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

Tax consequences of volume ownership

The new concept of “volumes” refers to a geometric space of three dimensions, geographically located at a well-defined place.

Isle of Man labelled as tax haven

Island catches attention of European banks

EY reports global revenues of US$40b in 2021

EY also announced a three-year expansion plan and a combined investment spend of US$10b between FY22 and FY24

Film investment scheme reaches settlement with HMRC

Investors will now not need to pay £1.6bn in ‘dry tax’

HMRC to repay £45m in ‘follower notice’ penalties?

Taxpayers in receipt of one ‘should take action without delay’

‘Large tax bills’ to hit savers without LTA protection

So far, over 300,000 people have applied to HMRC to safeguard against changes

European banks storing €20bn a year in tax havens

Barclays and HSBC among banks booking money equivalent to 14% of annual profits in offshore entities

FOI request reveals HMRC owes millions after landmark 'round the world' case

The follower notice tells P that they may be liable to a penalty of up to 50% of the tax and/or NICs in dispute if they do not amend their return or settle their dispute."

Ireland on tax haven list, algorithm blunders and a stout for non-stout people

Business Today: the best news, analysis and comment from The Irish Times business desk

European banks active in tax havens despite scandals

Europe's leading banks each year book 20 billion euros ($24 billion), or 14 percent of their total profits, in 17 territories with particularly favourable tax regimes

19% rise in individuals charged with tax evasion

UK taxman is ‘finally shrugging off the disruption caused by lockdown and turning up the heat’

‘The problem can grow’ Britons urged to act on Inheritance Tax as families may face chaos

Inheritance tax is a levy many people will be keen to mitigate, with some describing it as a “death tax” or restrictive of income.

Greece: List of jurisdictions with preferential tax regimes for FY 2020 published

Under local tax rules, a country with a favorable tax regime is defined as a country that does not impose corporate income tax

Belgium: Tax on securities accounts: Compliance process for financial intermediaries clarified

As a reminder, the legislator introduced a new version of the tax on securities accounts in February 2021 following the annulment of the previous version by the Constitutional Court on 17 October 2019.

Treaty relief for UK residents investing into the US

The CAA is welcome news for UK-resident individuals who make investments in US funds or US portfolio securities through EU-based holding company structures.

Indian Swiss tycoon could owe $137m amid Isle of Man trust tax probe

A prosecutor then told tax authorities that Hinduja still resided in Geneva, despite claims of residency in Monaco since 2007.

UK taxpayers who believe that being paid in crypto currency will provide a tax loophole will be disappointed

“UK tax legislation makes it clear that tax is due on someone’s ‘earnings’ – that is ‘money’ and anything which has a ‘money’s worth’. Cryptocurrencies clearly satisfy these criteria.”

MALTA: Loopholes in corporate tax scheme to be closed

Shortcomings flagged by FATF

Making inheritance taxes fairer

The OECD made such a suggestion in its recent report on inheritance taxation.

Weekly Tax Update 24 August 2021

Ami Jack can introduce you to relevant specialist tax advisors within our firm.