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Swift v HMRC

Personal Tax: Double taxation relief

In Swift v HMRC (TC00399 – 15 March) an individual (S) who was resident in the UK helped to form a Delaware limited liability company. The USA authorities charged tax on S's share of the company's profits treating the company as a transparent entity. S claimed double taxation relief for the US tax. HMRC issued discovery assessments for 1997/98 to 1999/2000 and amendments to S's self-assessments for 2000/01 to 2003/04 on the basis that the company should not be treated as transparent and that S was not entitled to double taxation relief. S appealed.

The First-Tier Tribunal allowed his appeal finding that the Delaware company did not have any 'share capital' and that its members' interests were 'more similar to partnership capital of an English partnership the transfer of which requires the consent of all the partners...

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