The Upper Tribunal held that the decision of the First-tier Tribunal that three Jersey companies (subsidiaries of a UK parent) were resident in the UK was incorrect as a matter of law, and that central management and control was exercised in Jersey and not in the UK. 

Summary 

The Upper Tribunal (UT) held that the decision of the First-tier Tribunal (FTT) that three Jersey companies (subsidiaries of a UK parent) were resident in the UK was incorrect as a matter of law and that central management and control (CMC) was exercised in Jersey and not in the UK. 

Background 

In October 2014, HM Revenue and Customs (HMRC) denied the appellant companies various capital loss reliefs on the disposal by the appellants in 2004 of certain assets. The relevant assets