EBT / Stamp Duty schemes 'too good to be true'
A friend of mine bought into an EBT scheme a couple of years ago.
The way they sold it to him was that it was insured by a certain well known insurer and if he ever had to pay any tax then this would be covered by the scheme insurance (seems too good to be true!)
Within a couple of days of the EBT legislation being announced, he received communications from the promoter confirming that the new rules would not apply to this scheme (it seemed almost too soon after the introduction of new rules for any in depth research to be done by them). My friend is still comfortable using it, given the apparent insurance already mentioned.
I am quite concerned that he is not quite seeing the whole picture on this, and possibly being taken for a ride.
The reason this has come to mind now is that I have also seen 'insured' stamp duty avoidance schemes (based on subsale relief) that are saying that the budget this week hasn't changed anything!
Has anyone had any similar experiences?
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