Transfer of assets abroad | Croner-i Tax and Accounting

Accrued income profits and related interest, amounts corresponding to

Legislation/Regulatory – ITA2007 s. 747

Accrued income scheme

Commentary – Tax Reporter ¶336-300

Anti-avoidance

Associated operation, meaning

Legislation/Regulatory – IRInt. 192

Charge

Legislation/Regulatory – IRInt. 192

Double charge

Legislation/Regulatory – IRInt. 192

Exemptions

Legislation/Regulatory – IRInt. 192

Gains from life insurance etc.

Legislation/Regulatory – ITTOIA2005 s. 468

Information required

Legislation/Regulatory – IRInt. 192

Liability of non-transfers

Legislation/Regulatory – IRInt. 192

Appeals, tribunal's jurisdiction

Legislation/Regulatory – FA2013 Sch. 10, para. 8 ; ITA2007 s. 751

Assets, meaning

Legislation/Regulatory – ITA2007 s. 717

Associated operation, meaning

Legislation/Regulatory – IRInt. 192 ; ITA2007 s. 719, Sch. 2, para. 141

Associated operations

Commentary – Tax Reporter ¶129-620

Banks, protection for

Commentary – Tax Reporter ¶130-880

Capital sums received, charge where

Capital receipt conditions

Legislation/Regulatory – ITA2007 s. 729

Deductions and reliefs

Legislation/Regulatory – FA2013 Sch. 10, para. 19 ; ITA2007 s. 746

Generally

Legislation/Regulatory – FA2013 Sch. 10, para. 4 ; ITA2007 s. 727

HMRC Guidance – BIM100190 ; IHTM30037 ; INTM610180 ; INTM610250 ; INTM610260

Individuals to whom income is treated as arising

Legislation/Regulatory – FA2013 Sch. 10, para. 14 ; ITA2007 s. 728, Sch. 2, para. 141

Non-domiciled individuals

Legislation/Regulatory – FA2013 Sch. 10, para. 15 ; ITA2007 s. 730

Personal representatives, persons abroad

Legislation/Regulatory – ITA2007 Sch. 2, para. 136, 137

Persons abroad

Legislation/Regulatory – ITA2007 Sch. 2, para. 134-137

Rate of tax

Legislation/Regulatory – FA2013 Sch. 10, para. 18 ; ITA2007 s. 745

Trustees, persons abroad

Legislation/Regulatory – ITA2007 Sch. 2, para. 134, 135

Charge on non-transferors

Capital gains tax charge, interaction with

Commentary – Tax Reporter ¶130-310

Generally

Commentary – Tax Reporter ¶130-200 ; Tax Reporter ¶130-220 ; Tax Reporter ¶130-250

Case Law – Ronald Arthur Vestey and Others v. Commissioners of Inland Revenue

Quantifying value of the benefit

Commentary – Tax Reporter ¶130-280

Charge on transferors

Beneficial enjoyment of income from exercise of powers

Commentary – Tax Reporter ¶129-800

Benefit of the transferor

Commentary – Tax Reporter ¶129-740

Case Law – LATILLA COMMISSIONERS OF INLAND REVENUE

Benefit out of income of/moneys available to, non-resident by reason of associated operations

Commentary – Tax Reporter ¶129-780

Case Law – LORD HOWARD DE WALDEN v. COMMISSIONERS OF INLAND REVENUE

Capital sum received

Commentary – Tax Reporter ¶130-000 ; Tax Reporter ¶130-050

Case Law – LEE v. COMMISSIONERS OF INLAND REVENUE ; Ramsden v. Commissioners of Inland Revenue ; Ronald Arthur Vestey and Others v. Commissioners of Inland Revenue

Control over income

Commentary – Tax Reporter ¶129-820

Case Law – (1) Lord Vestey's Executors and Vestey v. Commissioners of Inland Revenue (2) Lord Vestey's Executors and Vestey v. Colquhoun (H.M. Inspector of Taxes) (3) Lord Vestey's Executors and Vestey v. Commissioners of Inland Revenue ; LEE v. COMMISSIONERS OF INLAND REVENUE

Generally

Commentary – Tax Reporter ¶129-700

HMRC Guidance – INTM600020

Case Law – CONGREVE AND CONGREVE v. COMMISSIONERS OF INLAND REVENUE ; LORD HOWARD DE WALDEN v. COMMISSIONERS OF INLAND REVENUE

