More than £2bn in unpaid tax remains to be collected from offshore trusts that companies unlawfully used to allow employees to minimise income tax, according to HMRC.
Internal estimates obtained by The Times reveal that two years after starting a settlement scheme to encourage businesses to come forward and pay the outstanding tax, HMRC has collected less than a quarter of the amount it believes it is owed by companies that used employee benefit trusts (EBTs) to disguise remuneration.
Legal experts told the newspaper that most companies targeted by the taxman believed that the...
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.