The Fund has received a reimbursement of €2.5 million from the Dutch tax authorities in respect of tax wrongly deducted from dividends paid by Dutch companies between 2003 and 2006.
Working with tax consultants KPMG, the Fund had mounted a legal challenge to the Dutch government’s policy which treated domestic investors differently from foreign investors. This is not allowed under European Union law. The Fund acted as the test claimant for a group action, so other UK pension funds will also benefit from substantial repayments.
The Fund has also made a number of similar claims against other European tax authorities.