In this article Paul McCarthy partner Jeremy Edwards and Jonathan Fletcher Rogers members of Allen & Overy's Incentive Group consider the new legislation restricting corporation tax deductions to employee benefit trusts. They also look at the reasons why the legislation may have been introduced and the likely impact that the new legislation will have on the use of employee benefit trusts
In his Pre-Budget Report issued on 27 November 2002 the Chancellor announced new legislation (the 'EBT legislation') restricting the availability of corporation tax deductions for contributions made by companies to employee benefit trusts while at the same time introducing legislation (the 'ESA legislation') providing for a corporation tax deduction for the cost of providing shares to employees.
The EBT...
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In this article Paul McCarthy partner Jeremy Edwards and Jonathan Fletcher Rogers members of Allen & Overy's Incentive Group consider the new legislation restricting corporation tax deductions to employee benefit trusts. They also look at the reasons why the legislation may have been introduced and the likely impact that the new legislation will have on the use of employee benefit trusts
In his Pre-Budget Report issued on 27 November 2002 the Chancellor announced new legislation (the 'EBT legislation') restricting the availability of corporation tax deductions for contributions made by companies to employee benefit trusts while at the same time introducing legislation (the 'ESA legislation') providing for a corporation tax deduction for the cost of providing shares to employees.
The EBT...
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