Reform of an anti-avoidance provision: Transfer of Assets Abroad
This document summarises responses received to the wider questions in the 2012 consultation, and seeks further views on the matching rules for the benefits charge and on draft guidance, also published here.
At Budget 2012 the Government announced a consultation on the transfer of assets abroad legislation. The consultation sought views on whether proposed amendments would ensure that the legislation remained compatible with European Union law, on certain clarification changes, and on whether any other changes were required. A new exemption and other changes were legislated in Finance Act 2013 although the proposed changes to the rules for calculating the amount to be charged in certain situations (the matching rules) were deferred to allow for further consultation.
HMRC published draft guidance on the transfer of assets abroad in support of this consultation on 2 August 2013.