21 November 2023
Commissioners for His Majesty’s Revenue and Customs (Respondent) -v- Fisher and another
The Supreme Court has upheld the taxpayers’ arguments that they were not transferors for the purposes of the Transfer of Assets Abroad Regime (section 739 ICTA 1988 and section 720 ITA 2007). The case concerned the transfer of a business by a UK company of which the taxpayers were each minority shareholders to a company resident in Gibraltar. The Court has held that, in circumstances in which the taxpayers were each minority shareholders in the company that made the transfer of assets, they were not either singly or collectively the transferors of the business.
David Ewart KC, Brendan McGurk (Monckton Chambers), Barbara Belgrano , Ben Elliott and Emilia Carslaw (5SB) represented HMRC.
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