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To have and to withhold?
Key points
- In HMRC v Burlington the Upper Tribunal dismissed an appeal of HMRC against a decision of the First-tier Tribunal that the anti-abuse measure in Article 12(5) of the UK-Republic of Ireland double taxation convention (the UK-Ireland Treaty) did not apply to payments of yearly interest received by an Irish resident company from a UK resident company in respect of a debt claim assigned to the Irish resident company from a company resident in the Cayman Islands.
- The Upper Tribunal considered that the core purpose of Article 12 of the UK-Ireland Treaty is to determine which of the two treaty states (the UK and Ireland) should have taxing rights over interest with a source in one of the states where it is beneficially owned by a resident of the other state.
- The decision confirms that the existence of UK withholding tax arbitrage is just one of the factors to...
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