EBT's made illegal 2011 but JP Morgan and their staff have to repay tax and NI from 2005 EBT Ruling Hits Thousands of Banking Staff
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More retrospection?
Well that may shift the balance.
If was DonkeyRhubarb and SantaClaus I'd get their PR/lobbying firm on the blower to JPM immediately - I can see a LOT of new joiners to NTRT!
"I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
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You'd have to expect that a company such as JPMorgan put some considerable effort into getting the "right" setup for this scheme, so if HMRC is able to attack it like this, there surely can't be a lot of hope for any of the other schemes of this nature...Comment
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I'm sure Rangers FC thought they had put some considerable effort into the setup of their EBT but putting dates of payments and amounts into players contracts made it's EBT invalid. I suspect JP Morgan had something similiar in their Employees contracts.Originally posted by captainham View Post
As long as you have no dates and sums of money explicitly stated in the contracts the use of EBTs will be fine as there is case law in place to support the past use of EBT up until December 2010.Comment
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I'm sure that Vallah will come along shortly to point out that JP Morgan didn't set their EBT up properly and had they spoken to him this would never have happened.
"I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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As a moderator shouldn't you be above this sort of comment? I've suffered bans from one of your colleagues for far less.Originally posted by cojak View PostI'm sure that Vallah will come along shortly to point out that JP Morgan didn't set their EBT up properly and had they spoken to him this would never have happened.Comment
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Oh, right you are Vallah.
I apologize.
Sorry about that!"I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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Just one point, there is no "EBT ruling" by any court in a "JP morgan case".
JP Morgan have decided to take up the settlement offer, for reasons best known to themselves. They decided to settle, before going to court.
UBS did actually challenge HMRC and went to court....and won. EDIT: actually, not sure if the case they won incldued an EBT element or not, some reprots mention it, some dont.Last edited by sal626; 12 November 2012, 11:56.Comment
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