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Tax avoidance schemes currently in the spotlight
HMRC has updated its tax avoidance schemes spotlight page to include gold bullion schemes.
These arrangements seek to disguise remuneration to individuals by paying them through a series of transactions buying and selling an asset, commonly gold bullion. The employees have a theoretical obligation to pay the value of the asset to a trust in the future which is supposed to render the payment non-taxable. However, according to HMRC, because the individual usually takes cash, it is a payment of earnings.
The department said it would challenge such schemes and seek full settlement of the tax due, plus interest.
For more information, see here.
