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

Changes to IHT rules will impact APR and woodland relief

Agricultural Property Relief (APR) and woodland relief were extended to property located within the EEA in 2009 to ensure compatibility with EU law.

17% rise in number of families paying IHT

Average inheritance tax bill fell 1% to £214,000 in 2020/21 financial year

Tax reliefs ‘have been abused’, say UK MPs

As treasury committee welcomes a ‘comprehensive and systematic review’ of the regime

HMRC repays £56m in pension emergency tax amid cost-of-living crisis

There has been a significant increase in the number of claim forms processed, illustrating just how many people are turning to their pension pots to help them get by as the cost-of-living crisis intensifies.

Non-dom regime: reform, replace or abolish?

Without doubt, the most radical option for the next government would be to abolish the non-dom regime altogether without adopting any alternative system.

New Belgium-Netherlands tax treaty signed

Notably, the new tax treaty does not include any rules for the taxation of cross-border workers that work from home and negotiations on this issue are understood to be ongoing.

HMRC returns £30mn in overpaid stamp duty

Stamp duty land tax (SDLT) is charged when purchasing a property and/or second properties.

The UK holding company regime

Such features are compelling reasons to establish an international headquarters in the UK.

Triple lock and personal allowance face policy showdown as number of taxpaying pensioners soars 25%

Annual income tax statistics from HM Revenue & Customs have estimated that in this tax year there are 8.1million income tax payers above the state pension age, a 25% increase on the 6.47million pensioners who paid income tax in 2020/21.

Corporate income tax return filing deadline extended for 31 December 2022 year end

The reason for the extension is that the Danish Tax Agency has identified some technical issues with the TastSelv Selskabsskat (DIAS) system, which companies and foundations use when they submit information to the agency.

UK Patent Box

Companies can benefit from an effective 10% corporation tax rate on relevant taxable profits arising from patented technology, medicinal and botanic innovation rights.

Restructured loans did not circumvent withholding tax obligations

The original lender then used the proceeds of the assignment to the Guernsey entity to provide a new loan to Hargreaves.

Chancellor may resist calls for IHT reform as tax take on course to hit new highs

The 2022/23 IHT take reached a record-breaking £7.1 billion, and if the tax take continues to grow at its current pace, we can expect these figures to reach new highs again.

Pension tax upheaval boosts wealth managers

Rich clients rush to profit from giveaway but must consider wider picture

UK Qualifying Asset Holding Company (QAHC)

The ownership conditions must be monitored on an ongoing basis and HMRC notified if it ceases to satisfy any of the conditions.

Fair and simple taxation: better withholding tax procedures will boost cross-border investment and help fight tax abuse

This is often the case for cross-border investors.

HMRC plans new single tax on securities

Tax on electronic share transfers will continue to be collected through the UK’s Central Securities Depositary (CREST) system.

Netherlands takes forward ‘minimum tax’ proposals for multinationals

The proposed new Minimum Tax Act 2024 would implement an international agreement that the Netherlands is a party to.

Inheritance tax is in ‘dire need of reform’

STEP says it wants to see a low flat-rate estate tax regime with few reliefs and exemptions

Anti-tax bias exists within private wealth industry

The research said the industry uses homogenous “anti-tax” language in its communications and is "too quick" to default clients into products and services focused only on tax reduction and tax-led structuring.