Revenue's offshore trust amnesty premature - STEP

However, a trade body has argued the rules on EBTs are still not clear enough for employers to work out if their arrangements will be liable to tax under the new law. The latest draft of the Finance Bill, published on the 31 March, confirmed HMRC will seek income and corporation tax from EBTs, which are often set up abroad and used as pensions or to disguise large bonuses to employees in order to avoid tax. HMRC said in November 2009 it did not view contributions to EBTs as tax free, and confirmed in April 2011 the Finance Bill will enforce charging income and corporation tax on contr...