Jersey companies incorporated to implement tax scheme were UK resident, says tax tribunal

Three Jersey companies which were incorporated in order to crystallise capital losses for a group as part of a tax planning scheme were UK tax resident, the First-tier Tribunal has decided.

Judge Harriet Morgan decided that although the directors of the Jersey companies had approved the relevant transactions at board meetings in Jersey and taken company law advice, it was the UK parent company which decided to undertake the planning and engaged the board to perform these specific actions, and was in effect exercising central management and control of the Jersey companies.

Read more - Out-law.com


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