First reported decision on the salaried members rules
In BlueCrest Capital Management (UK) LLP v HMRC [2022] UKFTT 204 (TC) (29 June 2022) the FTT allowed the taxpayer’s appeal in part finding that the salaried members rules applied only to those members who did not have significant influence over the LLP’s business. Significant influence in this case was found to be financial and it was sufficient for that influence to be over one or more aspects of the LLP’s business rather than over the affairs of the LLP as a whole.
The appellant LLP managed very large investment funds and also provided support services to other entities in its group. Portfolio managers ran the investment portfolios and were allocated an amount of capital over which they had discretion as to how to invest. Other members performed other roles and did not have capital allocations.
Remuneration of members included...
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First reported decision on the salaried members rules
In BlueCrest Capital Management (UK) LLP v HMRC [2022] UKFTT 204 (TC) (29 June 2022) the FTT allowed the taxpayer’s appeal in part finding that the salaried members rules applied only to those members who did not have significant influence over the LLP’s business. Significant influence in this case was found to be financial and it was sufficient for that influence to be over one or more aspects of the LLP’s business rather than over the affairs of the LLP as a whole.
The appellant LLP managed very large investment funds and also provided support services to other entities in its group. Portfolio managers ran the investment portfolios and were allocated an amount of capital over which they had discretion as to how to invest. Other members performed other roles and did not have capital allocations.
Remuneration of members included...
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