HMRC Must Repay £8.8M To Pension Fund

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,...

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