In Trustees of the P Panayi Accumulation & Maintenance Settlements v HMRC (Case C-646/15) (14 September 2017) the CJEU found that TCGA 1992 s 80 (exit charge for trusts) was incompatible with the principle of freedom of establishment.
Mr Panico Panayi a Cypriot national had created four trusts for the benefit of his children and other family members. He had transferred 40% of the shares of his company to them. When the Panayi trusts were created Mr Panayi his wife and their children resided in the United Kingdom. Early in 2004 Mr and Mrs Panayi decided to leave the UK to return to Cyprus permanently. Before their departure in August 2004 they both resigned as trustees and Mr Panayi appointed three new trustees all resident in Cyprus.
In December 2005 the Panayi trustees sold the shares held in...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
In Trustees of the P Panayi Accumulation & Maintenance Settlements v HMRC (Case C-646/15) (14 September 2017) the CJEU found that TCGA 1992 s 80 (exit charge for trusts) was incompatible with the principle of freedom of establishment.
Mr Panico Panayi a Cypriot national had created four trusts for the benefit of his children and other family members. He had transferred 40% of the shares of his company to them. When the Panayi trusts were created Mr Panayi his wife and their children resided in the United Kingdom. Early in 2004 Mr and Mrs Panayi decided to leave the UK to return to Cyprus permanently. Before their departure in August 2004 they both resigned as trustees and Mr Panayi appointed three new trustees all resident in Cyprus.
In December 2005 the Panayi trustees sold the shares held in...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")