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

Feeling threatened by HMRC’s reminders about self-assessment tax returns? Don’t be!

Amongst the many other repercussions of the pandemic, personal tax return preparation may not be as straightforward as in previous years.

Tilney becomes latest to scrap VAT from MPS

The question of whether VAT should be levied on MPS services surfaced earlier this year when the taxman ruled Tatton’s MPS was exempt from the tax.

French Withholding Tax on Capital Gains Realized on Substantial Shareholdings by Non-Frech Companies Ruled Illegal

The French Supreme Tax Court (Conseil d’État) ruled that the French withholding tax on the capital gain derived from the disposal of a substantial shareholding in a French company by a non-resident company is not compliant with EU law.

UK Wealth Tax Report

A ‘wealth tax’ is broadly a charge on a person’s assets, in contrast to the majority of taxes that are charged when cash or assets move between parties.

France to resume collection of digital tax

The French government feels it is legitimate to maintain a tax for digital businesses, which it believes are not suffering as a result of the pandemic.

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