INTM600010 - Transfer of assets abroad

Introduction

ICTA88/S739 to ICTA88/S746 provide wide-ranging anti-avoidance powers, designed to prevent the avoidance of Income Tax by individuals. The legislation counteracts avoidance by individuals who use overseas companies, trusts or other entities to reduce UK tax liability

CAR Residency, Bootlehas both Technical and Operational responsibility for the application of the legislation.

Section 739 applies to an individual who transfers assets, or who procures or is associated with a transfer by somebody else. See INTM600020 for an overview of Section 739.

Section 740 applies to an individual who has not personally transferred assets but who benefits from a transfer made by somebody else. See INTM600030 for an overview of Section 740.

Section 741 provides an exemption from the legislation in certain circumstances. Any claim to exemption must be referred to CAR Residency, Bootlewithout entering into correspondence with the taxpayer or agent on the subject. See INTM600040.

INTM600050 explains when you should make a referral to CAR Residency, Bootle, whilst INTM600070 lists the information CAR Residency, Bootlewill need.

INTM600060 provides a checklist of indicators of potential tax avoidance.