In Trustees of the BT Pension Scheme v HMRC (No 2) (TC01247 – 13 July) a number of pension funds had taken proceedings against the Revenue claiming that the provisions of UK law which denied them tax credits in respect of foreign income dividends contravened EC law.
The First-tier Tribunal reviewed the evidence in detail and allowed the trustees’ claims in part.
The tribunal dismissed some of the claims on the grounds that they had been made outside the statutory time limit but allowed the claims relating to foreign income dividends for 1997/98 in so far as the dividends had been funded out of income arising in other EU Member States.
With regard to foreign income dividends funded by income arising out of third countries the tribunal deferred its decision as to whether the ‘prima facie breach’ of...
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In Trustees of the BT Pension Scheme v HMRC (No 2) (TC01247 – 13 July) a number of pension funds had taken proceedings against the Revenue claiming that the provisions of UK law which denied them tax credits in respect of foreign income dividends contravened EC law.
The First-tier Tribunal reviewed the evidence in detail and allowed the trustees’ claims in part.
The tribunal dismissed some of the claims on the grounds that they had been made outside the statutory time limit but allowed the claims relating to foreign income dividends for 1997/98 in so far as the dividends had been funded out of income arising in other EU Member States.
With regard to foreign income dividends funded by income arising out of third countries the tribunal deferred its decision as to whether the ‘prima facie breach’ of...
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:
