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

‘Out of control’ HMRC over-taxes by half a billion

“This is a system built around the needs of the Treasury and the bureaucracy, not one which puts people first,” Webb said.

UK quashes fears of public trust register

The UK Government has confirmed it is opposed to public access to its register of beneficial owners of trusts.

Will HMRC’s new penalty policy publicly name and shame more taxpayers?

HMRC’s new approach to historical tax irregularities could see more taxpayers being named and shamed. This could have serious financial and reputational risk for taxpayers, and there is an urgent need for further clarification from HMRC on what the

The Irish Finance Act 2017 – Key Changes for Irish Corporates

The presence of a tax avoidance motive will not determine whether the provisions apply.

OMW Comment:UK Launches inheritance tax review

If you are covering the Chancellor’s letter to the Office of Tax Simplification asking for a review of inheritance tax, please find comment from Rachael Griffin, tax expert at Old Mutual Wealth:

QROPS Transfer Charge Is Opportunistic Tax On Expats

HMRC says since April 2006, the average QROPS transfer has been £93,087.

Taxpayers clawback half a billion pounds from HMRC

Since the system started in April 2015, the total amount refunded to these pensioner taxpayers has been £262m.

HMRC powers to scrutinise unexplained wealth go live

“Significant” regulation that requires individuals to explain to HM Revenue & Customs and the Serious Fraud Office (SFO) where their wealth came from has come into force.

Options for non-resident landlords in ‘buy-to-let war’

Expat buy-to-let landlords holding UK property will be hit with a non-resident property owners tax from April 2019. But, is there anything they can do?

Could the Government be about to provide criminals with a target list?

The Government’s plan to create a public register of the ultimate owners of all UK property is a bad idea.

UK wealthy struggle to understand inheritance tax

More than two thirds of UK consumers with assets of more than £325,000 ($454,305, €370,339) do not know their estate may be liable for an inheritance tax (IHT) bill, according to research by Canada Life.

UAE welcomes removal from EU tax haven list

Emirates and others have made commitments "at a high political level" to address concerns

What Shakira’s tax evasion case means for expats in Spain

The singer officially made Spain her country of residence in 2015, the same year in which the Beckham Law was reinstated.

St. Lucia Expects Removal from EU Tax Haven Blacklist

The new proposals by Grenada and Barbados are expected to be adopted by EU finance ministers when they meet next week in Brussels for monthly talks.

Italy’s non-domiciled tax regime to profit from UK’s changing stance

In 2017, the UK scrapped its non-dom tax regime. Consequently, an increasing number of individuals are instead relocating their tax domicile to Italy

How could the Chancellor top up Treasury revenues post-Brexit? by George Bull

Estimates published by HMRC shine the spotlight on those taxes which might be increased if the Chancellor needs to boost the tax yield after Brexit.

Ukraine adds Estonia to offshore watchlist

Antsu added that the decision affects all those companies who export to Ukraine, 402 last year in total

EU to remove Panama, Korea, UAE and five others from tax haven blacklist

The removal of Bahrain was also initially considered, but its delisting was eventually not recommended, the documents show.

Asset managers hope to return $1trn in offshore funds to UK after Brexit

Discussions with the Treasury

Brussels to blacklist UK tax-heaven dependencies

The Cayman Islands alone host 6% of the global banking assets.