Market leading insight for tax experts
View online issue

BCM Cayman LP and another v HMRC

Limited partnership transactions

In BCM Cayman LP and another v HMRC [2022] UKUT 198 (TCC) (BCM Cayman) and HMRC v BlueCrest Capital Management LP and others and A Dodd and others v HMRC  [2022] UKUT 200 (22 July 2022) the Upper Tribunal (UT) considered interrelated appeals by HMRC and taxpayers relating to profit allocations in respect of a complex multi-level partnership structure and a partnership incentivisation plan (PIP) the deductibility of finance costs for acquiring partnerships interests and the taxation in the hands of the partners of ‘special capital’ awards made under the PIP.  

BlueCrest Capital Management LP (BCM LP) was a limited partnership undertaking a trade of investment management. A number of limited partners with 19% of the total equity wished to sell their partnership interests. In order to facilitate this transaction a complex structure was established in the Cayman Islands pursuant to which a Cayman Islands company...

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:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
EDITOR'S PICKstar
Top