![]() If we look through the situation, the only real tax avoided is in fact the corporation tax, if indeed a corporation tax deduction were sought. The borrower was sadly the same company that sponsored the EBT all be it through a redeemable preference share arrangement. However, consider further where an Employee Benefit Trusts (EBT) arrangement was used and funds lent to individuals who reinvested those funds in businesses that were not successful. That opportunity has closed and those who may have tried to be within it or only now realise that they are potentially within it are at risk of a different tax treatment or penalty. ![]() Why? Consider the employee benefit settlement opportunity, which was based on HMRC’s current (it took them over a decade to find) interpretation. It is essential that advisers are aware of what HMRC are up to currently. We are happy to discuss on a no obligations basis any enquiries your clients face. This week articles considers HMRC’s approach for selection, the information at their hands and the areas currently subjected to specific scrutiny (on top of disclosure campaigns, tax avoidance schemes and offshore tax evasion). This appears to be the unfortunate situation for many people who undertook tax planning: We recently found a number of not Britney fans who confessed that the advice given to them was “toxic” and now feel “like a slave for HMRC” and have realised that the government were not “born to make them happy”. Well, almost in the words of the slightly dated and drowned out Ms Spears, who is not a UK resident, you might get taxed more than one time. It’s a poor but innovative introduction to an article:
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