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

New tax information notice for UK financial institutions

Notices can be issued where HMRC is seeking information for its own enquiries, or where it has been asked for information by a foreign tax authority.

Your pension: a tax-efficient way of passing on your wealth?

For those planning to pass on their wealth to the family or other beneficiaries, the prospect of a 40% tax bill on their estate is an unwelcome one.

Tax surcharge on UK bank profits cut to 3% in Budget

Threshold on surcharge also raised to £100m to boost smaller challenger banks

HMRC opened 3,600 IHT investigations last year amid 'DIY tactics'

This is largely due to the nil rate band, the threshold above which IHT must be paid, remaining at £325,000 since 2009 without any adjustment to account for inflation.

European countries and US reach deal on unliteral digital services taxes

The UK, Austria, France, Italy and Spain had wanted withdrawal of DSTs to be contingent on implementation of pillar one, while the US wanted the DSTs withdrawn from 8 October 2021.

How Investec was a player in the world’s largest tax fraud (Part 2)

Investec issued these in its capacity as the pension funds' custodian bank.

Swiss Bank Under Tax Scrutiny in Germany

It isn't clear whether the investigation in Munich is widened to the bank, which didn't comment, or any employees.

Investec implicated in probes into the world’s largest tax fraud (Part 1)

Cum-ex is in the jargon of investment banking, a complex type of trading "strategy".

Country-by-Country Reporting – Compilation of 2021 Peer Review Reports

Inclusive Framework on BEPS: Action 13

Aviation: Belgium to introduce a boarding tax

While the tax is intended to combat environmental pollution, it will clearly help curb the budgetary deficit Belgium is currently facing, as the new measure should raise €30 million.

Will the global corporate tax deal really level the playing field?

MT Asks: Global leaders have agreed on a minimum corporate tax rate, but how will it actually affect business leaders?

Coronavirus, tax and the owners of Furnished Holiday Lets

The main difference with FHLs when compared to standard residential lettings is that they are treated as a trade for certain tax purposes.

136 nations agree to biggest corporate tax deal in a century

OECD-led pact sets 15% floor aimed at raising $150bn annually as US wins two-year ban on tech levies

Global tax deal inches closer as holdout Ireland agrees to sign up

The G-7 and G-20 nations agreed earlier this summer to join forces to tackle tax evasion and harmonize rules across the globe.

Tavistock escapes £7m tax charge on wealth business sale

The deal was made alongside a 10-year strategic partnership between Tavistock Investments and Titan Wealth which will see Tavistock act as Titan’s retail distribution partner.

Digital taxes should remain for companies outside Pillar 1, BEPS Monitoring Group says

However, in signing up for the deal, countries pledge to abandon unilateral measures like digital services taxes that apply to multinationals operating digitally within their borders.

Italy government tensions flare up over tax reform

Draghi told reporters it was "a serious gesture" which it was up to League leader Matteo Salvini to explain.

Tax Controversy Update: September 2021

This edition focusses on HMRC’s approach to Wealthy individuals, how this is changing and how your wealthy clients can better prepare for interactions with HMRC.

A global corporation tax rate: Understanding the OECD's proposal

This report provides a summary of the key parts of the proposals and the issues which should be monitored over the next 18 months

Country-by-Country Reporting

The latest information on the EU’s initiatives on public and non-public CBCR.