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

Coronavirus - what are the tax implications of being stranded outside the UK?

Earlier this week, we also looked at the immigration issues facing those who are in the opposite situation: currently stranded outside the UK.

Tackling the coronavirus: OECD Forum on Tax Administration publishes actions that tax administrations are currently taking to support taxpayers

These include measures to address cash-flow concerns, difficulties in meeting reporting and payment deadlines and communication initiatives.

Putin’s Tax Hikes Compound Pandemic Angst for Wealth Managers

Some advisers say buy now, while others warn of double bottom

Ireland: Solving the Dutch VAT problem for CLO transactions

Structuring options allow for bankruptcy remoteness.

World Tax Advisor, featuring special COVID-19 section

These measures, which vary in magnitude and scope, are intended to mitigate the economic and fiscal effects on businesses and individuals.

Wealthy non-doms saved from Covid-19 tax traps as HMRC relaxes its rules

Non-doms can now stay in Britain longer than normal before tax bills are triggered

LEBC calls upon HMRC to extend 2019-20 Tax Year and to help savers in wake of COVID-19 crisis

As with so many businesses, LEBC has closed its offices and switched its staff to home working.

UK expat tax bills could skyrocket due to coronavirus lockdown

As non-residents hope ‘HMRC may be more lenient in its approach’

COVID-19 Luxembourg Tax Administration Emergency Support Measures

On 17 March 2020, the Luxembourg tax administration released a newsletter which details support measures for Luxembourg taxpayers who may be impacted by the COVID-19 pandemic.

Italian Authorities Threaten Tax Evaders With Big Data

All actions are aimed at forcing tax evaders to reduce the volumes of tax evasion.

Why the UK thinks tech giants deserve a digital tax

There is a large consensus among lawmakers that tech titans can station their HQs to tilt taxes in their favor.

Norway’s SWF manager speaks out against excessive tax avoidance

They said NBIM welcomed the OECD’s objective of addressing existing incentives for companies to shift profit geographically for tax purposes.

Inheritance tax untouched by UK chancellor

But budget sees £90,000 increase in tapered annual allowance

HMRC'S New Family Investment Companies Team: How Family Offices and Ultra-Wealthy Individuals can Protect Themselves

That will be a Potentially Exempt Transfer for IHT purposes and, provided the parents survive for more than seven years, the PET will fall out of their estates for IHT.

HMRC cracks down on hidden foreign income

Last year it was revealed that HMRC had raised more than £2.9bn since 2010 by tackling offshore tax non-compliance.

Adviser to pay out after triggering ‘unnecessary’ tax charge

The £27,000 which was transferred was left in cash as Mr S intended to draw it down in the short term under incoming pension freedom rules.

HMRC’s long awaited guidance on GMP equalisation – One step forward; two steps back

The guidance is likely to be of limited assistance to trustees and the absence of guidance on many key areas is likely to lead to further delays before most schemes feel comfortable to go ahead and equalise members’ benefits.

Deloitte London employee gets virus, everyone asked to chill

The unpleasant truth, though, may be that whatever precautions we take in working hours, people commute on public transport and live in relatively crowded cities.

Drama should not replace policy in Rishi Sunak’s first Budget

Drama is something which Osborne’s Budgets were never short of.

Increases in Tax Burden Predicted as UK Tax Man Targets Family Offices

The Family Investment Companies Unit conducts risk reviews of private companies used by family offices and high net worth individuals to manage their wealth.