Would someone be kind enough to give me a brief summary of the depreciating foreign exchange loan schemes that were prevalent a few years ago.
Specifically, where contractors would be remunerated via an employee loan, which was converted into a rapidly depreciating currency, rendering the repayment value of the loan almost negligible.
I seem to recall that there was legislation to bring this to a close, but I can't recall the specifics.
On a similar note, were there other foreign exchange related schemes that were caught up by the tightening of the rules?
Thanks.
Specifically, where contractors would be remunerated via an employee loan, which was converted into a rapidly depreciating currency, rendering the repayment value of the loan almost negligible.
I seem to recall that there was legislation to bring this to a close, but I can't recall the specifics.
On a similar note, were there other foreign exchange related schemes that were caught up by the tightening of the rules?
Thanks.
