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VIDEO

Tax implications of West 28th Street

As part of our ongoing monitoring of the West 28th Street situation, we wanted to share a new video update from Euan Palmer, Partner in our Disputes team, and Ingrid McCleave, Head of Tax.

In this discussion, Euan and Ingrid explore the potential tax implications arising from the correspondence being issued by West 28th Street and address one of the most common questions we have received from those affected.

In particular, they discuss:

  • the position for individuals who have previously settled their tax affairs with HMRC in relation to contractor loan, disguised remuneration or similar arrangements;
  • the position for individuals who have not settled with HMRC;
  • the distinction between historic tax liabilities and any alleged underlying loan; and
  • some of the key considerations that may arise if West 28th Street seeks to take further steps in relation to the alleged loan balances.

As with our previous updates, the video is intended to provide general information and context only. Individual circumstances differ and no legal or tax advice can be given without formally reviewing your position.

Find out more about West 28th Street letter here.




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