The time limit refers to just opening the enquiry into the FY - thereafter there does not seem to be any limit as to how long they can stay open. Not that I think it matters much - if HMRC are to succeed as they desire then any year used as a test case will open the gate to all other years spent within the scheme. As such I suspect currently having a single enquiry open will result in much the same as having multiple.
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Get professional advice now or wait?
Simple question. What do people think is the wisest move? Obviously get the appeal letter out ASAP but should we take professional advice now or wait?Comment
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Check the first post regularly
I've added and will continue to add updates as necessary
GSComment
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Simple question - no easy anwer
Whilst good advise is never a bad thing you would have to be quite sure of the information you were looking for. If you have appealled then you are assuming that EBTs were legal and compliant and any advice that supports or contradicts that position is too late now.Originally posted by bonetired View Post
I think, and I'm very happy to be corrected, that the advise we should be pursuing is how to handle our financial affairs over the next few months/years based on the assumption that we lose (obviously if - I mean when - we win then things are less complex)
Legal advise on how we takle the appeals may be a bit premature, but I am only makeing that statement based on the assumption that the appeals will not move quickly and we should give Edge a chance to get organised and share their thoughts.
GSLast edited by GoneSouth; 27 February 2013, 09:30.Comment
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I'd like to understand how far Edge will be prepared to fight this and what level of professional assistance/representation, over and above the initial appeal response, which they have already provided.Originally posted by bonetired View PostComment
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Another one joining the fun
Got my letter on Monday, spoke to Michelle yesterday and appeal letter is going today......Comment
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I had a chat with Michelle about this and asked her specifically if they would use their tax advisers (who I believe are KPMG) to fight the case. I got the distinct impression that the answer is no. They will advise us but no further. That is the reason why I am asking now.Originally posted by Breeze91 View PostComment
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I'm not sure you will get an answer to this yet. Get the initial letter to HMRC and wait to be contacted again and then let edge decide what action to take.Originally posted by Breeze91 View Post
The legal position on a correctly setup EBT post December 2010 has not changed and is unlikely change after the Rangers appeal. HMRC have taken exception to the Rangers EBT because payment dates and amounts where agreed as part of the employees contract and hence why HMRC are arguing that the payments are renumeration and therefore subject to PAYE and NIC.
I suspect If HMRC win their appeal they will look into how each EBT has been setup and will challenge any that are not correctly setup which this letter enables them to do as of schedule 39 of the 2008 finance act.Comment
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Affected one
Thanks Jashan for pointing to this thread. Will keep in touch with you guys, and in case, we need to pool our resources, count me in.Comment
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