In BAV-TMW-Globaler- Immobilien Spezialfonds v HMRC [2019] UKFTT 129 (22 February 2019) the FTT found that the requirement for a German pension fund to register with HMRC in order to obtain the exemption from income tax under FA 2004 s 186 was an unjustified restriction on the movement of capital prohibited by TFEU art 63 and was unlawful.
BTI was a German real estate investment fund owned by BAV a German pension fund. BTI held investment property in the UK in respect of which it received rental income. Under German law BTI was tax transparent so that BАV was entitled to the income from the UK investment property as it arose. FA 2004 s 186 provides that a registered pension scheme is exempt from income tax on its investment income. BАV as an unregistered non-resident pension scheme was...
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In BAV-TMW-Globaler- Immobilien Spezialfonds v HMRC [2019] UKFTT 129 (22 February 2019) the FTT found that the requirement for a German pension fund to register with HMRC in order to obtain the exemption from income tax under FA 2004 s 186 was an unjustified restriction on the movement of capital prohibited by TFEU art 63 and was unlawful.
BTI was a German real estate investment fund owned by BAV a German pension fund. BTI held investment property in the UK in respect of which it received rental income. Under German law BTI was tax transparent so that BАV was entitled to the income from the UK investment property as it arose. FA 2004 s 186 provides that a registered pension scheme is exempt from income tax on its investment income. BАV as an unregistered non-resident pension scheme was...
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