HMRC’s EBT settlement opportunity will justifiably be attractive to many. But before engaging in substantive discussions with HMRC employers should explore in depth the issues that will need to be resolved. Working out in advance how much is payable, how much is recoverable and the practicalities of settlement – by exploring, for example, the maximum PAYE and NICs liability, beneficiary appetite for participation and the basis for apportioning the settlement amount between participants – will allow the employer to enter into a much more efficient, and potentially successful, dialogue with HMRC.