Exiting Remuneration Trusts can be tricky
Exiting Remuneration Trusts raise a number of issues that need to be addressed. Finding a tax solution (particularly one that is acceptable!) may have become easier for some with HMRC’s new Settlement Terms recently announced.
HMRC use information received under the Common Reporting Standard to identify those ignoring the Loan Charge
HMRC are writing to taxpayers that have outstanding loans from their EBTs, EFRBs and other offshore structures. HMRC use information received under the Common Reporting Standard to identify those ignoring the Loan Charge. The origins of some of these arrangements go back to the 1990’s and have been “forgotten” – that is until now.
HMRC views some tax avoidance schemes as a “misrepresentation of the true nature of events”
According to HMRC, the fine line between tax avoidance and tax evasion has been crossed and deliberately so. HMRC’s unit known as Offshore Corporate and Wealthy (OCW) was established in the wake of the ‘Panama Papers’ scandal in 2016 to investigate serious non-compliance by businesses and the wealthiest taxpayers
The legacies of tax avoidance schemes
As the passage of time has shown, participating in tax avoidance schemes is not for the faint hearted. “I wish I had never done that” I hear regularly. Some taxpayers may only participated perhaps once or twice in whatever scheme it is but they have been in a nightmare ever since. And that goes for the advisers too!