HMRC v Fisher: the transfer of assets abroad regime - beating the house

21 March 2024

In this article, for British Tax Review, Jennifer Smithson, Richard Giangrande, Alex Jones, Andy Carruthers and Klara Kronbergs consider the recent Supreme Court decision in HMRC v Fisher [2023] UKSC 44 (which has now been largely reversed by amendments to the relevant legislation as announced in the Spring Budget 2024).

Developments in the world of the transfer of assets abroad (ToAA) regime do not come around that often. Yet, like London buses, two developments arrived in 2023 as bookends to the calendar year. First, in January, HMRC published a new section of its International Manual covering the regime, updating and replacing draft guidance that was issued in 2013 but, until last year, never finalised. Then, in December, the Supreme Court handed down judgment in Fisher. That decision, which marked a second reversal and final victory for the taxpayers, is the focus of this article and an important case for practitioners advising on these rules.

Read the full article.

This material was first published by Thomson Reuters, trading as Sweet & Maxwell, 5 Canada Square, Canary Wharf, London, E14 5AQ, in the British Tax Review as ‘HMRC v Fisher: the transfer of assets abroad regime – beating the house’ [2024] B.T.R., No.1 and is reproduced by agreement with the publishers.

Knowledge lawyer, Klara Kronbergs, is a co-author on this article.