Upper Tribunal applies conforming interpretation of exit tax legislation.
In The Trustees of the Panico Panayi Accumulation and Maintenance Settlements Numbers 1 to 4 and another v HMRC [2024] UKUT 319 (TCC) (8 October) the Upper Tribunal (UT) considered two joined appeals against decisions of the First-tier Tribunal (FTT) that exit taxes imposed on trustees of a settlement and a company as a result of ceasing to be UK resident for tax purposes ought not to be disapplied.
In respect of the trustee appellant the majority of the trustees of the relevant settlement ceased to be UK resident (and became resident in Cyprus) in August 2004. The company appellant moved its place of effective management to the Netherlands in January 2008. HMRC issued closure notices to the appellants including charges under the exit tax provisions at TCGA 1992 s 80 and s 185 respectively.
The FTT in the...
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Upper Tribunal applies conforming interpretation of exit tax legislation.
In The Trustees of the Panico Panayi Accumulation and Maintenance Settlements Numbers 1 to 4 and another v HMRC [2024] UKUT 319 (TCC) (8 October) the Upper Tribunal (UT) considered two joined appeals against decisions of the First-tier Tribunal (FTT) that exit taxes imposed on trustees of a settlement and a company as a result of ceasing to be UK resident for tax purposes ought not to be disapplied.
In respect of the trustee appellant the majority of the trustees of the relevant settlement ceased to be UK resident (and became resident in Cyprus) in August 2004. The company appellant moved its place of effective management to the Netherlands in January 2008. HMRC issued closure notices to the appellants including charges under the exit tax provisions at TCGA 1992 s 80 and s 185 respectively.
The FTT in the...
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