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HMRC has published settlement terms for companies or individuals who have used tax avoidance schemes involving remuneration trusts. It considers such schemes do not work. In HMRC’s view the scheme design may have a fundamental flaw that means there is no valid transfer of funds to the trust.
The settlement opportunity is open only for individuals or companies whose scheme use meets the criteria set out in the terms and is open until 31 July 2022.
The settlement opportunity does not apply to individuals or companies under criminal investigation by HMRC. It may also not apply if an appeal related to the scheme use has been referred to a tribunal. If a court rules that tax is due on a different basis HMRC will withdraw the settlement terms and expect the taxpayer to pay tax in accordance with the court’s ruling.
To apply for the...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
