Investment funds across the EU can expect refunds of millions of euros from taxes levied on dividends following a ruling in Norway.
The Norwegian government decided this week to refund withholding taxes to a Luxembourg SICAV. Teresa Owusu-Adjei, UK asset management tax leader, PricewaterhouseCoopers (PwC), says: "The refund runs into tens of millions of euros, plus interest for the Luxembourg SICAV which is a significant win for the fund. "While the UK does not have a tax regime which applies withholding tax on dividends many investors in asset and pension funds in Europe will be pleased to hear the outcome of this case." She says the values to be reclaimed will be "significant", adding they would come as a wel...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
