On 6 March 2024, the Chancellor of the Exchequer delivered his Spring Budget.
This contained a number of significant tax changes relevant to our clients, including changes to the way in which UK tax resident non-UK domiciled individuals will be taxed in future and a new advantageous tax regime for individuals becoming UK tax resident.
These changes are very significant and we recommend clients take immediate advice on the potential implications for them and their structures.
The so-called UK Mandatory Disclosure Rules came into force in the UK on 28 March 2023. They comprise new cross-border tax avoidance arrangement disclosure rules that implement the OECD Model Mandatory Disclosure Rules.
On behalf of Baker McKenzie’s Global Wealth Management Practice Group we are delighted to share with our clients, friends, colleagues and readers from around the world the Second Quarter 2023 issue of the Private Wealth Newsletter.
This edition features articles on a variety of relevant recent developments in the private wealth space including new Mandatory Disclosure Rules in the United Kingdom.
Cross-border tax avoidance arrangement disclosure rules implementing OECD Model Mandatory Disclosure Rules referred to as “UK MDR” have come into force in the UK on 28 March 2023. In-scope arrangements entered into on or after this date must be reported to HMRC.
On 22 November 2022, the Court of Justice of the European Union, sitting as the Grand Chamber, rendered a landmark decision on the validity of the Luxembourg provisions of the law of 13 January 2019, establishing the register of beneficial owners and implementing the EU anti-money laundering directives. According to the CJEU, the provision, whereby the information on the beneficial ownership of companies incorporated within the territory of the member states is accessible in all cases to any member of the general public, is invalid.
Baker McKenzie’s EMEA Tax Practice Group presented an overview on “Wealth Management” on 7 July 2020, the fourth in a series of short webinars to keep tax professionals abreast of recent developments in these less than certain times.