We currently have an outstanding loan from a subtrust that was set up for my family and I within my former employer’s employee benefit trust in 2008. We are having to pay administration fees for the operation of the subtrust.
Should I keep the loan outstanding pay it back or ask the trustees to waive the loan?
As you probably know HMRC has sought to attack employee benefit trusts (EBTs) using a number of weapons in its armoury. Since 6 April 2011 HMRC has been able to use the harsh anti-avoidance legislation now contained in ITEPA 2003 Part 7A to impose employment income tax charges on certain events whereby third parties are deemed to provide remuneration to employees.
There may be a tax charge under Part 7A if...
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