Increased value of assets held by transferor

Commentary – Tax Reporter ¶129-760

Power to enjoy

Commentary – Tax Reporter ¶129-720

Substance over form

Commentary – Tax Reporter ¶129-840

Cheating the public revenue

Case Law – R v Allen [2001] BTC 421 ; R v Dimsey [2001] BTC 408

Company residence for transfers between 20 March 1990 and 29 November 1993

Legislation/Regulatory – ITA2007 Sch. 2, para. 138

Computation of amount chargeable

Commentary – Tax Reporter ¶130-700

Case Law – Lord Chetwode v. Commissioners of Inland Revenue

Credit for tax deducted at source

Commentary – Tax Reporter ¶130-790

Deductions available

Commentary – Tax Reporter ¶130-760

Deeply discounted securities

Legislation/Regulatory – ITTOIA2005 s. 459

Double charge

Legislation/Regulatory – IRInt. 192

Double charges

Commentary – Tax Reporter ¶130-730

Duplication of charges prohibited

Generally

Legislation/Regulatory – FA2013 Sch. 10, para. 16 ; ITA2007 s. 743

Taking income into account

Legislation/Regulatory – FA2013 Sch. 10, para. 17 ; ITA2007 s. 744

Exemptions from charge

Post-5 April 2012 genuine transactions

Commentary – Tax Reporter ¶130-650–Tax Reporter ¶130-675

Transactions on or after 5 December 2005

Commentary – Tax Reporter ¶130-410–Tax Reporter ¶130-470

Case Law – A Beneficiary v IR Commrs ; Carvill v IR Commrs ; Commissioners of Inland Revenue v. Brebner ; Philippi v. Commissioners of Inland Revenue

Transactions prior to 5 December 2005

Commentary – Tax Reporter ¶130-550–Tax Reporter ¶130-630

Exemptions from liability

Commercial transaction, meaning

Legislation/Regulatory – ITA2007 s. 738

Generally

Legislation/Regulatory – FA2013 Sch. 10, para. 6 ; IRInt. 192 ; ITA2007 s. 736

Genuine transactions post-12 April 2012

Legislation/Regulatory – FA2013 Sch. 10, para. 7 ; ITA2007 s. 742A

Partial exemption

Legislation/Regulatory – ITA2007 s. 741, 742

Relevant transactions both pre-5 December and post-4 December 2005

Legislation/Regulatory – ITA2007 s. 740

Relevant transactions post-4 December 2005 transactions

Legislation/Regulatory – ITA2007 s. 737

Relevant transactions pre-5 December 2005

Legislation/Regulatory – ITA2007 s. 739

Generally

Commentary – Tax Reporter ¶129-500

Case Law – Ronald Arthur Vestey and Others v. Commissioners of Inland Revenue

Information, HMRC's powers

Commentary – Tax Reporter ¶130-820

Information, power to obtain

Banks, restriction on particulars to be provided

Legislation/Regulatory – ITA2007 s. 750

Generally

Legislation/Regulatory – IRInt. 192 ; ITA2007 s. 748

Lawyers, restriction on particulars to be provided

Legislation/Regulatory – ITA2007 s. 749, Sch. 2, para. 139

Liability of non-transfers

Legislation/Regulatory – IRInt. 192

Multiple transferors

Commentary – Tax Reporter ¶129-560

Case Law – Ronald Arthur Vestey and Others v. Commissioners of Inland Revenue

Non-domiciled person

Commentary – Tax Reporter ¶129-640 ; Tax Reporter ¶130-770

Case Law – (1) ADMIRAL EARL BEATTY'S EXECUTORS v. COMMISSIONERS OF INLAND REVENUE (2) HON. PETER BEATTY v. COMMISSIONERS OF INLAND REVENUE (3) EARL BEATTY v. COMMISSIONERS OF INLAND REVENUE

Non-residents

Commentary – Tax Reporter ¶129-640

Case Law – (1) ADMIRAL EARL BEATTY'S EXECUTORS v. COMMISSIONERS OF INLAND REVENUE (2) HON. PETER BEATTY v. COMMISSIONERS OF INLAND REVENUE (3) EARL BEATTY v. COMMISSIONERS OF INLAND REVENUE

