Simon Whitehead and Cristiana Bulbuc (Joseph Hage Aaronson) examine a recent European decision and its implications.
The recent opinion of AG Wathelet in BT Pension Trustees (Case C-628/15) provides an interesting and direct answer to the question: what is a taxpayer’s remedy for a breach of EU law where it has not paid any tax at all?
The issue arises in the arid context of a tax credit which has not existed for almost 20 years. In very broad summary until Gordon Brown’s famous raid on pension funds in 1997 an exempt taxpayer such as a pension fund receiving a dividend from a UK company in which it held a portfolio interest would receive a tax credit (ICTA 1988 s 231(3)) which it could redeem in cash by making a claim. However in the period from 1994 if the UK company paid a dividend which it...
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Simon Whitehead and Cristiana Bulbuc (Joseph Hage Aaronson) examine a recent European decision and its implications.
The recent opinion of AG Wathelet in BT Pension Trustees (Case C-628/15) provides an interesting and direct answer to the question: what is a taxpayer’s remedy for a breach of EU law where it has not paid any tax at all?
The issue arises in the arid context of a tax credit which has not existed for almost 20 years. In very broad summary until Gordon Brown’s famous raid on pension funds in 1997 an exempt taxpayer such as a pension fund receiving a dividend from a UK company in which it held a portfolio interest would receive a tax credit (ICTA 1988 s 231(3)) which it could redeem in cash by making a claim. However in the period from 1994 if the UK company paid a dividend which it...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
