A final word

This publication is designed as an outline guide only. There is a good reason for this – there are any number of instances where:

a specific tax or transaction cannot be considered in isolation because it overlaps with other areas of tax;
there are a myriad of inter-related rules that can prevent tax relief from being obtained or can create unexpected tax liabilities.

Whilst by no means an exhaustive list, here are just a few of the areas where tax problems can arise:

transactions involving shares in unlisted companies.
parents passing income generating assets to minor children.
transactions caught by H M Revenue & Customs' General Anti-Abuse Rule (GAAR) or Targeted Anti-Abuse Rule (TAAR).
transactions caught by the Settlement Provisions (where value is given up in order that another person may benefit from that value).
Value Shifting (diminishing the value of an asset such that another person’s asset gains in value).
directly or indirectly passing value to employees.
transactions between connected persons.

The difficulty is that the legislation is drawn up so as to attempt to prevent its misuse – unfortunately that often results in long and complex legislation which creates restrictions not originally intended or foreseen when the legislation was drafted.

We are here to help you navigate through these complex rules in order to help you achieve your desired outcome."

Publication Date: January 2023. Haines Watts and The Haines Watts Group generally refer to the network of member organisations, each of which is a separate and independent legal entity. Each entity has signed a participation agreement with Haines Watts Limited, or is controlled by such a firm. Member organisations are not members of one legal entity and are only liable for their own acts and omissions, and not those of each other. © Haines Watts Limited. All rights reserved. All published material remains the property of Haines Watts Limited and is replicated with the permission of Haines Watts Limited. Disclaimer - for information of users: This Guide is published for information purposes only. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained herein can be accepted by the authors or the firm. All content is correct as of publication date.