[2024] UKUT 00319 (TCC)

Finance Act 2019 provided that TMA be amended by the inclusion of a new Schedule 3ZAA (“Sch 3ZAA”). Sch 3ZAA provides that where (amongst other things) trustees ceased to be UK tax resident, they could enter into an agreement with HMRC for the payment of any exit taxes (including the liability under s80 TCGA) in six equal instalments over five years: the first instalment payable on the normal due date for payment, and the subsequent instalments paid at 12-monthly intervals thereafter.

The background facts are not in dispute, and we summarise them, based on the respective decisions of the FTT, as follows.