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

Luxembourg Update: Filing Extensions for 2019 and 2020 Tax Returns

On 21 December 2020, the Luxembourg Finance Minister announced an extension to the filing deadlines for 2019 and 2020 Luxembourg tax returns.

UK tax evasion prosecutions fall by half in 5 years

Critics question HMRC’s strategy considering the billions lost to fraud each year

EY’s UK partners to take smaller hit than rivals

Chairman says investment in staff created resilience to Covid-19 disruption

Proposals for a UK wealth tax

The report suggests that a one-off wealth tax should include all assets worth more than £3,000, valued at their open market value.

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.