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This way out
KEY POINTS
- Do exit charges represent a restriction on the EU freedoms of establishment and capital.
- Effect of TCGA 1992 s 80 on trustees who move overseas.
- Previous case law decreed that exit charges on a company were acceptable.
- Panayi trustees asked whether exit charges should apply to trusts.
- European Court said it should be possible to defer payment of charges.
For many years advisers have questioned whether the UK’s – admittedly few – capital gains tax exit charges are proportionate and legal or whether they represent a restriction on both freedom of establishment (Art 49 of the Treaty on the Functioning of the EU) and free movement of capital (Arts 63 to 66) – two of the EU’s four fundamental freedoms.
The UK has only four true exit...
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