Ebt
ANSOF
I think in fairness what has been pointed out to you is there is alot of "fall out" from people who have been in EBT and other Offshore or Onshore Schemes.
Most of the people in these schemes will regularly tell friends how they are cleverly avoiding tax, but you may find them not so keen to tell you about the "fall out" witnessed on this forum for instance.
A couple of things for you to consider:-
1. You may never be sure HMRC is not going to come knocking on your door disputing your arrangements until all the time thresholds have passed. Its a long time. If your friend feels he is "getting away with something" then he probably is, and he will probably get caught out at some point. ( Read the fourms )
2. Behind all the schemes is a scheme promoter who will make money whether it works or not for you.
3. Scheme Promoters will get Counsels Opinion on if the scheme will work or not. They pay for that service, and guess what the Opinion says it will most likely work, but nothing can be 100%. Another person could get and pay for an opinion that is different. They are just legal arguments.
3. When a scheme is advised to HMRC, they will change the rules, the scheme will close, the fights will start. Sometimes this takes years to happen ( BN66 ?), sometimes its quicker, but on the whole it happens eventualy.
4. There are alternatives that will promise a bit less, but deliver far less risk.
I hope that helps.
Phil
ANSOF
I think in fairness what has been pointed out to you is there is alot of "fall out" from people who have been in EBT and other Offshore or Onshore Schemes.
Most of the people in these schemes will regularly tell friends how they are cleverly avoiding tax, but you may find them not so keen to tell you about the "fall out" witnessed on this forum for instance.
A couple of things for you to consider:-
1. You may never be sure HMRC is not going to come knocking on your door disputing your arrangements until all the time thresholds have passed. Its a long time. If your friend feels he is "getting away with something" then he probably is, and he will probably get caught out at some point. ( Read the fourms )
2. Behind all the schemes is a scheme promoter who will make money whether it works or not for you.
3. Scheme Promoters will get Counsels Opinion on if the scheme will work or not. They pay for that service, and guess what the Opinion says it will most likely work, but nothing can be 100%. Another person could get and pay for an opinion that is different. They are just legal arguments.
3. When a scheme is advised to HMRC, they will change the rules, the scheme will close, the fights will start. Sometimes this takes years to happen ( BN66 ?), sometimes its quicker, but on the whole it happens eventualy.
4. There are alternatives that will promise a bit less, but deliver far less risk.
I hope that helps.
Phil
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