Rory Mullan (Old Square Tax Chambers) examines two cases that demonstrate the importance of establishing the fundamental requirements of the TOAA code before a charge can be imposed.
When it comes to discouraging offshore tax planning one of the main weapons in HMRC’s armoury is the transfer of assets abroad (TOAA) code. These provisions have a long and storied history; they were first introduced in FA 1936 s 18 and are now found in ITA 2007 Part 13 Chapter 2.
Two recent FTT cases – Hoey v HMRC [2019] UKFTT 489 (TC) (in which the author appeared for the taxpayer) and Rialas v HMRC [2019] UKFTT 520 (TC) – illustrate the range of issues that continue to arise when applying the TOAA code. Both cases were heard by Judge Philip Gillett who found against HMRC in each case for differing reasons. Both cases addressed the...
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Rory Mullan (Old Square Tax Chambers) examines two cases that demonstrate the importance of establishing the fundamental requirements of the TOAA code before a charge can be imposed.
When it comes to discouraging offshore tax planning one of the main weapons in HMRC’s armoury is the transfer of assets abroad (TOAA) code. These provisions have a long and storied history; they were first introduced in FA 1936 s 18 and are now found in ITA 2007 Part 13 Chapter 2.
Two recent FTT cases – Hoey v HMRC [2019] UKFTT 489 (TC) (in which the author appeared for the taxpayer) and Rialas v HMRC [2019] UKFTT 520 (TC) – illustrate the range of issues that continue to arise when applying the TOAA code. Both cases were heard by Judge Philip Gillett who found against HMRC in each case for differing reasons. Both cases addressed 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:
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