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31 August 2011

EMPLOYEE BENEFIT TRUSTS

WARNING

 

Wealthy individuals who have saved in Employee Benefit Trusts (EBTs) are receiving letters from HM Revenue and Customs stating that the income that has been paid into the trust on their behalf is treated as a benefit-in-kind by HMRC. The 2011 Finance Bill, put a stop to these trusts. A review of a sample of these letters indicates that the letters include fundamental errors and if you are a recipient of one of these you should seek the advice of a professional tax expert before responding to HMRC.

 

 Article in the FT Weekend 12th August 2011 By Lucy Warwick-Ching. Please contact Charles Wiggin on 0207 636 2430 if you would like to discuss any questions you have on the above article.