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The trustees of the BT Pension Scheme began proceedings arguing that TA 1988 s 246C which denied them repayments of tax credits in respect of foreign dividends contravened EU law in particular the free movement of capital.
The matter came before the First-tier Tribunal. With regard to whether or not the trustees were entitled to a payment of a tax credit under TA 1988 s 231 for foreign income dividends paid by UK tax-resident companies funded out of non-UK source income by the dividend paying companies the tribunal considered that the absence of a tax credit could deter investors from investing in such companies and allowed the claim.
The trustees’ claim in relation for a tax credit in respect of dividends paid by non-UK resident companies...
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