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Question of power
Key points
- The ruling by the Upper Tribunal on the appeal by HMRC against the lower tribunal’s decision in August 2019 in the Rialas case again illustrates important points on the transfer of assets abroad rules specifically the meaning of ‘transferor’ in this legislation.
- A dispute over the operation of a UK company led to a transfer of shares on which dividends were later paid.
- A non-UK family trust was established for the benefit of the taxpayer’s family.
- HMRC argued that the taxpayer was liable to income tax under TA 1988 s 739(1) as he was involved in making arrangements.
- The tribunal agreed with the taxpayer that the transfer of assets abroad provisions did not apply because the conditions in TA 1988 s 739 were not met.
On 18 December 2020 the Upper Tribunal (Tax and Chancery Chamber) issued judgment in favour of the taxpayer...
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