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

Legal decision against HMRC could open the floodgates

The decision in this case confirms that HMRC are not able to use the discovery power to assess the child benefit charge where no tax return has been submitted.

Withers partner discusses recent developments in US taxation of crypto investors dynamic market.”

The IRS is very focused on getting information about cryptocurrency investors, as their view is that there are a large number of such investors who are not complying with the current tax rules.

Tax agency launches probes into offshore tax evasion

The agency said it is looking into people who opened secret offshore accounts to conceal illegally earned money, and companies which evaded taxes by using fintech and other online trading platforms.

Proposed UK asset holding companies marks tax change

The UK is looking to introduce its own holding company regime to rival Luxembourg and allow funds to base their investment structures here

The IRS’ 'Dirty Dozen' Tax Scams for 2021

The IRS warns people to be on the lookout for promoters who peddle false hopes of large tax deductions from abusive arrangements.

Mexican legislative elections and the future of the tax reform

We don’t yet know the scope or dynamics of this possible tax reform

Upper house of parliament approves law to implement EU anti-tax avoidance directive

The 1 January 2020 retroactive effective date for the anti-hybrid rules is causing concern for taxpayers and their advisors.

Portuguese millionaire art collector detained in tax fraud probe

Berardo and his lawyer were not immediately available for comment.

US House approves corporate governance package with country-by-country reporting mandate

Corporations subject to the disclosure rules generally would be required to report information

Germany: MOF publishes draft decree on tax treatment of virtual currencies and tokens

The draft decree provides some initial insights on how the tax authorities consider transactions involving virtual currencies and tokens.

One Small Step but (Perhaps) One Giant Leap for Global Tax Reform: The G7 Agrees on a Broad Framework for Pillar One and Two

As discussed below, there is still much work to do to flesh out the details of the framework

What US and international taxpayers need to know about Biden’s tax policy proposal (Green Book)

This note is intended to be a quick overview of the Green Book focusing on its impact on private clients. It is not an exhaustive analysis of all provisions of the Green Book.

Bermuda warned over sovereignty rights on tax haven status

"Bermuda has a right to determine for itself what it thinks is an appropriate tax system for its jurisdiction," he said.

Proposed new UK residential property developer tax

The government has not yet set a rate for the tax

Season and Sweat? The IRS Adds Offshore Credit Funds to Their Active Audit Campaign

This change in audit posture may also serve as a catalyst for reviewing loan acquisition activities conducted in prior years.

The Office of Tax Simplification publishes second report on simplifying Capital Gains Tax

The OTS has suggested significant CGT reforms across a wide range of areas, including moving home, getting divorced, and running or investing in a business

New U.S. capital gains tax proposals for gifts, inheritances and trusts

These new capital gains taxes would be in addition to those generally applicable under the existing gift and estate tax regime.

G7 Pact on Tax – What does it mean?

The proposals aimed to apportion taxing rights more evenly between countries and discourage profit shifting.

Global Accountants’ Liability Update – May 2021

Court of Appeal rules in favor of accounting firm in breach of contract claim

US To Tighten Monitoring Of Foreign Crypto Investors In Concerns Over Tax Evasion

The proposal comes as more and more global concern is voiced over the possible tax gap between taxes owed and the taxes that are being paid on time.