Oliver Marre (5 Stone Buildings) discusses the TOAA provisions in the light of the Fisher decision and asks: what should taxpayers do now to avoid penal income tax charges on offshore transfers?
One of the private client world’s long running tax litigation sagas has reached another a milestone with a strident judgment largely in HMRC’s favour from the majority of the Court of Appeal (CA). HMRC v Fisher [2021] EWCA Civ 1438 concerns the application of the transfer of assets abroad (TOAA) provisions – contained at the relevant time in ICTA 1988 Part XVII Chapter III and now found in modified form in ITA 2007 Part 13 Chapter 2 – to the decision to move a betting business to Gibraltar in 2000 by means of the sale of the business by a UK close company (SJA) to a Gibraltarian one (SJG). HMRC contended that the shareholders...
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Oliver Marre (5 Stone Buildings) discusses the TOAA provisions in the light of the Fisher decision and asks: what should taxpayers do now to avoid penal income tax charges on offshore transfers?
One of the private client world’s long running tax litigation sagas has reached another a milestone with a strident judgment largely in HMRC’s favour from the majority of the Court of Appeal (CA). HMRC v Fisher [2021] EWCA Civ 1438 concerns the application of the transfer of assets abroad (TOAA) provisions – contained at the relevant time in ICTA 1988 Part XVII Chapter III and now found in modified form in ITA 2007 Part 13 Chapter 2 – to the decision to move a betting business to Gibraltar in 2000 by means of the sale of the business by a UK close company (SJA) to a Gibraltarian one (SJG). HMRC contended that the shareholders...
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