.png)
.png)
All bets are off(shore)
Key points
- The two branches to the transfer of assets abroad code.
- Case law and the concept of a ‘quasi-transferor’.
- The rules deter UK resident individuals from avoiding tax by moving income-producing assets offshore.
- The Rialas and Fisher cases.
- The two motive defences and the burden of proof.
- There should be a reasonable correlation between liability and economic reality.
- Does the transfer of assets abroad legislation infringe the EU’s free movement principles?
The transfer of assets abroad code (TOAA) is a wide-ranging anti-avoidance measure that taxes UK-resident individuals on income earned by non-resident entities. It has been part of income tax since 1936 but despite its long pedigree there have been relatively few cases delineating its parameters. HMRC’s record with TOAA is also rather mixed. It has been invoked in circumstances in which it has no proper application with it has to be said...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
