Edward Reed and Claire Tilbrook (Macfarlanes) provide this month’s private client update.
Rialas: has HMRC lost the ‘quasi-transferor’ argument?
Shortly before Christmas the Upper Tribunal (UT) published its decision in HMRC v A Rialas [2020] UKUT 367 (TCC).
The decision is the latest in the series of cases that shows no sign of abating examining the scope of the charging provision in the transfer of assets abroad (TOAA) regime (now contained in ITA 2008 s 720). As it stands at least until the Court of Appeal considers the issue later this year where an offshore structure has acquired an asset at market value from a third party it is extremely unlikely that another individual who is not a transferor in relation to the structure can be treated as being a transferor by having procured the transfer and so be taxed on 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:
Edward Reed and Claire Tilbrook (Macfarlanes) provide this month’s private client update.
Rialas: has HMRC lost the ‘quasi-transferor’ argument?
Shortly before Christmas the Upper Tribunal (UT) published its decision in HMRC v A Rialas [2020] UKUT 367 (TCC).
The decision is the latest in the series of cases that shows no sign of abating examining the scope of the charging provision in the transfer of assets abroad (TOAA) regime (now contained in ITA 2008 s 720). As it stands at least until the Court of Appeal considers the issue later this year where an offshore structure has acquired an asset at market value from a third party it is extremely unlikely that another individual who is not a transferor in relation to the structure can be treated as being a transferor by having procured the transfer and so be taxed on 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:
f1dc7b1a-ffa1-4bc7-b492-3f4b8c14ee62.jpg?sfvrsn=b8086da2_1)
