More retrospection?

[LisaContractorUmbrella]

presumably by settling they avoided penalties and/or interest

[sal626]

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.

[BlasterBates]

HM Revenue & Customs: Employee Benefit trusts, settlement opportunity

[cojak]

Oh, right you are Vallah.

I apologize.

Sorry about that!

[Vallah]

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.

As a moderator shouldn't you be above this sort of comment? I've suffered bans from one of your colleagues for far less.

[cojak]

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.

[porrker]

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...

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.

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.

[captainham]

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...

[cojak]

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!

[LisaContractorUmbrella]

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