The Supreme Court has effectively left it open to future courts to counteract artificial avoidance, writes Ben Elliott (Pump Court Tax Chambers).
The transfer of assets abroad regime
The transfer of assets abroad regime (‘TOAA’) is one of the UK’s oldest anti-avoidance codes. First introduced by FA 1936 the regime has been re-enacted four times – ITA 1952 ICTA 1970 ICTA 1988 and it presently resides in ITA 2007 Part 13 Chapter 2. The regime has expanded but the primary charging provision (now ITA 2007 s 720) has remained remarkably similar since the regime’s creation.
In HMRC v Fisher [2023] UKSC 44 both ICTA 1988 (s 739) and ITA 2007 (s 720) were under consideration by the courts. The Supreme Court refers primarily to the ICTA 1988 (as does this article) but the judgment applies equally to the current legislation in ITA 2007.
The main...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
The Supreme Court has effectively left it open to future courts to counteract artificial avoidance, writes Ben Elliott (Pump Court Tax Chambers).
The transfer of assets abroad regime
The transfer of assets abroad regime (‘TOAA’) is one of the UK’s oldest anti-avoidance codes. First introduced by FA 1936 the regime has been re-enacted four times – ITA 1952 ICTA 1970 ICTA 1988 and it presently resides in ITA 2007 Part 13 Chapter 2. The regime has expanded but the primary charging provision (now ITA 2007 s 720) has remained remarkably similar since the regime’s creation.
In HMRC v Fisher [2023] UKSC 44 both ICTA 1988 (s 739) and ITA 2007 (s 720) were under consideration by the courts. The Supreme Court refers primarily to the ICTA 1988 (as does this article) but the judgment applies equally to the current legislation in ITA 2007.
The main...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
