On 16 May a decision was reached by the Upper Tribunal (“UT”) in the Coal Staff Superannuation Scheme Trustees Limited v HMRC case, determining that the application of the UK Relevant Withholding Tax (“RWT”) on Manufactured Overseas Dividends (“MODs”) was contrary to EU law principles in the case of a pension fund recipient.
In May 2018 a decision was reached by the Swedish
Administrative Court of Appeal in relation to an appeal filed
by a US mutual fund, regulated under the Investment
Company Act of 1940 (a “RIC”), to recover Withholding Tax
(“WHT”) suffered in Sweden under EU law principles (“Fokus
The Court of Justice of the European Union (CJEU) issued its judgment in Fidelity Funds (C-480/16) on June 21, 2018. In its ruling, the court concluded that the Danish rules were in breach of EU law. Read more here...
Corporate Tax (CT)
The Argentine tax authority on April 12, 2018, issued General Resolution No. 4227 (the General Resolution), establishing a mechanism for nonresidents to pay the capital gains tax on transfers of Argentine shares and other securities. The General Resolution, which took effect April 26, 2018, applies to taxable transactions entered into after September 23, 2013, the date on which the capital gains tax was introduced.
The FCA published its asset management market study policy statement and consultation paper. This provides final clarity on the rules relating to independent NEDs, the framework for assessing value, box profits and share-class conversions. It also proposes new rules on performance fees, fund objectives and disclosure on the use (and non-use) of benchmarks.
This alert provides details on the announcements made by the Indian Finance Minister in the Union Budget on 1 February 2018.
The proposals made will affect Foreign Portfolio Investors (“FPIs”)
This alert provides an update to the alert issued on 23
January (which can be found here) regarding the proposed
changes to the application of the exemption to Korean
Capital Gains Tax (‘CGT’) applicable to certain listed Korea
On 8 January 2018, draft regulations were issued by the Korean Ministry of Strategy and Finance (“MOSF”). The aim of these draft regulations is to reduce the shareholding ownership threshold at which CGT will apply for non-resident investors on listed securities transactions from 25% to 5%.
Asset and wealth managers operating across the EU must now begin to implement their plans to respond to the formal triggering of Article 50. Firms are considering possible worst-case scenario outcomes, what that would mean for their business and what no-regrets actions can be prioritised.
HMRC has published the final version of its guidance for the new corporate offences of failure to prevent criminal facilitation of tax evasion, one in relation to UK taxes and the other for foreign taxes, which come into effect on 30 September 2017.
Corporate Tax (CT)
This alert provides information on key changes made to Sri Lanka withholding tax (“WHT”) rates and exemptions available for non-residents in the recent Inland Revenue Act No. 24 of 2017.
Asset & Wealth Management
Asset and Wealth Management businesses are constantly facing change in the tax environment on a global scale. Whatever the problem, we have the experts to help.