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

Confusing pensions tax system results in £134m repaid to savers in 2022

Many people take the lump sum option because they may need the funds to cover a one-time expense or financial emergency

HMRC returns £45mn in overpaid pension tax

Under the pension freedom rules people aged 55 plus can freely access their cash.

Tax technology and data

The future of tax looks very different to the present. Equip your team with the digital capabilities they’ll need to thrive.

Key features of 2023 transfer pricing audit cycle

This alert summarizes the key aspects of the 2023 TP audit cycle and the upcoming changes in future years.

Chancellor Hunt mulls dividend tax hit to fill £50bn fiscal hole

Several measures being considered

IHT receipts hit £5.3bn as experts heed 'record-breaking year'

The rising tax, some experts have said, could pose a very real risk for homeowners whose property values have grown over the past year

HMRC forecasts nearly 1.5 million more people to be dragged into higher tax bands by 2027

The higher rate of tax is levied on anyone with an income between £50,271 to £150,000 at a rate of 40%, while the additional rate is taxed on an income over £150,000 at 45%. Usually, the bands increase with inflation.

Saffery Champness is recognised as a UK Top Employer 2023

The Top Employers Institute programme certifies organisations based on the results of their HR Best Practices Survey.

Capital gains tax takings reach record level

Data obtained through FOI by private equity firm Growthdeck and provided to Spear’s shows that in the year to October 2022 the government increased its annual total CGT receipts by 27.5 per cent, up to £15.3 billion.

HMRC service levels ‘unlikely to improve quickly’, say MPs

The Treasury committee has been pressing HMRC for answers on why the outages happened, and how it plans to avoid them in the future.

Tax analysis advised in Luxembourg after Budget law passed

The changes affect Luxembourg tax transparent entities operating in Luxembourg with foreign shareholders where those shareholders hold at least 50% of voting rights or capital in the Luxembourg entity or hold entitlements to at least 50% of its profits.

Interest on overdue IHT payments soars to 6%

It has more than doubled in a year

Malta-registered Stanleybet to pay Italian tax in regulator dispute

Stanleybet insists the ADM still denies the company entry into Italy’s licensing system nad accuses the regulator of having “a historical aversion to Stanleybet”

Romania Carries Out Raids as Part of Crypto Tax Evasion Probe

Police and tax officials in Romania have carried out 17 raids in the fall of last year as part of an investigation against persons accused of evading taxation by concealing profits from transactions with cryptocurrencies, local media revealed.

The rationale of implementing a double tax treaty between Australia and Greece

International tax lawyer and academic, Tony Anamourlis delves into the challenges and benefits of the much anticipated agreement between the two countries

What could a new pensions death tax look like?

These rumours tend to focus on higher-rate pension tax relief, with successive chancellors reportedly salivating over the tens of billions of pounds of extra revenue they might raise by restricting relief to 20% for all.

Assets exempt from IHT to grow in popularity as freeze takes toll

Any estate which exceeds the £325,000 threshold is charged 40 per cent in IHT.

Almost 5.7 million customers still to file their tax return

There is less than one month for millions of customers to file their Self Assessment tax return for the 2021 to 2022 tax year.

It’s a cracker! 3,275 file tax returns on Christmas Day

Thousands of customers filed their Self Assessment tax return on Christmas Day.

HMRC tax receipts soar as more people caught by frozen IHT thresholds

Inheritance Tax and the increasing number of people it impacts is often a source of contention, and this morning’s data will no doubt add to this.