Dominic Robertson and William Watson take a critical look at the First-Tier Tribunal decision in Swift v HMRC
UK tax law is littered with difficult dualities: debt or equity? income or capital? trade or business? transparent or opaque? While case law offers useful guidance any particular decision is often too fact-sensitive to provide a clear answer in other cases. But it may be that the issue arises in a generic form allowing an accepted view to develop which can be readily applied more generally
The correct characterisation of a Delaware LLC is one such case — or so it was thought. HMRC has for many years treated an LLC incorporated Delaware as a separately taxable entity for UK tax purposes. However in Swift v HMRC the First-Tier Tribunal (John Avery Jones and Ian Menzies-Conacher) has reached the opposite view in relation to the LLC at the...
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Dominic Robertson and William Watson take a critical look at the First-Tier Tribunal decision in Swift v HMRC
UK tax law is littered with difficult dualities: debt or equity? income or capital? trade or business? transparent or opaque? While case law offers useful guidance any particular decision is often too fact-sensitive to provide a clear answer in other cases. But it may be that the issue arises in a generic form allowing an accepted view to develop which can be readily applied more generally
The correct characterisation of a Delaware LLC is one such case — or so it was thought. HMRC has for many years treated an LLC incorporated Delaware as a separately taxable entity for UK tax purposes. However in Swift v HMRC the First-Tier Tribunal (John Avery Jones and Ian Menzies-Conacher) has reached the opposite view in relation to the LLC at the...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
