Law360 (October 3, 2019, 6:38 PM EDT) -- A London appeals court ruled Thursday that HM Revenue & Customs must repay £8.8 million ($11 million) in taxes on payments a pension fund received under stock lending agreements, a finding that could affect £905 million in taxes.
HMRC relied on legislation that violated European Union rules regarding the free movement of capital when it deducted £8.8 million in tax from overseas dividend payments received by British Coal Staff Superannuation Scheme, a pension fund for coal workers, the U.K. Court of Appeal said, upholding an Upper Tribunal ruling.
The ruling could have an impact on around £905 million in tax collections,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!