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

Irish tax treatment of some intra-group payments to change from 1 April

The change is given legal effect by the Finance (No. 2) Act 2023 and was trailed in a feedback statement issued by the Irish Department of Finance in July last year.

Don't let your trust fall short: how tax season can reveal funding gaps

Another way to confirm your trust funding is to double-check the property tax bills for your real property

OECD approach to ‘Amount B’ a milestone but global tax challenges remain

Tax rules provide that transactions between connected parties should be taxed as if they were on arm's length terms.

Termination triggering discrimination claims: taxation

The question whether a payment is received in consequence of or otherwise in connection with termination of employment is to be construed widely

UK taxpayers: time to disclose income and gains on cryptoassets

The key benefits of making an unprompted disclosure include reduced penalties and the waiving of late payment interest charges.

HK Budget 2024-25: A Closer Look at the Tax Reforms

According to the government, this change will primarily affect some of the city's wealthiest individuals, impacting around 12,000 taxpayers

Whenever, Wherever: lessons from Shakira's tax fraud case

This will result in a requirement to file tax returns and potentially pay tax in multiple jurisdictions.

Tax aside? Private investment fund side letters

Their length, complexity and volume has increased over the years

Works of art and the conditional exemption tax incentive scheme

Tax considerations usually come into play at this stage.

Singapore Budget 2024: Extension and Refinement of Singapore Fund Tax Incentive Schemes

The inclusion of offshore funds in the foreshadowed revisions to the economic criteria for qualifying funds is notable

Baker McKenzie Welcomes 30 Mentees to 2024 NBLSA Tax Mentor Program

This is the largest mentee cohort the Firm has hosted since launching the program in 2019.

Guidelines for the application of the 12% VAT rate on the hiring of pleasure boats

It is essential to clarify that not all items can be subject to the reduced VAT rate; rather, only supplies commonly offered during the course of hiring a pleasure boat may be eligible for the reduced rate.

Unveiling Tax Realities: Debunking Myths about the British Virgin Islands

To comply with FATCA, a British Virgin Islands foreign financial institution is required to report information on U.S. taxpayers’ accounts to the IRS.

New Employer Obligations Regarding Share Option Related Taxes

Given the tight timeframe, the change will potentially lead to payroll compliance challenges for employers, particularly those with plans involving frequent exercise.

International families in California – beware of the tax implications of community property

The equal ownership rule means that any assets your partner owns (for instance, a property owned in their name and not yours) are considered to be 50% owned by you

New year brings UK VAT implications for fund managers

In the absence of the ability to rely on the direct effect of EU law, UK funds will now not be able to challenge the scope of the UK VAT exemption, meaning that the scope of the exemption may diverge between the UK and the EU.

Luxembourg: new VAT rules on directors' fees

To address these two core questions concerning the VAT Directive's interpretation, the CJEU provided the following reasoning.

Balancing certainty and ambiguity – The Revamped Tax Treatment of Disposal Gains in Hong Kong

Hong Kong generally adopts a territorial principle of taxation, i.e. profits tax is only chargeable on Hong Kong-sourced profits derived by a person carrying on a trade, profession or business in Hong Kong.

UK tax update October 2023

In this article for the October edition of French estate planning journal Ingénierie Patrimoniale, Edward Reed, George Mitkov and Quentin Oyon look at recent developments in the UK.

Why California life is worth the taxes – at least for many

For Michelle, at least, the lifestyle is second to none. “It is hard to beat living in a city where you can enjoy outdoor activities year-round,” she says.