In its ruling, the ECJ said that French rules which applied a 15%-25% withholding tax on dividend payments made to foreign investment funds but not French funds breached EU law.
Claims by investors Europe-wide, including UK pension funds, could be worth as much as €20 billion, according to industry publicationProfessional Pensions, with UK pension funds set to gain between £400-500 million in claims made between 2004 and 2009 on direct investments in France and exposure through investment funds. To date, around 10,000 claims by investors for refunds have been denied by the French tax authorities.
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