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The transfer of assets abroad regime after Fisher

Speed read
The HMRC v Fisher Court of Appeal decision deals with many points of importance around the transfer of assets abroad code. At first sight, it has restricted the motive defence, found that the code is compliant with EU laws and denied the necessity for income tax avoidance. But the position of minority shareholders and those who benefit from third party transfers without actively procuring them may still be protected. Even on the issues where HMRC succeeded, there remains scope for other taxpayers to disregard the unusual facts of this case.

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