HMRC FAQs
have a look at this:
http://www.hmrc.gov.uk/specialist/ebt-faqs.pdf
1.3 What is the disguised remuneration legislation?
This legislation was enacted in July 2011 and will apply to EBTs and
similar structures from 6 April 2011 (with certain transactions also
being brought within the new legislation if they were carried out
between 9 December 2010 and 5 April 2011 inclusive).
1.14 How many years will HMRC go back in terms of seeking PAYE
and NICs on allocations within the EBT?
The settlement will include all the years and liabilities where we
have protected HMRC’s position or the position is capable of being
protected within normal time limits.
2.4 How will the amount paid or accounted for under the
agreement be calculated?
The amount ‘paid or accounted for’ under the ‘paragraph 59
agreement’ will be the full amount of tax and NICs chargeable on
the earnings plus any interest due in the following situations
• for years which are within normal assessing time limits for
making determinations/decisions and taking action to recover
NICs
• for years protected by determinations/decisions and where we
have taken action to recover NICs
The amount to be ‘paid or accounted for’ under the ‘paragraph 59
agreement’ will be the voluntary restitution of the full amount of tax
chargeable on the earnings in the following situation:
• for years which are outside normal assessing time limits but
HMRC was not provided with sufficient information within the
ordinary time limits to make determinations
HMRC should have received full disclosure via tax returns and P11Ds so only years where they have assessed and protected their position will be in play.
have a look at this:
http://www.hmrc.gov.uk/specialist/ebt-faqs.pdf
1.3 What is the disguised remuneration legislation?
This legislation was enacted in July 2011 and will apply to EBTs and
similar structures from 6 April 2011 (with certain transactions also
being brought within the new legislation if they were carried out
between 9 December 2010 and 5 April 2011 inclusive).
1.14 How many years will HMRC go back in terms of seeking PAYE
and NICs on allocations within the EBT?
The settlement will include all the years and liabilities where we
have protected HMRC’s position or the position is capable of being
protected within normal time limits.
2.4 How will the amount paid or accounted for under the
agreement be calculated?
The amount ‘paid or accounted for’ under the ‘paragraph 59
agreement’ will be the full amount of tax and NICs chargeable on
the earnings plus any interest due in the following situations
• for years which are within normal assessing time limits for
making determinations/decisions and taking action to recover
NICs
• for years protected by determinations/decisions and where we
have taken action to recover NICs
The amount to be ‘paid or accounted for’ under the ‘paragraph 59
agreement’ will be the voluntary restitution of the full amount of tax
chargeable on the earnings in the following situation:
• for years which are outside normal assessing time limits but
HMRC was not provided with sufficient information within the
ordinary time limits to make determinations
HMRC should have received full disclosure via tax returns and P11Ds so only years where they have assessed and protected their position will be in play.
Comment