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The Court of Appeal favours form over function in GE Financial

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In GE Financial Investments Ltd, the Court of Appeal has overturned the Upper Tribunal’s decision that the taxpayer was entitled to treaty relief. It held that the taxpayer being subject to worldwide taxation as a result of a US rule on stapled shares wasn’t enough, and that a further direct link to the US was required. The court favoured something like the territorial interpretation. The difficulty remains, however, that this interpretation does require the court to look at precisely how the state imposes tax. Such difficulties are hopefully solved by a future court looking to an international fiscal meaning of ‘residence’.

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