Our pick of interesting cases from the last quarter (listed below in chronological order).
1. First reported decision on the salaried members rules
In BlueCrest Capital Management (UK) LLP v HMRC [2022] UKFTT 204 (TC) (reported in Tax Journal 8 July 2022) the First-tier Tribunal (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.
This is the first significant case on this relatively new legislation. As such it will doubtless be the subject of much debate by practitioners in this area.
Emily Clark and Ian Zeider of Travers...
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Our pick of interesting cases from the last quarter (listed below in chronological order).
1. First reported decision on the salaried members rules
In BlueCrest Capital Management (UK) LLP v HMRC [2022] UKFTT 204 (TC) (reported in Tax Journal 8 July 2022) the First-tier Tribunal (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.
This is the first significant case on this relatively new legislation. As such it will doubtless be the subject of much debate by practitioners in this area.
Emily Clark and Ian Zeider of Travers...
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:
