The UK Supreme Court delivered an unexpected final judgment on 1 July 2015 in the long-running case of Anson v Commissioners for Her Majesty’s Revenue & Customs [2015] UKSC 44. Reversing the decisions of the Upper Tribunal and the Court of Appeal, the Supreme Court upheld the original 2010 ruling of the First Tier Tribunal (“FTT”) in deciding that Mr Anson, a UK resident member of HarbourVest Partners LLC, a Delaware limited liability company (“LLC”), was entitled to credit against UK tax for US tax borne on the LLC’s profits.
The decision raises questions over the status of HMRC’s long-standing practice that Delaware LLCs are generally not fiscally transparent for UK tax purposes.
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