state 475 million krone in revenue.