The MOD regime and the EU principle of free movement of capital
In Coal Staff Superannuation Scheme Trustees v HMRC [2016] UKFTT 450 (27 June 2016) the FTT found that the MOD regime (as it existed pre January 2014) did not involve any restriction on the movement of capital contravening EU law.
The Appellant was a corporate trustee which had responsibility for managing the British Coal Staff Superannuation Scheme. It had claimed repayment of withholding tax in connection with stock lending transactions. Typical stock lending arrangements involve institutional investors transferring legal and beneficial ownership of shares to a borrower on terms that at the end of the stock loan the shares or an equivalent number of shares will be transferred back to the lender. The contractual terms of a stock lending transaction involve an obligation on the borrower to provide the lender with a payment of equivalent...
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:
The MOD regime and the EU principle of free movement of capital
In Coal Staff Superannuation Scheme Trustees v HMRC [2016] UKFTT 450 (27 June 2016) the FTT found that the MOD regime (as it existed pre January 2014) did not involve any restriction on the movement of capital contravening EU law.
The Appellant was a corporate trustee which had responsibility for managing the British Coal Staff Superannuation Scheme. It had claimed repayment of withholding tax in connection with stock lending transactions. Typical stock lending arrangements involve institutional investors transferring legal and beneficial ownership of shares to a borrower on terms that at the end of the stock loan the shares or an equivalent number of shares will be transferred back to the lender. The contractual terms of a stock lending transaction involve an obligation on the borrower to provide the lender with a payment of equivalent...
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:
