New UK tax legislation to clamp down on city bonuses and its consequences on offshore trust structures

On 9 December 2010 the UK Government released new draft tax legislation which had the aim of tackling arrangements involving trusts or other structures used to reward employees, which seek to avoid or defer the payment of UK income tax or National Insurance Contributions (NIC). The new rules were released under the broad headings of "Employment Income Through Third Parties" and "Disguised Remuneration".

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