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The decision of the Court of Session on employment benefit trusts.
KEY POINTS
- The Court of Session rules in favour of HMRC in the Murray Group Holdings case.
- The decision contradicts HMRC’s guidance in the Employment Income Manual at EIM26110.
- Advice for those who have missed the employment benefit trust settlement opportunity.
- Inheritance tax exemption in IHTA 1984 s 65(5)(b) and s 70(3)(b) are not offered where an EBT transaction is taxed as income at an earlier date.
- Repaying a loan to an EBT may give rise to a Part 7A charge on a future loan.
In my article “They think it’s all over” (Taxation 31 July 2014 page 14) I wished that HMRC would not appeal the Upper Tribunal’s decision in Murray Group Holdings Limited (and other companies) UKUT 0292 (TCC) but would concentrate on policing the...
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