Since issuing our Newsletter on HMRC’s Settlement Offer for EFRBS on 30 November, we have been helping a number of companies in exploring their options in relation to the offer. Some of the additional insights which we have gained from those cases may be worth sharing with companies which have not yet made a decision…
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EFRBS: HMRC Settlement Offer
As expected for some time, HMRC recently announced its Employer Financed Retirement Benefit Schemes (EFRBS) settlement opportunity. Broadly, HMRC’s position is that a corporation tax deduction is not allowable for EFRBS contributions until a payment has been made out of the EFRBS on which PAYE & NIC has been accounted for. As an alternative, HMRC…
New UK inheritance tax rules on debts
New tax legislation has been introduced in the UK to restrict the use of certain types of debts for inheritance tax (IHT) purposes. The changes will be of particular interest to banks, trustees and all those who advise in relation to IHT. The restriction on the use of debts may apply in 3 different circumstances…