THE TAXMAN IS offering a settlement to employers who have used offshore trusts that have been banned in the Finance Bill.
Employee Benefit Trusts, which provide interest free non-repayable loans to employees to avoid tax, were banned as part of the government’s crackdown on “disguised remuneration”. HM Revenue & Customs has said that companies that come forward will minimise the income tax and National Insurance to be charged.
Dave Hartnett, permanent secretary for tax at HMRC, said: “This initiative reflects HMRC’s determination to seek to resolve disputes without going to litigation where that can be done without detriment to the Exchequer and within the clear boundaries of the law.
“HMRC’s pro-active approach to customers gives them the opportunity to discuss their cases with us and work in partnership to establish how the facts of their case fit within the proposals. For this reason I would encourage customers to talk to us.”
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