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

HMRC’s £50m plan targets tax dodging wealthy

Ten thousand wealthy individuals could be hit by offshore tax avoidance legislation proposed by HM Revenue & Customs, generating up to £50m a year in tax receipts.

Average tax fraud sentences rise to four years

The average length of tax fraud sentences has increased over last few years as HMRC pushes for tax fraud to be considered as a more serious offence

AJ Bell warns of pensions overtax pitfall

In these circumstances, HMRC requires pension providers to use an emergency “Month 1” tax code.

Taxing times for Iceland’s recovering banks

The country’s banks are much more investable than they have been for over a decade – whether or not that makes them attractive enough to relist and attract foreign investors is another question.

Trusts: Do they still have a role to play? Saffery Champness

Negative press coverage also means that the general public often sees trusts as vehicles for the wealthy to hide their assets and avoid taxation.

Making Tax Digital – exploding the myths by Ian Carpenter and John Forth

Myths have grown up around the Making Tax Digital (MTD). While VAT is now at the forefront of the plans, it is expected that the MTD changes will eventually apply to all the main taxes so will impact all UK taxpayers. With so many misconceptions, we separ

Cyprus – UK Double Tax Treaty

The New Treaty updates the one signed by the two countries in June 1974 which came into effect in March 1975

Inheritance tax 2018: How much can you gift your family without incurring the dreaded tax?

INHERITANCE tax can be a tricky tax to understand for many families looking to gift money to younger generations. How much can you gift to your family without incurring the dreaded tax?

Offshore UK jurisdictions react to latest tax avoidance inquiry

Awareness of the inquiry was heightened by the publication in the UK’s Guardian newspaper, also last week, of comments on the matter by John Mann, a Labour party MP who is chairman of the Sub-Committee overseeing it.

States ‘happy’ to work with critical Labour MP

THE States have said they are happy to work with a UK Treasury sub-committee whose chairman this week accused the Island and similar territories of being used to exploit ‘holes in the tax system’.

HMRC publishes new guidance on offshore tax offences

New online guidance setting out taxpayers' responsibilities in respect of offshore income, assets and activities has been published by HM Revenue and Customs (HMRC).

France and Luxembourg sign new tax treaty following BEPS standards, French case law

Certain key features make this treaty one of a kind and may shed light on what future tax treaties signed by France may look like.

Fergie, Sven and Hoddle face huge ‘dry tax’ bills from failed scheme

Amid growing pressure to crack down on tax dodgers, HMRC became concerned the schemes were being used to avoid tax.

Tax havens are a stain on Britain – the cleanup starts now

We need answers about crown dependencies and overseas territories that help the wealthy dodge tax owed to society

HMRC faces probe over tax collecting powers

The committee will also investigate the tax gap in VAT

Tax avoiders’ accountants may have to give evidence to MPs

Subcommittee of MPs to investigate facilitation of avoidance, in wake of Panama and Paradise Papers

EU tax committee to focus on Crown Dependencies

Move follows Paradise Papers revelations

Second Real Madrid star accused of tax evasion

The Madrid court in charge of the investigation reopened the case in 2017, asserting that the allegations against Alonso had been “sufficiently substantiated”.

Offshore tax havens with a grip on multimillion pound Islington properties

The collective value of the properties comes to £773m. However, as only a fifth of properties within the data provide a sale price, the true figure could be as high as £3.5 billion.

No fines deducted through “Cayman Tax”

Sabrina Scarna, a tax lawyer with Tetra Law, also believes that the lack of fines is logical at this stage.