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Detail of outcome
This document explains the outcome of the consultation on the matching rules. The government has decided not to pursue legislative change to the matching rules at present.
To achieve the aim of providing greater clarity and certainty in the operation of the current legislation, HMRC will continue to work closely with members of the working group to develop improved guidance on the matching rules.
HMRC will also continue to work with members of the working group to develop improvements to the wider draft guidance.
At Budget 2012 the Government announced a consultation on the transfer of assets abroad legislation. The consultation sought views on whether proposed amendments would ensure that the legislation remained compatible with European Union law, on certain clarification changes, and on whether any other changes were required. A new exemption and other changes were legislated in Finance Act 2013 although the proposed changes to the rules for calculating the amount to be charged in certain situations (the matching rules) were deferred to allow for further consultation.
HMRC published draft guidance on the transfer of assets abroad in support of this consultation on 2 August 2013.