Offshore trusts: capital payments to UK beneficiaries free of gains under flip-flop II (Upper Tribunal) | Practical Law

Offshore trusts: capital payments to UK beneficiaries free of gains under flip-flop II (Upper Tribunal) | Practical Law

Transfers made from a UK trust to UK beneficiaries as part of a flip-flop scheme were not subject to tax on the capital gains stockpiled in an offshore trust from which the funds had originated, the Upper Tribunal has held. (Bowring v HMRC [2015] UKUT 0550 (TCC)). 

Offshore trusts: capital payments to UK beneficiaries free of gains under flip-flop II (Upper Tribunal)

Practical Law UK Legal Update Case Report 5-619-4565 (Approx. 3 pages)

Offshore trusts: capital payments to UK beneficiaries free of gains under flip-flop II (Upper Tribunal)

Published on 14 Oct 2015England, Wales
Transfers made from a UK trust to UK beneficiaries as part of a flip-flop scheme were not subject to tax on the capital gains stockpiled in an offshore trust from which the funds had originated, the Upper Tribunal has held. (Bowring v HMRC [2015] UKUT 0550 (TCC)).