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Use of gold bullion is an abusive tax arrangement.
The general anti-abuse rule advisory panel has given opinions on schemes set up by companies to reward key employees using the purchase and sale of gold bullion, with a future obligation to repay sums to an employee benefit trust.
These were similar to those considered by the panel last August. It again concluded that the entering into and carrying out of the arrangements was not a reasonable course of action in relation to the relevant tax provisions.
The panel gave another opinion on a scheme using offshore trusts to avoid the distributions legislation and close company loans to participators rules.
It concluded that the arrangement was not a reasonable course of action in relation to the relevant tax provisions. See here.
