Understanding the risks of these schemes is essential as your name, assets, credit and personal money could be on the line should the organisation be targeted or subject to a tax investigation by the HMRC.
According to Economia, the accountancy publication, scheme users will be able to spread their charge payments over five years if their taxable income in the tax year 2018-19 is estimated to be less than £50,000.
For years the Government and HMRC have tried to curtail the actions and processes of EBTs only to create more complex legislation. In recent years attempts have been made to clarify and simplify procedures for the operation of EBTs culminating in elements of the 2016 Finance Bill.
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