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Q&A: Changes to the transfer of assets abroad rules

29 April 2024 / Matthew Greene
Issue: 4934 / Categories: Comment & Analysis
Changes to the transfer of assets abroad rules in the spring Finance Bill.

The government has set out its proposed changes to the transfer of assets abroad (TOAA) rules to limit the potential fallout from aspects of the recent Supreme Court decision in Fisher and another v CRC. Where the TOAA rules apply income is treated as arising to an individual where the individual transferred an asset abroad resulting in income becoming payable to a person overseas in circumstances where the individual still has power to enjoy that income. In Fisher the Supreme Court rejected HMRC’s argument that shareholders in a close company could be treated as ‘quasi-transferors’ and therefore subject to the TOAA rules even though a company made the relevant transfer.

What was HMRC’s point?

HMRC had sought to argue that its view of the existing rules was necessary to prevent the use of companies to circumvent the TOAA regime.

The Supreme Court rejected this...

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