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Article summary

HM Revenue & Customs (HMRC) has published settlement terms for companies or individuals who have used certain tax avoidance schemes involving remuneration trusts. HMRC report that these schemes do not work to deliver the ‘tax free’ environment they claim and that the scheme design may have a fundamental flaw resulting in no valid transfer of funds to a trust. The settlement is only open for individuals or companies whose scheme use meets certain criteria which are set out fully in the terms. The settlement opportunity will be open for applicants until 31 July 2022.