FMCs
s739 Taxes Act 1988
.
ie you can't avoid tax in the UK by giving it to a company overseas eg IOM, Jersey, Guernsey etc etc
I think that, the controlled foreign companies legislation and the transfer pricing legislation about covers it.
As I've said before, do not believe that any of these schemes will work unless you have in your hand a letter from the Inland Revenue saying everything is fine and above board for your particular circumstances.
s739 Taxes Act 1988
the following provisions of this section shall have effect for the purpose of preventing the avoiding by individuals ordinarily resident in the United Kingdom of liability to income tax by means of transfers of assets by virtue or in consequence of which, either alone or in conjunction with associated operations, income becomes payable to persons resident or domiciled outside the United Kingdom
ie you can't avoid tax in the UK by giving it to a company overseas eg IOM, Jersey, Guernsey etc etc
I think that, the controlled foreign companies legislation and the transfer pricing legislation about covers it.
As I've said before, do not believe that any of these schemes will work unless you have in your hand a letter from the Inland Revenue saying everything is fine and above board for your particular circumstances.
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