Disguised remuneration – an update

We reported earlier this year on how to take advantage of the final opportunity in settling any liabilities arising from various forms of historic tax planning which HM Revenue and Customs (HMRC) badges under the disguised remuneration banner. We also...

2019 Loan Charge – another weapon for HMRC

If you have used remuneration tax planning involving loans (after 6 April 1999) and choose not to settle with HMRC using the current disguised remuneration settlement opportunity, then any outstanding loans as at 5 April 2019 will be subject to...

Rangers and Follower Notices – Key Dates

Following the Supreme Court’s decision in the Rangers Football Club Employee Benefit Trust (“EBT”) case last year. HMRC is sending Follower Notices to companies with EBTs, users of Employer Financed Retirement Benefit Schemes (EFRBS) and other (what HMRC terms) similar...

HMRC win another EBT case

On 13 September 2017 the First-tier Tribunal released its decision in a case involving an Employee Benefit Trust (EBT). Specifically the planning used by the taxpayers in this case was the “EBT Pro strategy”, but the decision equally applies to other...

Last and final EBT settlement opportunity

Following HM Revenue & Customs (HMRC) success against Rangers Football club (RFC 2012 Plc (in liquidation) (formerly The Rangers Football Club Plc) (Appellant) v Advocate General for Scotland (Respondent) (Scotland) [2017]UKSC 45) use of Employee Benefit Trusts (EBT), HMRC is...

Not all gold glitters

The General Anti-Abuse Rule (GAAR) Advisory Panel has released an opinion relating to purchase of gold bullion and Employee Benefit Trusts (EBT). In a unanimous Opinion, the panel has found that “the tax arrangements [which sought to get around paying...

Tax deductibility of share scheme costs

Background to the historical tax treatment of share scheme costs Prior to 20 March 2013 CTA09 s.1038 excluded from tax deductibility any expenses directly related to the provision of shares, where there was a deduction under CTA 2009 part 12 for...

Supreme Court dismisses Rangers’ Appeal

The Supreme Court has unanimously agreed with the Scottish Court of Session that amounts paid by Rangers Football Club (RFC) to an employees’ remuneration trust were amounts paid at the direction of the employee. As a result the amount was...

EBTs: Extension of deadline for withdrawal of transitional relief on investment returns

On 20 July 2016 HMRC published ‘Spotlight 31: change of date for withdrawal of transitional relief on investment growth’. This states that the date for the date for withdrawal of transitional relief on investment growth currently available under paragraph 59(1)(f)(ii)...

HMRC updates list of tax avoidance schemes subject to the Accelerated Payment process

HM Revenue & Customs (HMRC) have updated their lengthy list of avoidance schemes whose users may be issued with an Accelerated Payments Notice (APN) under legislation introduced in the Finance Act 2014 on 17 July 2014. The list contains 1,200...

HMRC commence the Accelerated Payment process

HM Revenue & Customs (HMRC) have started the process of issuing Accelerated Payment Notices (APN) to users of DOTAS schemes following legislation introduced in the Finance Act 2014 on 17 July 2014.  HMRC have previously published a lengthy list of...