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Between 2000 and 2003 Aberdeen used an employee benefit trust (EBT) to pay senior directors, with around £31m thought to have been free of income tax and national insurance.
In a Scottish Court of Session hearing, HMRC won an appeal that tax and national insurance of £7m should have been paid on bonuses which were later converted into shares.
The rules over EBTs were changed in 2003 to make them illegal, however the appeal was based on whether the structure was appropriate prior to this point.
Xavier Meyer comes in
Group will launch £4.5m in cost-saving measures over the coming months
The reluctance of platforms to allow for fractional trading means the inclusion of ETFs and investment trusts within MPS is being constrained
Record annual IHT take last tax year of £7.5bn likely to be beaten
Securing an income is no-longer purely a mathematical calculation, writes Oxford Risk’s Greg B Davies
Fund has split its fixed income exposure into four, rather than using a single broad index
