Key takeaways

• In Anson v HMRC, the UK’s Supreme Court passed down a decision earlier this year which brought the long-established UK tax treatment of Delaware LLCs into question.
• HMRC has published its response to the Anson decision confirming that it is sticking with its pre-Anson approach but that it is willing to depart from this approach on a case by case basis.
• Any fund with a UK nexus that has a US LLC in its structure should review its arrangements against Anson to determine what UK tax treatment should be adopted going forward.