ECH17035 - Directors: Recovery from the Director personally
When omissions of directors expenses and benefits are discovered
it is Departmental policy to settle the duties arising with the
director personally, usually by a contract settlement.
Contract settlements with individuals are referred to for
accounting purposes only as
- Class 1A settlements
Directors may be liable to penalties for the submission of
incorrect or late personal tax returns
ECH17025.
If the company settles, rather than the director, there
would be a perception that directors were being relieved of their
statutory responsibilities.
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Freedom of Information Act 2000)
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Note:
Omissions of expenses and benefits for directors typically arise
in 'close company' situations. In these situations directors can be
instrumental in arranging untaxed rewards.
(This text has been withheld because of exemptions in the
Freedom of Information Act 2000)
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Freedom of Information Act 2000)
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