Keith Gordon looks at a case which considers the scope of the transfer of assets abroad legislation
The transfer of assets abroad (TAA) legislation is one of those long-established anti-avoidance provisions that should never be overlooked. However, as it comes up quite rarely in practice, it is easy for advisers to lose sight of the rules.
There are currently three strands to the TAA legislation:
- charging income accruing to persons abroad;
- charging the receipt of capital sums; and
- bringing benefits received from persons abroad into the charge to tax.
This article focuses on the first of those provisions, which lay at the centre of the recent case of HMRC v Rialas  UKUT 367 (TCC).