Each week, Tax Journal reports notable judgments on tax issues that have been handed down by the courts and tribunals. This week, we also look back over 2023 and highlight some cases of interest to a wide range of advisers.
1. Fisher: share sale outside the transfer of assets abroad rules
The case of HMRC v Fisher [2023] UKSC 44 concerned a UK betting business owned by a husband and wife and their son and daughter. To avoid UK betting duty the business was transferred to a Gibraltar company. HMRC issued discovery assessments on the parents and son (the daughter was non-UK resident) under the transfer of assets abroad legislation ICTA 1988 ss 739–746 (now ITA 2007 ss 714–751). HMRC argued that because the taxpayers had a controlling interest in the company they could be regarded as the transferors even though it was the company that had transferred...
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Each week, Tax Journal reports notable judgments on tax issues that have been handed down by the courts and tribunals. This week, we also look back over 2023 and highlight some cases of interest to a wide range of advisers.
1. Fisher: share sale outside the transfer of assets abroad rules
The case of HMRC v Fisher [2023] UKSC 44 concerned a UK betting business owned by a husband and wife and their son and daughter. To avoid UK betting duty the business was transferred to a Gibraltar company. HMRC issued discovery assessments on the parents and son (the daughter was non-UK resident) under the transfer of assets abroad legislation ICTA 1988 ss 739–746 (now ITA 2007 ss 714–751). HMRC argued that because the taxpayers had a controlling interest in the company they could be regarded as the transferors even though it was the company that had transferred...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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