HMRC has, over the years, taken many steps to tax Employee Benefit Trusts (EBTs). Probably one of the most extreme tax charges will be the forthcoming 2019 loan charge.
We have been advising on EBTs for nearly 20 years and have had five articles published in the national tax press in recent years, including The Loan Ranger, HMRC attack on EBT Loans, Game of Two Halves , Cunning Disguise and They Think its all Over.
Whether you are the founder company, a beneficiary or a trustee, please get in touch to see if we can help.
Don’t wait until 2019 to consider this. Founder companies who set up EBTs and recipients of loans should seek advice at the earliest opportunity. There may be advantages to taking some steps now or to consider the pros and cons of reaching an earlier settlement with HMRC.
If you have settled already, did you settle Inheritance Tax (IHT) too? If not then you may think there isn’t a charge due to IHT relieving provisions. This is NOT HMRC’s view.
We can help clients with ongoing tax enquiries into their EBT, and help those wanting to reach a settlement with HMRC, to ensure the outcome is as favourable as possible.
We can help you understand what can and cannot be done with EBT assets now and offer advice as to the tax implications of proposed transactions.
I contacted Nigel after reading an article in Taxation about EBTs. I liked the simplicity of the idea and how it involved working with the tax system rather than against it. The idea enabled me to reach a favourable EBT settlement with HMRC.
I approached Nigel after having read an article he had written in Taxation magazine concerning EBTs. He helped me through the process of dealing with my tax enquiry with HMRC. I am very grateful for his guidance and support and I am delighted with the result.
We have had a dispute with our EBT scheme for many years without any success and costly. We have tried several companies! After 14 years of trying we were recommended to see Mr N Holmes of Armstrong Watson. He has more than met our expectations and succeeded in bringing the scheme towards a final closure. We are so pleased with the result after all the years of worry and stress. We would definitely recommend Nigel for his expertise and professionalism.
Mr & Mrs Moody