In GE Financial Investments v HMRC [2021] UKFTT 210 (TC) (8 June 2021) the FTT held that the appellant was not entitled to relief under the UK/USA double tax treaty in a case where the tax at stake was almost £125m.
The appellant company (GEFI) was a UK-resident member of the GE group and was the limited partner in a Delaware limited partnership (LP). The general partner in LP was a USA-resident group member (GEFI Inc). GEFI and GEFI Inc were ‘stapled entities’ for the purposes of the US federal income tax because the shares in one could not be transferred without the shares in the other also being transferred to the same transferee. The effect was that GEFI was subject to US tax on its worldwide income. It claimed double tax relief in respect of the US tax for six consecutive...
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In GE Financial Investments v HMRC [2021] UKFTT 210 (TC) (8 June 2021) the FTT held that the appellant was not entitled to relief under the UK/USA double tax treaty in a case where the tax at stake was almost £125m.
The appellant company (GEFI) was a UK-resident member of the GE group and was the limited partner in a Delaware limited partnership (LP). The general partner in LP was a USA-resident group member (GEFI Inc). GEFI and GEFI Inc were ‘stapled entities’ for the purposes of the US federal income tax because the shares in one could not be transferred without the shares in the other also being transferred to the same transferee. The effect was that GEFI was subject to US tax on its worldwide income. It claimed double tax relief in respect of the US tax for six consecutive...
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