The consultation published today outlines proposals for legislation on "Disguised Remuneration"which could have a significant impact on Channel Islands fiduciary businesses providing services in relation to employee benefit trusts. At present UK directors and employees can make arrangements involving offshore trusts which enable the avoidance, reduction or deferral of income tax / NIC liabilities. In future it looks as this if is going to be a lot harder to achieve. The UK Treasury estimates that the changes could increase tax receipts by up to £500mn p.a., which gives an indication of the scale of this business.
For more information follow this link to the consultation: http://www.hm-treasury.gov.uk/finance_bill_2011.htm
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