Supreme Court upholds sale to Gibraltar company as being outside transfer of assets abroad code.
In HMRC v Fisher [2023] UKSC 44 (21 November 2023) the Supreme Court (SC) unanimously decided that the individual who is liable to the primary charge is the one who makes the transfer of assets abroad. The transfer of assets by a company is not to be treated as a transfer by the shareholders or directors.
Stan James (Abington) Ltd operated a telephone betting business within the UK. The business was owned by the Fishers Stephen Anne their son Peter and daughter Dianne.
In March 2020 the entire business of Stan James (Abington) Ltd (apart from 12 shops) was transferred to Stan James Gibraltar Limited. Both businesses were owned by the Fisher family.
The reason for making the transfer was to avoid a catastrophic demise of the business owing to the...
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:
Supreme Court upholds sale to Gibraltar company as being outside transfer of assets abroad code.
In HMRC v Fisher [2023] UKSC 44 (21 November 2023) the Supreme Court (SC) unanimously decided that the individual who is liable to the primary charge is the one who makes the transfer of assets abroad. The transfer of assets by a company is not to be treated as a transfer by the shareholders or directors.
Stan James (Abington) Ltd operated a telephone betting business within the UK. The business was owned by the Fishers Stephen Anne their son Peter and daughter Dianne.
In March 2020 the entire business of Stan James (Abington) Ltd (apart from 12 shops) was transferred to Stan James Gibraltar Limited. Both businesses were owned by the Fisher family.
The reason for making the transfer was to avoid a catastrophic demise of the business owing to the...
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:
