Prudential Assurance: foreign dividend income and EU law

Philippe Freund

Simon Whitehead

The Court of Appeal has handed down its judgment in the Prudential case, in what is hoped to be one of the final steps of this long lasting action between taxpayers invested in cross border portfolio holdings and HMRC. Simon Whitehead and Philippe Freund (Joseph Hage Aaronson), who acted for the taxpayers, summarise the outcome of this judgment and explain why it has taken so long.

The Prudential claim is the test case for claims concerning tax unduly levied on portfolio investment income in the CFC and dividend GLO. That GLO currently involves claims by companies in 33 corporate groups or fund management houses.

Prudential claims that the levying of advance corporation tax (ACT) and corporation tax on dividend income under Schedule D Case V (DV tax) in ICTA 1988 s 18 discriminated against investments made outside the UK. While dividend income from...

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