Peter Cussons reviews the latest instalment in the long-running FII GLO saga
On 12 December the CJEU delivered its third decision in the FII GLO case in favour of the taxpayer (Test Claimants in the Franked Investment Income Group Litigation v HMRC (C-362/12).
The Aegis group are the test claimants for the limitation issues regarding validity of common law i.e. UK High Court mistake of law claims for restitution of tax unlawfully levied by the UK either under the UK’s credit regime for taxation of foreign dividends prior to 1 July 2009 or the UK’s advance corporation tax (ACT) regime which (apart from ‘shadow’ ACT) was abolished with effect from 6 April 1999. Such claims are often referred to as ‘Kleinwort Benson’ claims after the House of Lords...
