Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Company definition

What does Company mean? In legal practice, company describes an incorporated association formed to carry on business or another lawful purpose. Across England and Wales, Scotland and Northern Ireland this ordinarily means a body corporate formed and registered under the Companies Act 2006; in Ireland, under the Companies Act 2014. A company has separate legal personality (Salomon v A Salomon & Co Ltd), can own assets, enter contracts, sue and be sued, and typically provides limited liability for its members. Common forms are the private company limited by shares (Ltd), the public limited company (plc), the company limited by guarantee and the unlimited company....

UK anti-avoidance rules for dual-resident investing companies (DRICs): definition, BEPS/treaty residence tie-breakers, hybrid mismatches, and restrictions on group relief, capital allowances, capital gains and trading losses

Published by a LexisNexis Tax expert

Practice notes

A company can be tax resident in two states—see Practice Note: When a company is UK tax resident—Can a company have multiple residencies for tax purposes? For completeness, that guidance explores the question in detail. There can be drawbacks too at times. While this may carry drawbacks, such an entity might also exploit domestic reliefs available in each country where it is regarded as resident. For instance, a company incorporated in the US but with central management and control in the UK will, in principle, be resident in both the UK and the US (absent a competent authority agreement assigning exclusive residence under the UK/US double tax treaty, which is unlikely to be secured). Without rules stating otherwise, that company could set its losses against the profits of both a UK tax group and a US consolidated group of which it is a member. Accordingly, measures exist to stop a dual resident investing company (DRIC) from obtaining relief twice. This Practice Note outlines the principal UK anti-avoidance rules for DRICs, and clarifies what amounts to a DRIC for UK tax purposes.

Base erosion and profit shifting (BEPS)

The Organisation for Economic Co-operation and Development (OECD) base erosion and profit splitting...

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Michael McGowan

Michael trained as a solicitor at Clifford Chance where he qualified as a tax lawyer in 1989. From then until the end of 2015, he worked as a corporate tax lawyer in a number of leading UK and US law firms (both in London and New York), spending 18 years as a tax partner at Allen & Overy, Shearman & Sterling LLP and latterly Sullivan & Cromwell LLP. He has worked on a very wide range of corporate, financing, fund formation and real estate transactions as well as representing clients in major tax disputes. He has acted as an expert witness in tax litigation and has written and lectured extensively. He teaches business tax law part-time at King's College, London....

Web page updated on 22/05/2026

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