Details

Service: Tax
Industry: Financial Services
Type: Business and industry issue
Date: 8/9/2012

Justine Herridge

Senior Manager, Tax

+44 (0)1624 681000

jherridge@kpmg.co.im

New consultation document on the reform of two UK anti-avoidance provisions

The consultation document (”condoc”) on the reform of section 13 TCGA 1992 and the transfer of assets abroad legislation was published on 30 July 2012.

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The document sets out proposals to:

“Introduce an avoidance motive test and expand the categories of assets excluded from charge under section 13 TCGA,
Add to the transfer of assets legislation a further exemption test based on objective criteria, and
Make other improvements to the two regimes.”

A summary of the proposals in the condoc is set out in the attached document.

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