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The current state of play on the taxation of loans from employment benefit trusts and the action that should be considered.
KEY POINTS
- The initial popularity of employment benefit trusts and loans was brought to an end by ITEPA 2003 Part 7A.
- Budget 2016 announced that loans would become taxable on 5 April 2019 if not already taxed or repaid by that date.
- Loans made before 6 April 1999 are not caught but those provided after this date replacing earlier ones are.
- It seems that taxpayers have three options: repay settle or wait.
- Much confusion has arisen over the interaction with inheritance tax.
- HMRC needs to provide a carrot to taxpayers to encourage settlement.
As we await the decision of the Supreme Court on the appeal of the liquidators in the Murray Group Holdings case (CS [2015] CSIH 77) HMRC has been focusing its attention on...
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