Worldwide:
An Offshore Perspective: The English Commercial Court's Decision In The SKAT "Cum-Ex" Case And Dicey Rule 3
To print this article, all you need is to be registered or login on Mondaq.com.
In April this year, Mr Justice Baker of the English Commercial
Court dismissed proceedings brought by the Danish national tax
authority (SKAT) against over 100
defendants in connection with more than DKK2.5 billion in tax
refunds that SKAT alleged it had been induced to repay by
misrepresentations: Skatteforvaltningen (the Danish Customs and
Tax Administration) v Solo Capital Partners LLP (in special
administration) and others [2021] EWHC 974
(Comm).
SKAT's claim failed, at the trial of a preliminary issue, on
the grounds that it was offensive to "Dicey Rule 3", a
rule which disallows claims for the enforcement, directly or
indirectly, of the penal, revenue and public laws of foreign
states. Our understanding, at the time of writing, is that SKAT has
obtained permission to appeal the decision to the Court of
Appeal.
This article considers the decision from an offshore
perspective, by reference in particular to Cayman Islands and
British Virgin Islands jurisprudence.
To view the full article please click
here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Tax from Worldwide
Extending 0% VAT On Certain Goods Until 30 June 2024
KPMG in Cyprus
On 19 April 2024, the Council of Ministers decided to further extend the temporary application of the zero VAT rate on specific goods, which previously fell under either the standard VAT rate of 19% or the reduced VAT rate of 5% (ΚΔΠ 138/2024).
Guidelines On 12% VAT Rate For Custody Of Securities
Papilio Services Limited
The Maltese tax authorities have released comprehensive guidelines on the application of the 12% Value Added Tax (VAT) rate on the supply of custody of securities. These guidelines, effective from January 1.
Removal Of Cyprus From The Russian Tax "Blacklist"
Elias Neocleous & Co LLC
The long-awaited removal of Cyprus from the "List of the States and Territories providing preferential tax treatment and (or) not requiring disclosure and furnishing of the information upon conducting of financial transactions (offshore zones)" appended to Order 108n of the Ministry of Finance of the Russian Federation dated 13 November 2007 took effect from the beginning of 2013.