HMRC toughens position on use of offshore trusts to avoid tax

HMRC is cracking down on the use of disguised remuneration and contractor loans after winning two tax avoidance cases at the tax tribunal over use of offshore trusts to avoid tax and NICs.

The decisions in Hyrax Resourcing Limited and Curzon Capital at the First Tier Tribunal (FTT) involved the use of disguised remuneration to avoid payment of income tax and national insurance contributions (NICs) through the use of offshore trusts.

Read more at Accountancy Daily.