On 9 October 2006, HMRC issued draft guidance on its interpretation of the decision of the Court of Appeal in the case of Indofood International Finance Ltd v. JP Morgan Chase Bank N.A. London Branch [2006] EWCA Civ 158. HMRC's view is that the Court of Appeal's decision is now part of UK law as regards double tax treaties and the adoption of an international fiscal meaning of the term "beneficial ownership". However, HMRC states that the decision is consistent with its existing policy and is not therefore expected to have a significant impact on its current practice. HMRC suggests...