|
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.
Mercantile Investment Trust amid new class of funds to be awarded ratings
JPMorgan Liquidity funds will invest in short-term government bonds and other money market instruments
Has been part of the Economic Advantage team since 2022
Markets scaled back expectations of rate cuts in the US for 2024 from six cuts to two
Team includes head of emerging market debt Diliana Deltcheva
Dan Nickols, who also co-manages Rights and Issues Investment Trust, will step down at the end of June
