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

Plastic packaging tax

It is important to note that even if the exemption applies, it is necessary to include exempt packaging

UK Patent Box ‘not providing effective incentive’ to life sciences SMEs

The latest ONS figures show that the value of relief claimed under the patent box has continued to increase, with a total of £1,129 million claimed for 2018-2019.

The public law jurisdiction of the UK First-tier Tribunal in VAT cases

Public law arguments must usually be raised by way of judicial review.

How America’s biggest law firm drives global wealth into tax havens

Baker McKenzie has been a pioneer in corporate tax dodging. It now acts for notorious tycoons, arms makers and authoritarian regimes operating in the shadow economy.

Mobile workers and not-so-mobile tax reliefs in the UK

This can be a very expensive mistake! The default position is in fact that general earnings from employment, earned in a year when an individual is tax resident in the UK are chargeable to tax in the UK upon receipt, unless specific reliefs apply and are

Saffery Champness experts listed in Spear's Tax & Trust Index

In the accountants and tax advisers section of the 2021 index partners James Hender and James Sykes (London), and Margi Campbell (Inverness) are recommended to the publication's readers.

The best tax and trust barristers for high-net-worth individuals

The barristers listed below have been selected by Spear’s for their proven excellence in the field

Tax Controversy Update: September 2021

This edition focusses on HMRC’s approach to Wealthy individuals, how this is changing and how your wealthy clients can better prepare for interactions with HMRC.

US indicts 6 foreign nationals, Swiss firm over USD 60 m tax fraud

Indictment Alleges that Defendants Conspired to Help U.S. Clients Evade Taxes on More Than $60 Million Hidden Offshore

Court of Appeal gives guidance on mutuality of obligation for employment tax status

The fact that the overarching contract is not a contract of employment and there is no obligation under the overarching contract to offer work, or to do work if offered, does not mean that the single engagement cannot be a contract of employment.

A Review of TJN's Financial Secrecy Index

This review seeks to understand better what led to Cayman being ranked first on the 2020 FSI

Overview of US Tax Provisions of Build Back Legislation Approved by House Ways & Means Committee

The legislation has a way to go before it is enacted into law but nonetheless provides an overview of changes likely to find their way into the Internal Revenue Code.

Complaints of delays in the UK’s first-tier tax tribunal

At present in a tax case there are four levels of appeal, with cases starting in the FTT, then progressing to the UT, Court of Appeal and Supreme Court, if permission to appeal is granted at each stage.

Gift planning opportunities for US persons in the UK

In any event, even under current law, the unified exemption amount will automatically decrease to $5 million (plus an inflation adjustment) come January 1, 2026.

Tax consequences of volume ownership

The new concept of “volumes” refers to a geometric space of three dimensions, geographically located at a well-defined place.

Employment tax issues that not-for-profit organisations need to be aware of

There is no tax and NIC applied to purchases made by employees for home-office equipment until 5 April 2022 due to the Coronavirus pandemic.

FOI request reveals HMRC owes millions after landmark 'round the world' case

The follower notice tells P that they may be liable to a penalty of up to 50% of the tax and/or NICs in dispute if they do not amend their return or settle their dispute."

Cyprus Tax Department publishes updated XML Schema for DAC 6 reporting

Once the XML files are completed they should be submitted on the CTD’s electronic government gateway portal (known as Ariadni).

EY fined more than £2m over audit failings

Big Four firm and former partner receive severe reprimands from UK accounting watchdog

Richard LeVine featured in Wall Street Journal article on off-shore tax shelters

Richard adds that in addition to an IRS crackdown, the Treasury Department could seek changes to the Malta treaty.