The Resource U.K. court concludes Delaware LLC not transparent

U.K. court concludes Delaware LLC not transparent

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U.K. court concludes Delaware LLC not transparent
Title
U.K. court concludes Delaware LLC not transparent
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Language
eng
Summary
In a recent decision of the U.K. Upper Tribunal Tax and Chancery Chamber, the court reversed a lower court decision that held that a Delaware limited liability company (LLC) should be characterized as a partnership or transparent entity for U.K. income tax purposes. In a case entitled The Commissioners for Her Majesty's Revenue and Customs and George Anson, the upper court concluded that an LLC is not transparent and, thus, a U.K. individual investor in the LLC could not obtain a credit for U.S. taxes paid by the LLC on the U.K. investor's share of profits from the LLC. This decision reinstates a long held view of the U.K. revenue authorities that a LLC is not transparent for U.K. income tax purposes. This article analyses the case
Citation source
In: International tax journal. - Chicago. - Vol. 37 (2011), no. 6 (November-December) ; p. 5-6, 51
http://library.link/vocab/creatorName
Riedy, J.A
Language note
English
http://library.link/vocab/subjectName
  • limited liability company
  • case law
  • Delaware corporation
  • transparency
Label
U.K. court concludes Delaware LLC not transparent
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Publication
Label
U.K. court concludes Delaware LLC not transparent
Publication

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