EFRBS and HMRC settlement Opportunity
Employee Financed Retirement Benefit Schemes (EFRBS) where arranged before 6 April 2011 have been given an opportunity to Settle Enquiries by HMRC. This is a project run by the HMRC Technical Team from the Specialist Investigations stable.
HMRC is writing to employers giving them an opportunity to settle open enquiries into the use of EFRBS arrangements by agreement and without needing to engage in litigation. This offer is intended to minimise costs for both sides.
However, those who have not yet expressed an interest have only until 31 December 2013 to consider the HMRC proposals made in the letter and to indicate whether they wish to take advantage of the options offered.
The options are:
OPTION 1 Disallowance of Corporation Tax Deduction; or,
OPTION 2 Payment of PAYE and National Insurance.
Otherwise those who have been contacted can state that they do not wish to register an interest in settling HMRC’s Enquiries under the Resolution Opportunity.
If they do express either option 1 or 2, any settlement between them and HMRC will be concluded by 30 June 2014.
Anyone wishing advice can contact Tax Networks Ltd.
