Appeal from finding in tax planning scheme. As to the residence of the scheme: ‘i) The overarching principle is that a company resides for tax purposes where its real business is carried on, and that is where CMC actually abides;
ii) The principle applies in relation to subsidiaries, including special purpose vehicles;
iii) It is the actual place of management, not that in which it ought to be managed, which fixes the residence of a company;
iv) A company may be resident in a jurisdiction other than that of its incorporation not only where a constitutional organ exercises management and control elsewhere, but if the functions of the company’s constitutional organs are usurped, in the sense that management and control is exercised independently of, or without regard to, its constitutional organs, or if an outsider dictates decisions (as opposed to merely proposing, advising and influencing decisions);’
[2020] EWCA Civ 1705
Bailii
England and Wales
Cited by:
Cited – Tulip Trading Ltd v Bitcoin Association for BSV and Others ChD 5-Jan-2022
Security required for Bitcoin claim
Two applications for security for costs. The claimant claimed against fifteen overseas residents requiring a re-write of cryotocurrency systems so that he could recover sums he said were due to him in respect of Bitcoin assets which he said have . .
Lists of cited by and citing cases may be incomplete.
Capital Gains Tax
Updated: 17 January 2022; Ref: scu.656812