The Upper Tribunal’s decision for HMRC in the appeal against the First-tier Tribunal’s decision in Swift (TC00399) is probably correct and puts the position back to where most people thought it was before the Swift decision.
It also highlights some interesting areas of general tax law and administration.
The First-tier Tribunal found that the profits of the LLC belonged to the members as they arose which was the major ratio for their decision that Mr Anson had been taxed in the US on the profits of the trade of the LLC not on dividends received from the LLC.
It was clear that once the profits of the...
