Prudential, dividend tax and compensation for breach of EU law

Author: Michael Anderson, - 01 Nov 2013

Under the credit system in place before 2009, non-resident dividend income from the EU/EEA is not to be regarded as exempt but as taxable with credit, in addition to withholding tax, for the higher of the tax actually paid on the profits or the nominal (statutory) rate of the jurisdiction of the dividend paying company. The same outcome applies where the investment is below a controlling interest for dividends from all jurisdictions outside the EU/EEA as well. Where possible, tax returns must be amended to claim the enhanced credit, rather than to show the non-resident income as exempt. The claimants are entitled to compound interest on overpaid tax. HMRC’s ‘change of position’ defence is contrary to EU law. Originally printed in Tax Journal on 1 Nov 2013.

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UK taxpayers should amend open returns to benefit from High Court Prudential ruling

Author: JHA - 31 Oct 2013

UK tax payers will need to amend any open returns to show foreign portfolio income as carrying a tax credit following the England and Wales High Court's ruling in the Prudential case last week. Nicola Hine, of Joseph Hage Aaronson, the firm acting for the claimants in the case, explains why the judgment should be welcomed by tax payers with claims for interest on overpaid tax. Originally printed in International Tax Review Premium, 31 October 2013.

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Advocate General opinion in FII GLO encourages claimants

Author: JHA - 01 Oct 2013

The Franked Investment Income Group Litigation (FII GLO) concerning claimants’ rights to recover overcharged tax from HM Revenue & Customs (HMRC) has been batted back and forth between the UK courts and the European Court of Justice (ECJ) since 2006. Philippe Freund explains why an Advocate General’s opinion on the third reference to the ECJ has given taxpayers cause to be optimistic. Originally printed in International Tax Review Premium, 1 October 2013.

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Adviser Q&A: AG’s opinion in FII Test Claimants

Author: Simon Whitehead, - 13 Sep 2013

The advocate general’s opinion on Test Claimants in the FII Group Litigation v HMRC (Case C-362/12) was delivered on 5 September. Simon Whitehead takes a look. Originally printed in Tax Journal, 13 September 2013.

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Belgium notional interest deduction regime contrary to EU law

Author: JHA - 01 Jul 2013

The Court concluded that the regime discouraged a Belgian company from carrying out its activity through a permanent establishment situated in another state and, consequently, amounted to a breach of the freedom of establishment in Article 49 TFEU.

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Exit Taxes

Author: JHA - 01 Jul 2013

The CJEU, following recent case law, concluded that the Danish rules on exit taxation of cross-border transfers of assets within a company are contrary to the freedom of establishment within the meaning of Article 49 TFEU.

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Portfolio Dividend Claims: High Court Trial Concludes

Author: JHA - 01 Jul 2013

The hearing dealt with issues arising out of corporation tax charges on foreign-source portfolio dividends, ACT charges on their onward payment and a number of issues specific to life assurance and pension business, as well as remedies, including the availability of compound interest, and HMRC’s contention that unlawful tax paid under a mistake could not be recovered where the UK had applied its tax revenues against government expenditure (“the change of position” defence). Judgment has been reserved.

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FII GLO 3rd ECJ reference

Author: JHA - 01 Jul 2013

The reference concerned whether the retrospective reduction in the limitation period for mistake claims issued on or after 8 September 2003 (s320 FA 04) offended EU rights.

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Retrospective Changes to rules on interim payment applications in tax cases

Author: JHA - 01 Jul 2013

A last minute amendment to the Finance Bill 2013 announced on 26 June 2013 has significantly limited the ability to make an interim payment application in High Court proceedings for repayment of tax.

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ROSIIP GLO: Taxpayers succeed

Author: JHA - 01 Jul 2013

The ROSIIP GLO concerned the imposition of a 55% tax charges against pension-holders who had transferred their UK pensions into the Singapore ROSIIP Pension Fund. The pension holders argued that HMRC could not impose the tax charges against them because they had obtained a legitimate expectation from HMRC that they would not be subject to tax on their transfers.

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