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HMRC have set a closing date of the tax ‘amnesty’ relating to employee benefit trusts (EBTs).
Employers who used an EBT to avoid tax before 6 April 2011 must notify the department by 31 March 2015 that they wish to take advantage of the beneficial terms of the settlement opportunity to resolve PAYE and National Insurance liabilities.
All amounts due are due by 31 July 2015 unless the employer has in place a signed time-to-pay agreement.
HMRC have set a closing date of the tax ‘amnesty’ relating to employee benefit trusts (EBTs).
Employers who used an EBT to avoid tax before 6 April 2011 must notify the department by 31 March 2015 that they wish to take advantage of the beneficial terms of the settlement opportunity to resolve PAYE and National Insurance liabilities.
All amounts due are due by 31 July 2015 unless the employer has in place a signed time-to-pay agreement.
An employer that wishes to settle after the registration deadline can seek a settlement agreement with the Revenue but not on the terms of the EBT initiative, which launched in April 2011 and has so far raised £800m in tax and National Insurance contributions from about 700 employers, according to HMRC.
