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The Court of Appeal favours form over function in GE Financial

In GE Financial Investments, the Upper Tribunal favoured the functional interpretation while the Court of Appeal favoured the territorial, writes Kyle Rainsford (Addleshaw Goddard).

If it looks like a resident and it is taxed like a resident is it a resident? The Court of Appeal in HMRC v GE Financial Investments Ltd [2024] EWCA Civ 797 says no overturning the judgment of the Upper Tribunal (UT) that I discussed this time last year (‘GE Financial treaty residence and the meaning of “business”’ (K Rainsford) Tax Journal 28 July 2023).

The taxpayer GE Financial Investments Ltd (GEFI) was a UK company. For US tax planning purposes (which were defeated by a change in law) it was a limited partner in a limited partnership and its shares were stapled with the shares in the general partner of that same partnership...

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