INTM604340 - Transfer of assets abroad: Administration: Identification of cases where the legislation may apply

An individual’s self-assessment tax return will often be the first point of the identification of cases where the transfer of assets legislation may apply. This is generally from the entries made on the “foreign pages” or in the “additional information box” (white space) of the return. Consequently, those handling receipts of returns have a vital role to play in identifying the potential application of the legislation.

It may be that the amount chargeable to the income charge (INTM600520) or the benefits charge (INTM601400) is shown on the return, or an application for the exemption from charge is included. Officers should not attempt to determine the amount of such charges, nor make any comments on the application of the exemption provisions, without first referring to the WMBC Assets, Incentives and Reliefs (AIR) team in Edinburgh.

In addition to entries on the self-assessment returns, please see the list of indicators that may demonstrate a potential for liability under the transfer of assets legislation at INTM604360, for which a referral to WMBC Assets, Incentives and Reliefs (AIR) is appropriate (see INTM604380). This list is not intended to be exhaustive.