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

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.

OECD tax revenues fall slightly before the COVID-19 pandemic

The COVID-19 crisis is likely to significantly hit tax revenues in 2020, particularly from consumption taxes, due to the sharp fall in economic activity and consumption following lockdowns and the forced closure of many businesses.

German Tax Circular Has Wide-Ranging Implications for IP Transactions and M&A

The Circular notes that the law applies to both licenses and sales of covered IP.

Quilter latest to scrap VAT from managed portfolio service

Based on existing guidance and external advice, Quilter said it was now treating its MPS as VAT exempt.

Will ISA savers change their habits in the face of potential tax rises?

Making the most of your tax reliefs and allowances has never been more important

Weekly Tax Brief - 1 December 2020

Trustees must re-register with HMRC under the Trust Registration Service and complete an annual declaration by 31 January

Dutch MPs launch campaign to challenge FATCA rules

The FATCA legislation requires all US citizens to supply the US tax authorities with detailed information of their bank accounts and assets held abroad and requires non-US banks to report such information directly to the IRS.

USA and Monaco agreed on Tax Exchange reports

The agreement was signed by the US IRS’s Douglas O’Donnell and Monaco’s Minister of Finance and Economy, Jean Castellini.

HMRC targets individuals in latest offshore undeclared tax drive, says accountants Mercer & Hole

But this time around it is being more direct suggesting that it has information that could result in criminal offences or prosecution for individuals if they do not act.

OTS publishes recommendations for reform of capital gains tax

Alongside any reduction, the OTS recommends reform of the current chattels exemption on assets sold for £6,000 or less and a review of reporting requirements to ease the compliance burden for individuals.

Federal Council to request Parliament to abolish withholding tax on bonds

The Federal Council will, in response to its consultation document, submit a request to Parliament that withholding tax on bonds be abolished.

HMRC and Advertising Standard Authority launch new action to disrupt promoters of tax avoidance schemes

A joint enforcement notice on misleading adverts is one of several interventions to tackle promoters.

French draft tax bill for 2020: Nonresident taxation and other provisions

A few provisions are of particular interest for the internationally mobile workforce, in particular the about-face in nonresident withholding reform.

UK will need £27bn of spending cuts or tax rises, watchdog warns

Office for Budget Responsibility says tough decisions needed to fill spending gap by 2024

Brexit VAT and Duty will hit classic car buyers

The charges come as the prices of classic cars and motorcycles have soared in recent years and ownership a popular pastime.

Luxembourg and Russia agree on the amendments of the double tax treaty

Dividends paid by a company that is a resident of a Contracting State to a resident of the other Contracting State may be taxed in that other State.

Global tax evasion costs US$427b per year

The only way to fund the long-term recovery is by making sure our tax authorities have the power and support they need to stop corporations and the mega rich from not paying their fair share.