Would someone be kind enough to give me a brief summary of the depreciating foreign exchange loan schemes that were prevalent a few years ago.
Specifically, where contractors would be remunerated via an employee loan, which was converted into a rapidly depreciating currency, rendering the repayment value of the loan almost negligible.
I seem to recall that there was legislation to bring this to a close, but I can't recall the specifics.
On a similar note, were there other foreign exchange related schemes that were caught up by the tightening of the rules?
Thanks.
