INTM604420 - Transfer of assets abroad: Administration: Transfer of asset enquiries with WMBC Assets, Incentives and Reliefs (AIR)

On receiving a case referral, WMBC Assets, Incentives and Reliefs (AIR) will decide if the case should be challenged and, if so, the appropriate place and method of working any enquiry. In reaching a decision, WMBC Assets, Incentives and Reliefs (AIR) will consult with the case owner and take into account:

  • risks other than liability under the transfer of assets provisions
  • the complexity of the case
  • the amount of tax at risk.

Cases will fall into one of the following categories:

The transfer of assets income / benefits charge is the only risk identified or the only risk remaining

In such cases WMBC Assets, Incentives and Reliefs (AIR) will usually take sole responsibility for the enquiry and will create or take ownership of the Caseflow record.

The transfer of assets income / benefits charge is one risk, but others have been identified and are being enquired into

In these cases, WMBC Assets, Incentives and Reliefs (AIR) will work in partnership with the case owner. The Caseflow record will stay with the case owner unless mutually agreed otherwise. The exact form that the partnership takes will be agreed on a case-by-case basis.

WMBC Assets, Incentives and Reliefs (AIR) may not be able to form a judgment on the basis of the initial referral and may ask the case owner to obtain further information and then refer the case back for further consideration

This is likely to apply in only a small number of referrals. WMBC Assets, Incentives and Reliefs (AIR) will make a judgment, as fairly as practicable, as to whether the transfer of assets legislation applies and whether to take responsibility for the enquiry or work in partnership with the case owner.

WMBC Assets, Incentives and Reliefs (AIR) identifies some transfer of asset cases itself (e.g. by risk assessing returns made by non-resident trustees)

In such cases WMBC Assets, Incentives and Reliefs (AIR) will either:

  • provide the information and ask the case owner to work the case under advice from WMBC Assets, Incentives and Reliefs (AIR); this will apply particularly where there are other identified risks, or
  • work the case in its entirety; here, WMBC Assets, Incentives and Reliefs (AIR) will open the enquiry and create the Caseflow record.

Settlement of cases

Yield arising from transfer of assets enquiry work will normally be apportioned between WMBC Assets, Incentives and Reliefs (AIR) and the case owner in accordance with existing yield share protocols.

Consideration will be given to the value added by the respective parties in the enquiry. The apportionment will be agreed on a case-by-case basis at the point at which the enquiry is settled (and the Caseflow record is to be closed).