Monday, 14 May 2012

ECJ decision to make pension schemes reclaim millions tax from French authorities..

'UK pension schemes could be able to reclaim almost half a billion pounds in tax paid to the French authorities on direct investments in the country following a recent decision by the European Court of Justice (ECJ), a pensions law expert has said....

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.

However pensions law expert Simon Tyler of Pinsent Masons, the law firm behind Out-Law.com, warned ....... '
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