A tax scheme that the Inland Revenue says is being marketed to facilitate the avoidance of National Insurance contributions using employee-related share schemes has now been shut down, the IR announced last Friday.
According to the Revenue, the offending scheme is used to disguise cash bonuses as securities, the value of which is then manipulated to reduce liability to income tax and national insurance contributions.
The employee share-related scheme has been terminated by the authorities with immediate effect, and the necessary amendments to the 2004 Finance Act have been tabled.
The IR also claims that it has become aware of a number of new schemes being marketed with the intention of “pre-empting” the new disclosure rules for the promoters of tax planning schemes, which were announced in the 2004 budget.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment