EBTs – HMRC loses Rangers (Murray) appeal
The Upper Tier Tribunal has upheld the decision of the majority in the First Tier Tribunal case of Murray Group Holdings and others (including the former Rangers Football Club).
EBT settlements- 31 October registration deadline for transitional relief on investment income
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EBT settlements- 31 October registration deadline for transitional relief on investment income
EBT settlements- 31 October registration deadline for transitional relief on investment income
Fri 30 Sep 2016
As part of the Government’s settlement strategy for EBTs, transitional relief is available to EBT beneficiaries where the EBT liabilities are settled by the employer within certain time limits.
The end date of transitional relief has been extended from 30 November 2016 to 31 March 2017 but taxpayers wishing to use it must register with HMRC by 31 October 2016.
The effect of transitional relief is that a beneficiary who receives a distribution representing investment income received by the EBT will only be taxed on that income as trust income.
Without transitional relief the investment income element of any payment to a beneficiary would be taxable as both employment income and trust income.
Transitional relief will only be granted if the EBT liabilities are settled by 31 March 2017.
Mazars can assist with the settlement of EBTs. Please contact Zoe Peck, Tax Director: zoe.peck@mazars.co.uk
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