The latest developments that matter, reviewed by Mike Lane and Zoe Andrews (Slaughter and May).
Irish Bank: attribution of notional capital to permanent establishment
HMRC continues its winning streak in Irish Bank Resolution Corporation and another v HMRC [2020] EWCA Civ 1128 an important case on the interaction of UK domestic legislation with double tax treaties. The Court of Appeal agrees with the Upper Tribunal (UT) that HMRC’s attribution of notional capital to a UK permanent establishment (PE) of an Irish bank pursuant to UK domestic legislation is compatible with the UK/Republic of Ireland double tax convention (‘the UK/RI DTC’).
The taxpayers IBRC and Irish Nationwide were companies resident in the Republic of Ireland and both traded in the UK through a PE at the relevant time. The taxpayers were therefore chargeable to UK corporation tax on the profits attributed to their respective UK...
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The latest developments that matter, reviewed by Mike Lane and Zoe Andrews (Slaughter and May).
Irish Bank: attribution of notional capital to permanent establishment
HMRC continues its winning streak in Irish Bank Resolution Corporation and another v HMRC [2020] EWCA Civ 1128 an important case on the interaction of UK domestic legislation with double tax treaties. The Court of Appeal agrees with the Upper Tribunal (UT) that HMRC’s attribution of notional capital to a UK permanent establishment (PE) of an Irish bank pursuant to UK domestic legislation is compatible with the UK/Republic of Ireland double tax convention (‘the UK/RI DTC’).
The taxpayers IBRC and Irish Nationwide were companies resident in the Republic of Ireland and both traded in the UK through a PE at the relevant time. The taxpayers were therefore chargeable to UK corporation tax on the profits attributed to their respective UK...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
