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?
- Let Property Campaign 148 2
- is photo id necessary to set up a direct debit? 32 1
- What would you do? 319 2
- Taxable income for previous years 349 8
- VAT position on EU supplies/commission 58 1
- Depreciation on purchase of software 132 2
- Moneysoft - technical query 178 3
- SA302 list of lenders accepting alternative 1,296 16
- App recommendations 321 4
- Defend your local inspector? 616 7
- accountant in Bristol 497 1
- New Company Director PAYE Question 757 20
- Exasperated by HMRC 2,130 19
- How long should one give Aweb … 703 9
- Resident and Non-resident 760 7
- Benefit in Kind - Director loan or not? 160 3
- Client in dispute with Customer over cancellation charge 411 16
- Working Hours Calculation - Rounding Hours up/down 137 2
- Self employed Self Assessment 396 2
- Applying for clearance before 5 years share ownership 172 2
- HMRC arbitrarily amending tax returns for higher rate child benefit charge 354
- Any knowledge of salesorder.com 343
- Chart of account segments; Balance sheet vs P&L 276
- HMRC RTI Filing Problem 251
- Goodwill and the Summer 2015 Budget 251
- Could and would anyone here carry out a hot file review of some non statutory audit work please? 242
- Electric Car 193
- S222 Charge 183
- What is the best acounting software for online international retail business? 171
- Foreign Tax on Pensions 171