Taxpayers who use Employee Benefit Trusts (EBT) will lose access to the scheme from March 2015. The scheme, which allows taxpayers to settle outstanding liabilities has come under scrutiny in recent months, most notably with the ongoing dispute between HMRC and Rangers.

The EBT Settlement Opportunity gives those using the scheme the chance to reduce their tax bills by disclosing their liabilities without the threat of penalties. It is estimated that the Settlement Opportunity has raised as much as £800m in tax and NIC since its inception in 2011.

HMRC is expecting the majority of Employee Benefit Trust users to settle before the deadline, therefore avoiding challenging the scheme in court.

The EBT Settlement Opportunity is one of a number of methods HMRC is implementing to reduce tax avoidance. Offering those the chance who have previously avoided tax the chance to settle quickly.