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EBT - Employee Benefit Trust

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    EBT - Employee Benefit Trust

    Anyone use EBT's?

    Looking for advice, advantages, disadvantages, do they work, offshore, legality.

    Cheers


    Admin note: for anyone finding this through the search engines more information on EBTs is on the main site here: EBTs - employee benefit trusts
    Last edited by Contractor UK; 21 September 2011, 16:15.

    #2
    Has been covered in great detail (and differing opinions). Difficult to search for though since EBT is too short.

    Personal view is no they don't work any more. Yes they are legal.

    Comment


      #3
      I heard they still worked via offshore co's. Is this correct?

      Comment


        #4
        Effectively useless. Goldon Brown said as much a couple of budgies ago.
        I am not qualified to give the above advice!

        The original point and click interface by
        Smith and Wesson.

        Step back, have a think and adjust my own own attitude from time to time

        Comment


          #5
          Originally posted by Ollie
          I heard they still worked via offshore co's. Is this correct?
          A very risky proposition as they are under increased scrutiny from HMRC. Unless you are very wealthy indeed and stand to save millions, the view is that the risk very much outweighs the gains.

          Comment


            #6
            Originally posted by Ollie
            Anyone use EBT's?

            Looking for advice, advantages, disadvantages, do they work, offshore, legality.

            Cheers
            a) They are illegal. GB made them so after a few stories about footballers using them.

            b) They are (to nick a phrase from someone else) a bargepole mandatory environment.

            When described to me they do seem to be a tad crazy. You take out a secured loan and it is paid off by a company for which said income is unsecured!

            Comment


              #7
              Originally posted by zathras
              a) They are illegal. GB made them so after a few stories about footballers using them.
              Most usage of EBT's may well turn out to be illegal by the users (due to misdeclaration, non disclosure of scheme etc) but the EBT itself is perfectly legal.

              Comment


                #8
                So would it be sensible to steer clear of them?

                Comment


                  #9
                  Wasn't Dignatio an EBT?
                  The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

                  But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

                  Comment


                    #10
                    You can't join EBTs any more in this country. If you were an existing participant prior to Gord's harassment, then you'd be OK, but alas now it is illegal for newcomers.

                    There are other 'schemes' around, which are currently legal, but a little riskier than your standard operations. PAYE is the safest route, then I believe your own Ltd. However, as with all things, less risk means less reward.

                    Risk is a matter of personal perception. You make your own choice.

                    Comment

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