INTM604400 - Transfer of assets abroad: Administration: Information needed by WMBC Assets, Incentives and Reliefs (AIR)

WMBC Assets, Incentives and Reliefs (AIR) would like to know:

  • the extent of the offshore structure created by the individual, or with which the individual is associated, or from which the individual has received payments or benefits, or
  • why / how you suspect the individual is connected with an offshore structure or person.

Ideally WMBC Assets, Incentives and Reliefs (AIR) would also like to see the particulars set out below.

For each non-resident company:

  • name and date of registration
  • country of registration
  • accounts
  • details of share ownership both past and present
  • names and contact addresses for directors

For each non-resident trust:

  • name of the trust and date settled
  • names and contact addresses of the current trustees
  • name and address of the settlor
  • details of the assets/funds settled
  • names and addresses of the beneficiaries
  • whether anyone other than the original settlor has added assets or funds to the trust. If so, details of the dates, amounts and persons concerned
  • a copy of the trust deed
  • trust accounts
  • details of above for any companies whose shares are owned by the trust

If it is not clear how a UK company came to be owned by an offshore entity, reference to available information sources should provide details of share transfers and ownership.

It is helpful to have a summary of all the individual’s UK business interests, directorships and a brief history as well as details of known or suspected offshore interests. The amount of tax at risk may be quantifiable by reference to UK company accounts, which may show dividends paid to non-resident shareholders or loans to or from offshore entities.

However, do not unduly delay your submission because some of the facts or documents are missing. If the WMBC Assets, Incentives and Reliefs (AIR) team is unable to form a judgement on the basis of the initial referral, you may be asked to obtain further specified information and refer the case back for further consideration.

The Personal Tax International technical team (see INTM604440) can also advise on the use of formal information powers to obtain particulars from taxpayers and, if appropriate, third parties (see INTM603800).