Non-transferors receiving a benefit, charge where

Generally

Legislation/Regulatory – FA2013 Sch. 10, para. 5 ; ITA2007 s. 731

HMRC Guidance – INTM610180 ; INTM610250 ; INTM610260

Income treated as arising

Legislation/Regulatory – ITA2007 s. 732, Sch. 2, para. 133

HMRC Guidance – CG38700

Method for determining amount

Legislation/Regulatory – ITA2007 s. 733

HMRC Guidance – CG38625 ; CTM36835 ; INTM610260

Non-domiciled individuals

Legislation/Regulatory – ITA2007 s. 735, 735A

Recipients of onward gifts

Legislation/Regulatory – ITA2007 s. 733B-733E

Reduction in amount charged, previous capital gains tax charge

Legislation/Regulatory – ITA2007 s. 734

Reduction in amount charged, previous settlements charge

Legislation/Regulatory – ITA2007 s. 734A

Offshore funds

Legislation/Regulatory – SI 2009/3001 reg. 21

Ordinarily resident individuals

Commentary – Tax Reporter ¶129-520

Overview

Legislation/Regulatory – ITA2007 s. 714

HMRC Guidance – CFM70110 ; SAIM3120

Person abroad, meaning

Legislation/Regulatory – FA2013 Sch. 10, para. 2 ; ITA2007 s. 718

HMRC Guidance – INTM610040 ; INTM610050

Power to enjoy income, charge where

Controlled foreign companies, apportionment

Legislation/Regulatory – FA2013 Sch. 10, para. 12 ; ITA2007 s. 725

Deductions and reliefs

Legislation/Regulatory – FA2013 Sch. 10, para. 19 ; ITA2007 s. 746

Enjoyment conditions

Legislation/Regulatory – ITA2007 s. 723

Generally

Legislation/Regulatory – FA2013 Sch. 10, para. 3 ; IRInt. 192 ; ITA2007 s. 720

HMRC Guidance – BIM100190 ; CG38540 ; CG57213 ; IHTM44025 ; INTM610180 ; INTM610250 ; INTM610260

Individuals to whom income is treated as arising

Legislation/Regulatory – FA2013 Sch. 10, para. 10 ; ITA2007 s. 721, 722, Sch. 2, para. 140, 141

Non-domiciled individuals

Legislation/Regulatory – FA2013 Sch. 10, para. 13 ; ITA2007 s. 726

Rate of tax

Legislation/Regulatory – FA2013 Sch. 10, para. 18 ; ITA2007 s. 745

Receipt of benefit provided

Legislation/Regulatory – FA2013 Sch. 10, para. 11 ; ITA2007 s. 724

Procurement

Commentary – Tax Reporter ¶129-540

Relevant lawyers, protection for

Commentary – Tax Reporter ¶130-850

Relevant transaction

Legislation/Regulatory – ITA2007 s. 715

Relevant transactions

Commentary – Tax Reporter ¶129-580

Relevant transfer, meaning

Legislation/Regulatory – ITA2007 s. 716, Sch. 2, para. 141

Reliefs available

Commentary – Tax Reporter ¶130-760

Remittance basis

Legislation/Regulatory – ITA2007 s. 726, 730, 735, 735A

Residence status

Commentary – Tax Reporter ¶129-520

Settlor-interested trusts

Commentary – 16.4.1

Tax avoidance

Generally

Case Law – I.R. Commrs. v. Brackett & related appeals. [1986] BTC 415

Liability to tax on dividends paid

Case Law – Carvill v IR Commrs (2000) Sp C 233 ; Carvill v Inland Revenue Commissioners; R (on the application of Carvill) v Inland Revenue Commissioners. [2002] BTC 329

Power to enjoy income

Case Law – Inland Revenue Commissioners v. Botnar. [1997] BTC 613 ; Inland Revenue Commissioners v Botnar. [1999] BTC 267

Private portfolio bonds, residence status

Case Law – IR Commrs v. Willoughby. [1997] BTC 393 ; Inland Revenue Commissioners v. Willoughby & Anor. [1995] BTC 144

Ramsay principle, income of beneficiary of trust

Case Law – Inland Revenue Commissioners v. McGuckian. [1997] BTC 346

Sale of land

Case Law – Inland Revenue Commissioners v. Pratt; Inland Revenue Commissioners v. Jacombs; Inland Revenue Commissioners v. Morris. [1982] BTC 319

Transfer of UK betting business to a Gibraltar company

Case Law – Fisher & Ors [2014] TC 03921

Transfer of assets

Commentary – Tax Reporter ¶129-600

Transfer, meaning

Legislation/Regulatory – ITA2007 s. 716, Sch. 2, para. 141

Value benefits

Legislation/Regulatory – F(No. 2)A2017 Sch. 9