We never got into Employee Benefit Trusts at Critchleys. It's easy to say with the benefit of hindsight that we were very wise, but if they had turned out more successfully perhaps we'd have been jealous of those who had tried them. Anyway, HMRC have won a major case against Glasgow Rangers and their EBTs, and they are likely to wheel this result out as ammunition for taking on much smaller companies who were talked into setting up such schemes. But getting compensation for schemes that went wrong might be difficult if the people offering them are no longer in business.
You know what they say about the certainty of death and taxes. Well the taxman, reinvigorated by his victory in a test case over employee benefit trusts or EBTs, is sharpening his scythe and about to tap on the doors of thousands of small businesses. Last week, three judges in Scotland’s Court of Sessions opined that EBTs set up by the old Rangers football club (the one that went under more than four years ago) were merely a way for club staff and footballers to avoid their dues to Her Majesty’s Revenue & Customs.