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Proposed changes for anti-avoidance rules relating to offshore structure
KEY POINTS
- Disproportionate legislation.
- New motive test for TCGA 1992 s 13 gains.
- Exemption for some transfers of assets abroad.
- More uncertainty for taxpayers.
Advisers of clients who have or benefit from an offshore structure should be aware of changes being made to key parts of the UK anti-avoidance tax legislation affecting non-UK structures.
In this article we will outline the relevant provisions and consider the changes. Legislation will be contained in FA 2013 which is expected to receive royal assent in July though it will in the main be effective retrospectively from 6 April 2012.
European trigger
The trigger for the changes was two notices issued in 2011 by the European Commission. These required the UK government to review two areas of its anti-avoidance tax legislation:
- ...
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