CL-2018-000297, CL-2018-000404, CL-2018-000590, - [2025] EWHC 2364 (Comm)

Goal Taxback Ltd (‘Goal’) submitted refund claims arising out of all three trading models (Solo, Maple Point, and Klar), in response to which SKAT paid DKK4.282bn of the DKK12.091bn with which I am concerned. CANs issued by each of the custodians who feature in the case are to be found among the tax refund claims submitted by Goal. The Goal cover letter stated: “Please find enclosed a tax reclaim form together with evidence of payment and tax deduction paid on the above client’s securities”. All 84 of the claims using Form 06.008 were submitted by Goal, in either the second half of 2012 or the first half of 2013.

Acupay Systems LLC (‘Acupay’) submitted refund claims principally arising out of Solo Model trading, but also a small number arising out of Maple Point Model trading. Acupay came to submit CANs issued by all of the Solo Model custodians (SCP, Old Park Lane, Telesto and West Point), and CANs issued by NCB. DKK3.544bn of the DKK12.091bn with which I am concerned was paid out by SKAT in response to Acupay claims. The Acupay cover letter stated: “Please find attach a reclaim application to obtain a full refund of Danish dividend tax for a [qualifying US pension fund / Malaysian company] within the meaning of the Double Taxation Convention concluded between Denmark and [the United States of America / Malaysia]”. It further noted that it enclosed a “Claim to Relief from Danish Dividend Tax Form”, one or more “Dividend Credit Advices”, a tax residence certificate from the relevant foreign country, and a power of attorney authorising Acupay to make the claim.

Like Acupay, Syntax GIS Ltd (‘Syntax’) submitted refund claims principally from Solo Model trading, but also some from Maple Point Model trading, with CANs from all four Solo Model custodians and some NCB CANs, but also some Indigo CANs. Syntax claims generated DKK3.044bn of the DKK12.091bn paid out by SKAT with which I am concerned. The Syntax cover letter stated: “please find enclosed a reclaim application form from a qualifying [US pension fund / Malaysian corporation] for a complete refund of Danish Dividend Tax that was previously withheld in relation to their investments”. It further noted that it enclosed a “Claim to Relief from Danish Dividend Tax Form”, one or more “Dividend Credit Advices”, a tax residence certificate from the relevant foreign country, and a power of attorney authorising Syntax to make the claim.

Koi Associates Ltd (‘Koi’) submitted only refund claims arising from Maple Point Model trading in 2015, involving NCB and Lindisfarne CANs, in response to which SKAT paid out DKK1.221bn of the DKK12.091bn with which I am concerned. The Koi cover letter stated: “please find enclosed a reclaim application form from a qualifying US pension fund for a complete refund of Danish Dividend Tax that was previously withheld in relation to their investments”. It further noted that it enclosed a “Claim to Relief from Danish Dividend Tax Form”, one or more “Dividend Credit Advices”, a tax residence certificate from the relevant foreign country, and a power of attorney authorising Koi to make the claim.