The Supreme Court has held in favour of the taxpayers, represented by Rory Mullan KC of Old Square tax Chambers, in Fisher v HMRC [2023] UKSC 44.
The long running dispute concerned the application of the transfer of assets abroad provisions to the sale of betting business by a UK company to a Gibraltar company. The Supreme Court held that liability was restricted to the transferor of assets and the charge therefore does not apply to an individual in relation to a transfer made by a company in which they are a shareholder, regardless of the size of their shareholding.
A copy of the judgment can be found here.