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Spotlight shines on restricted securities avoidance

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HMRC has published a new spotlight about an employee bonuses tax avoidance scheme involving restricted securities. In the November 2013 spotlight, HMRC detailed its win in a case in the tribunals involving an attempt to avoid tax and NIC on employee bonuses, LM Ferro Ltd v HMRC [2013] UKFTT 387 (TC), where a bonus was paid in the form of an award of shares. HMRC says it ‘expects those who used these schemes to make full payment of the tax and NIC due, plus interest. Those companies and employees affected should contact HMRC to settle their liabilities and prevent additional interest accruing. You can contact HMRC on telephone number 03000 532624.’