Tax authorities routinely exchange data about financial accounts and investment portfolios through the OECD Common Reporting Standard. Since 2017, dozens of countries have used these transparency rules to identify taxpayers with assets outside their home countries. The UK was an early adopter of the Common Reporting Standard but now more than 100 jurisdictions exchange information
One proposal under consideration is to replace inheritance tax (IHT) with a 10% care levy on the value of assets, a move the firm believes is designed to increase government revenue. David Alexander, chief executive of DJ Alexander Ltd, said: “It is commonly thought that IHT is something that only impacts upon the very wealthiest
‘Tax audits are only for large corporations with huge sales or a few wealthy individuals involved in suspicious transactions, right?’ If you think so, you need to be a little careful. Although it has hardly been covered in major news on television or in newspapers, a historic, massive update, the first in about a quarter-century
Any rise in capital gains tax (CGT) at the budget on 28 October must be accompanied by “inflation relief” on the gains made, tax experts have said, as speculation grows that John Healey, the chancellor, will increase the main rates. Speculation over a potential rise has gathered pace in recent weeks as Healey seeks to
Deputies who backed P&R’s proposals were Yvonne Burford, Lindsay de Sausmarez, David Dorrity, Steve Falla, Adrian Gabriel, John Gollop, Sarah Hansmann Rouxel, Mark Helyar, Rhona Humphreys, Sasha Kazantseva-Miller, Marc Laine, Ross Le Brun, Munazza Malik, Paul Montague, Andrew Niles, George Oswald, Charles Parkinson, Sally Rochester, Tom Rylatt, Gavin St Pier, Jennifer Strachan and Steve Williams.
The Income Tax Office has asked taxpayers to avoid attending its public counters solely to file tax returns as it deals with a high volume of enquiries ahead of the November 30 deadline. Members of the public completing their tax return using the PDF form are being encouraged to submit it by email instead. The
Q. Based on the probate valuation of my late mother’s estate we, her two children and executors, had a small capital acquisitions tax liability. Her house, however, sold for less than anticipated, so the net proceeds of our inheritance ended up being less than the €335,000 parent-child inheritance tax threshold in place at the time
Many of the Republic’s wealthiest people cut their income tax liabilities by claiming an aggregate €755 million in tax credits and reliefs in 2024, the State spending watchdog has found. After examining how Revenue manages the affairs of almost 2,000 high-wealth individuals (HWIs), the Comptroller & Auditor General (C&AG) attributed “relatively low amounts of tax
HMRC recorded £24.5bn in capital gains tax (CGT) in 2024-25, with a record number of people paying the tax when they sold assets. CGT liabilities were 89% higher than the year before, with the number of people having to pay increasing by 45% to 584,000. The spike has been attributed to speculation ahead of Labour’s
Parkinson stressed the need to back P&R’s tax package. “Nothing has fundamentally changed, we just have a bit more breathing space,” he said. P&R has said the receipts from Pillar Two taxes were probably at their peak during the first two to three years, so could not be relied on in future as the committee