Tax Journal

The issue before the Upper Tribunal (UT) in GE Financial Investments Ltd v HMRC [2023] UKUT 146 was whether the US/UK tax treaty could resolve the issue by requiring the UK to give relief for this double taxation. As part of this the...

The issue before the Upper Tribunal (UT) in GE Financial Investments Ltd v HMRC [2023] UKUT 146 was whether the US/UK tax treaty could resolve the issue by requiring the UK to give relief for this double taxation. As part of this the...

US and the UK. It paid US tax of US$303m and UK tax of £124m on the same interest receipts. It asked the UK and US authorities to agree where it was resident; they failed to do so. The issue before the Upper Tribunal (UT) in GE Financial Investments Ltd v HMRC [2023] UKUT 146 was whether the US/UK tax treaty could resolve the issue by requiring the UK to give relief for this double taxation. As part of this the tribunal was asked to contend with two questions which are fundamental to both domestic and international taxation: the meaning of ‘residence’ and the meaning of ‘business’.

UK to give relief for this double taxation. As part of this the tribunal was asked to contend with two questions which are fundamental to both domestic and international taxation: the meaning of ‘residence’ and the meaning of ‘business’.GE Financial Investments Ltd (GEFI Ltd) was resident in both the US and the UK. It paid US tax of US$303m and UK tax of £124m on the same interest receipts. It asked the UK and US authorities to agree where it was resident; they failed to do so.