CheckLists.Tax (beta)
C4. Gift by a company
INCOME TAX
​
Transfer of assets abroad
​
- Gift of asset to non-resident person by closely held company as a relevant transfer
​
- The TOAA rules apply to a relevant transfer by a closely-held company in which an individual has a qualifying interest (ITA s.720A).
- Only applies to income arising on or after 6 April 2024 (FA 2024, s.22(10)).
- See further i1. Creation and addition to trust.
​
Legislation:
Cases:
HMRC manuals:
Commentary:
See also:
​
CAPITAL GAINS TAX
​
Attribution of gains of non-resident company to shareholders​
XX
XX
Legislation: TCGA s.3
Cases:
HMRC manuals:
Commentary:
See also:
​
​
CORPORATION TAX
​
INHERITANCE TAX
​
Attribution of IHT transfer of value to shareholders​
XX
XX
Legislation: IHTA
Cases:
HMRC manuals:
Commentary:
See also:
​
​
Gift with reservation of benefit
​
- Gifts made by companies
​
- HMRC say that gifts made by persons who are not individuals, such as companies, are not within the scope of GWR (IHTM14312).
- Query the position where transfer of value is attributed to shareholders.
- Gift does not need to be made to an individual to be a GWR.
Legislation:
Cases:
HMRC manuals: IHTM14312;
Commentary: McCutcheon 7-47;
See also:
​