Permission to appeal granted in Prudential case

Permission to appeal granted in Prudential case

The Supreme Court has granted permission to appeal in the test case in the CFC & Dividend GLO.

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The Supreme Court has granted HMRC permission to appeal the Court of Appeal’s judgment in The Prudential Assurance Company Ltd v HM Revenue and Customs [2016] EWCA Civ 376. Prudential is the test case in the CFC & Dividend GLO. This case concerns the UK's historical tax treatment of dividends received from overseas portfolio holdings (i.e. less than 10 percent shareholding). This case continues to run in parallel to the FII GLO which concerns the tax treatment of EU sourced dividends received from group subsidiaries.

It is unlikely that this case will be listed for hearing and a judgment released by the Supreme Court before the end of 2017 and so final resolution of this particular strand of the cross-border dividend litigation is still some way off.

The outcome of the recent application for permission to appeal to the Supreme Court in the FII GLO following November's Court of Appeal judgment (PDF 104 KB) concerning the quantification of claims is still awaited. A decision on permission from the Supreme Court is expected within the next few months.

If you have any questions regarding the implications of these decisions on any outstanding claims you may have in historical periods please speak to your usual KPMG contact.

 

For further information please contact :

Richard Doran

Stephen Whitehead

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