HMRC consults on EU-driven tax avoidance law

HMRC is consulting on proposals to amend two anti-avoidance tax law provisions to ensure that UK legislation is compatible with EU law.

The move is expected to prevent UK residents avoiding capital gains tax (by holding assets through closely controlled company resident abroad) and the transfer of assets abroad (preventing UK ordinarily resident individuals from avoiding income tax through a transfer of assets so that income becomes that of an offshore person).

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