All bets are off

Rebecca Sheldon considers the role that the Transfer of Assets Abroad code plays in the sale of a UK telebetting business to a Gibraltar company

In Fisher v HMRC [2020] UKUT 62 (TCC), Philip Baker QC and Rory Mullan successfully represented taxpayers Stephen, Anne and Peter Fisher ('the taxpayers') on appeal from the decision of the First-tier Tribunal on 14 August 2014.

The case concerns the tax consequences of the sale and transfer in March 2000 of a telebetting business by a UK resident company called Stan James Abingdon Ltd (SJA) to a Gibraltar company named Stan James Gibraltar Ltd (SJG).

Factual summary

Stephen and Anne Fisher were resident in the UK during the relevant times, while Peter was resident in the UK until 2004. The family ran the Stan James Betting business.