Coal Staff Superannuation Scheme Trustees Ltd v The Commissioners for HM Revenue and Customs: [2018] UKUT 0152 (TCC)
Upper Tribunal Tax and Chancery decision of Mr Justice Morgan and Judge Berner on 16 May 2018. Amended and re-published under Rule 42 of the Tribunal Procedure (Upper Tribunal) Rules 2008.
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INCOME TAX – pension fund lending overseas shares under stock lending arrangements – ICTA 1988, Sch 23A – manufactured overseas dividends (“MODs”) representative of dividends on overseas shares – whether a difference in UK tax treatment between MODs and manufactured dividends representative of dividends on UK shares was a restriction on movement of capital – Art 56 EC Treaty; Art 63 TFEU – whether restriction justified by an overriding reason in the public interest – prevention of tax avoidance – balanced allocation of taxing powers – fiscal cohesion – remedy.