On 24 July 2014 HMRC announced a settlement opportunity relevant to around 16,000 taxpayers.

The settlement opportunity is targeted at strategies described by HMRC as involving individuals signing a contract of employment with an offshore employer. Remuneration from contracts in the UK is then provided to the employee in the form of non-taxable loans.

The offer is for the tax years up to 5 April 2011 and is open until 9 January 2015. To read HMRC’s announcement of the settlement offer click here

For more detail on the settlement offer click here