James Quarmby
James is the head of Stephenson Harwood's private wealth team and was recognised as 'lawyer of the year' Magic Circle Awards (2019), 'leading individual' and 'tax and trust lawyer of the year' in the the Wealth Briefing Awards (2018 and 2017) and 'tax and trusts lawyer of the year' in the Spears Wealth Management Awards (2016).
James was also a finalist for 'solicitor of the year' in the Law Society Excellence Awards 2018. He is ranked by Spears as being in the Top 10 tax and trust lawyers in the UK.
James specialises in international private wealth law and taxation, with a particular expertise in foreign pensions.
James was also a finalist for 'solicitor of the year' in the Law Society Excellence Awards 2018. He is ranked by Spears as being in the Top 10 tax and trust lawyers in the UK.
James specialises in international private wealth law and taxation, with a particular expertise in foreign pensions.
Practice Area
Panel
- Contributing Author
Qualified Year
- 1996
Membership
- STEP
- ATT
Education
- LLB Hons 1st Class, University Westminster
2 Contributions by James Quarmby
PRACTICE NOTES
UK Transfer of Assets Abroad: EU defence pre-6 April 2025—operation, Conditions A and B, non-transferor charge, Fisher v HMRC, Brexit and repeal
STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime
The Finance Act 2025 (FA 2025), which secured Royal Assent on 20 March 2025, enacts the removal of the remittance basis and brings in a residence-based regime with effect from 6 April 2025. FA 2025 also makes residence, rather than domicile, the principal criterion for determining inheritance tax exposure.
Further measures include:
Revisions to the rules for determining excluded property treatment
Removal of protected settlements status for offshore trusts
Updates to overseas workday relief
For details, refer to Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. This Practice Note is archived and not maintained.
Repeal of EU Defence from 6 April 2025
The UK left the EU on 31 January 2020 and therefore ceased to be an EU Member State. Consequently, from a UK perspective, the freedom of establishment no longer applies to movements between the UK and EU Member States from that date. As a third country, the free movement of capital...
Private Client
PRACTICE NOTES
UK Transfer of Assets Abroad—Motive Defence under ITA 2007: Conditions pre/post-5 December 2005, Commerciality, Associated Operations, Recent Cases, and HMRC Procedure (including 2025 benefits charge changes)
Transfer of assets abroad code (TAA Code)
Part 13, Chapter 2 of the Income Tax Act 2007 (ITA 2007) sets out key UK anti-avoidance rules referred to as the transfer of assets abroad code. The TAA Code creates an income tax charge where a ‘relevant transaction’ exists in three situations.
First, a charge applies to individuals treated as having income under ITA 2007, s 721—those with the power to enjoy such income (see Practice Note: Transfer of assets abroad—transferors having the power to enjoy income).
Secondly, a charge applies to individuals treated as having income under ITA 2007, s 728—those who receive capital sums (see Practice Note: Transfer of assets abroad—transferors receiving capital sums). Together, these are called the ‘transferor charge’.
Thirdly, a charge applies to individuals to whom income is treated as arising under ITA 2007, s 732 as a consequence of a relevant transaction. Known as the ‘benefits charge’, it applies to people receiving benefits from offshore entities, for example beneficiaries under a trust.
Before amendments introduced by Finance (No 2) Act 2017 and Finance Act 2018, the benefits charge applied only to ‘non-transferors’. From 6 April 2017 until...
Private Client
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