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In QRS I Aps v Fransden the plaintiffs were Danish companies in liquidation. The defendant was a UK resident who owned the companies until 1992. He claimed he engaged in a lawful tax avoidance scheme; they claimed he engaged in asset stripping and owed Danish corporation tax and interest.

The Court of Appeal held that the action was against rule 3 of &#34Dicey and Morris on the Conflict of Laws&#34 which says that the UK courts will not enforce the penal, tax or other public laws of another country. The UK`s accession in 1972 to the European Community Treaty and the implementation of the Brussels Convention in 1968 on Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters. The Court also held that it was irrelevant whether or not the claim was brought by a sovereign state or a representative of that state.

The Court did not consider it necessary to refer the matter to the European Court of Justice as suggested by the respondent. The appeal was dismissed.


The national tax regimes have sovereignty in their own states but they cannot go beyond their own frontiers. This would change if the European Community enacted legislation introducing an EC cross-community tax regime.


Stakeholder concerns raised

The National Association of Pension Funds.has raised fears over stakeholder plans not being allowing to run parallel alongside final salary schemes.The NAPF is recommending parallel holding of occupational schemes alongide the stakeholder once it is launched in April 2001, claiming this would cut the level of advice needed when an employee with a stakeholder moves […]

NatWest drafts in Lloyds TSB top gun for survival fight

National Westminster Bank is drafting in a Lloyds TSB boss to help in its fight agains hostile takeover bids by Bank of Scotland and Royal Bank of Scotland.The bank is taking on Gordon Pell from Lloyd&#39s TSB to head-up its UK banking operations.Pell, 49, had recently been given responsibility as group executive director of retail […]

BoS attack RBS talks

Bank of Scotland is attacking rival Natwest takeover bidder Royal Bank of Scotland by questioning the BoS links with insurer CGU.BoS chief executive Peter Burt is putting a series of questions to RBS on its relationship with CGU in a statement to the London Stock Exchange.The move by the insurer to buy a stake in […]

Small firms exempt from offering stakeholder

The Government says most employers will not have to offer stakeholders.The Department of Social Security is expected to announce today two thirds of employers &#45 those with less than five employees &#45 will not be forced to offer the Government-backed pension.Government ministers claim only 75,000 of the 5m stakeholder target group who earn £9,000 to […]

The future of active management is now

Fees under pressure. Regulatory moves against closet indexers. Rapid advances in financial technology. Shifting sentiment among investors. Such mounting challenges have led to widespread speculation about active management’s shrinking future. But a closer look inside intelligent portfolio construction today tells a story of expanding roles, added value, and innovative risk-adjusted, lower-cost solutions. Four investment experts […]


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