“Look through" when used as tax terminology refers to a legal person (and some other entities, such as unlimited partnerships) that undertake transactions but whose existence is then ignored when the resulting taxation liabilities are computed because the profits arising are attributed by the tax authority of the jurisdiction in which the liability arises to those persons, whether legal or natural, that have an ownership interest in the entity that is “looked through” and the tax liability is computed upon them in its place. Those members are then liable for the tax due.
Partnerships, whether limited or unlimited are the most commonly “looked through” structures but such arrangements have been adopted for limited companies in some of the UK's Crown Dependencies to avoid the ring-fencing provisions of the EU Code of Conduct for Business Taxation.
Look through legislation is also quite common in many US states.
The most comm9n such entity in the UK is the limited liability partnership.
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