|
Between 2000 and 2003 Aberdeen used an employee benefit trust (EBT) to pay senior directors, with around £31m thought to have been free of income tax and national insurance.
In a Scottish Court of Session hearing, HMRC won an appeal that tax and national insurance of £7m should have been paid on bonuses which were later converted into shares.
The rules over EBTs were changed in 2003 to make them illegal, however the appeal was based on whether the structure was appropriate prior to this point.
Key events for wealth managers in the week beginning 25 November
The label will come into effect on the 27 November
Global climate assets up 6% in first nine months of 2024
Reluctance of platforms to allow for fractional trading means the inclusion of ETFs and trusts within model portfolio services is being constrained
88% of companies globally either raised payouts or maintained their level
Number of women in the industry increases but female representation in the 50-64 age bracket declined, according to inclusion report
