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Lessons from Fisher
Key points
- The Court of Appeal Fisher judgment is the most important recent judgment on the TOAA code.
- The comprehensive technical analysis set out in the leading judgment of Newey LJ can be used when considering pre transaction planning and also evaluating structures currently in place.
- The decisions were fact dependent providing scope to differentiate where the facts are different.
- An appeal to the Supreme Court seems likely and there may be one or more further twists in this long running saga.
On 6 October 2021 the latest chapter in the transfer of assets abroad (TOAA) saga of HMRC v Fisher (tinyurl.com/cafisheroct) took place when the Court of Appeal judgment was handed down. Prior to this the case had been heard before the First-tier Tribunal in 2014 and the Upper Tribunal in 2020.
This article considers the Court of Appeal judgment itself (summarised in Table 2) ...
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