Transfer of assets abroad code—motive defence


Produced in partnership with James Quarmby of Stephenson Harwood
Practice notes

Transfer of assets abroad code—motive defence


Produced in partnership with James Quarmby of Stephenson Harwood

Practice notes
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STOP PRESS: Changes to Transfer of Assets Abroad Code At Spring Budget 2024 on 6 March 2024, the government announced that make changes to the transfer of assets abroad code so that individuals cannot bypass the Code by using a company to transfer assets offshore in order to avoid tax. The measure which will apply to individuals who are resident in the UK, introduces a provision that deems individuals who are participators in a close company, or a non-resident company that would be close if they were UK resident, as transferors in relation to relevant transfers made by such companies for the purposes of the Code. The legal change has been introduced in response to the recent Supreme Court decision in HMRC v Fisher, which HMRC lost, and will take effect for income arising to a person abroad from 6 April 2024.

For further information, see Spring Budget 2024—Private Client analysis — International and see: Spring Budget 2024 (web) (para 5.41), OOTLAR  (para 1.15) and TIIN: Amendments to the transfer of assets abroad provisions.

Part 13, Chapter

James Quarmby
James Quarmby

Stephenson Harwood

James is the head of Stephenson Harwood's private wealth team and was recognised as 'lawyer of the year' Magic Circle Awards (2019), 'leading individual' and 'tax and trust lawyer of the year' in the the Wealth Briefing Awards (2018 and 2017) andÌý 'tax and trusts lawyer of the year' in the Spears Wealth Management Awards (2016).
James was also a finalist for 'solicitor of the year' in the Law Society Excellence Awards 2018. He is ranked by Spears as being in the Top 10 tax and trust lawyers in the UK.
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James specialises in international private wealth law and taxation, with a particular expertise in foreign pensions.

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Jurisdiction(s):
United Kingdom
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Key definition:
Anti-avoidance definition
What does Anti-avoidance mean?

This is the term used to refer to the Pensions act 2004 provisions aimed at preventing employers from using corporate structures to avoid pension liabilities.

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