EBT Settlement opportunity passed – what now?
Legislation introduced in 2010 resulted in there being far fewer people entertaining the idea of using an
Employee Benefit Trust (EBT) to reduce their tax bill.
Users of the scheme may call it “tax planning”, HMRC call it “tax avoidance”.
Subsequently, HMRC introduced an opportunity for those with EBT’s a chance to “settle” their outstanding tax enquiry, by being co-operative in line with the rules and regulations.
The deadline to register interest in the EBT Settlement Opportunity (EBTSO) was 31 March 2015, so those who did not come forward before the date will have missed out now and HMRC will be preparing their cases for tribunal.
80% of tax cases taken to tribunal are won by HMRC
In addition, those who did register need to settle by 31 July 2015.
Robust long-term tax planning strategies
Figurit do not encourage the use of EBT’s for tax purposes. Instead we prefer to work with our clients on robust long-term tax planning. This could include:
- Pension planning
- Incorporation
- Claiming back all allowable expenses for tax relief
- Minimising IHT through forward planning
Figurit would be delighted to discuss your situation with you and make plans to save you tax through methods approved by HMRC.
T: 020 7376 9333
E: info@figurit.com
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