As the country faces economic uncertainty, which may mean some businesses look to restructure or refinance their debts, we thought it would be helpful to outline the rules around when individuals and trustees can get tax relief for debts that may be, or become, irrecoverable. We will not touch on lending between companies in this Bite, which was the subject of a recent Tax Bite and is available...
Read moreOne of the inevitable consequences of the economic downturn resulting from the Covid-19 crisis is that many companies will need to take steps to restructure debts. This Tax Bite very briefly highlights some of the most important tax points to be aware of on common debt restructuring actions, and some consequences companies may not have thought of. • General rule – debt waivers are taxable – where...
Read moreWe are getting an increased number of enquiries about EMI options, sometimes linked with a salary sacrifice. Companies are hoping to agree low values with HMRC as a result of the economic uncertainty (we will update you once we have seen how HMRC are responding to these valuation submissions) and we have also seen companies wanting to reduce salaries in return for EMI options – this raises some...
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