Hi,
I have a new client, who joined some EBT (Employee Benefit Trust) schemes several years ago, the client is concerned that he will receive an APN notice from HMRC shortly, following a crack down on these schemes during the last year.
The loans were treated as benefit in kinds - interest free loans/low interest loans and were reported on the relevant P11'd's, taking into account cash equivalents.
However, the lump sum of loans paid to client remain with him and not to going to be paid back. What tax implications are there of this, and what needs to be done as I would imagine the tax computations for the relevant tax years will need to be reworked and the liabilities paid to HMRC plus penalties and interest.
Looking forward to any advice.
Many thanks
Ruby
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