Employee Benefit Trust settlement opportunity to close in March 2015
Date: 22nd August, 2014 | Author: Cathy Corns | Comments: 0
HMRC has announced that the settlement opportunity to employers who have used Employee Benefit Trusts (EBT) to avoid tax will close on 31 March 2015.
The EBT settlement initiative, which was launched in April 2011, has apparently raised £800 million in tax and National Insurance Contributions from around 700 employers.
The opportunity will now only be available to employers who notify HMRC of their intention to settle before 31 March 2015. If an employer chooses to settle after 31 March 2015, HMRC will continue to settle appeals by way of agreement, but not on the same terms.
HMRC’s view is that withdrawing the opportunity now will encourage users to settle.
This is interesting timing coming soon after HMRC has suffered another defeat on seeking to collect PAYE on EBT contributions and loans.
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