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Cross-Border Investments: HMRC Responds to U.K. Supreme Court Ruling That a Delaware LLC Is “Tax-Transparent”  


Author:  Michael McGowan.; Andrew Thomson.; Emma Hardwick.


Source: Volume 33, Number 02, Winter 2016 , pp.59-68(10)




Journal of Taxation of Investments

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Abstract: 

This article reports on a U.K. development of interest to U.S. companies and investors considering investing in them. The U.K. Supreme Court has given the final decision on the U.K. tax classification of a Delaware limited liability company (LLC), preventing double taxation of an individual investor, but raising questions for corporate groups holding such LLCs below U.K. companies; and the U.K. tax authority has issued guidance in response explaining how it plans to treat such LLCs in future.

Keywords: tax transparency, opaque, classification factors, LLC, United Kingdom, Anson v. HMRC

Affiliations:  1: Sullivan & Cromwell LLP; 2: Sullivan & Cromwell LLP; 3: Sullivan & Cromwell LLP.

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