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

Fecha: 02-Oct-2025

For that example, the particular exchange cited by SKAT from Mr Horn’s cross-examination was as follows

149.

For that example, the particular exchange cited by SKAT from Mr Horn’s cross-examination was as follows:

“Q. And so this is -- you understood and intended this document to be stating that Acorn was the owner of 5.95 million shares in TDC, correct?
A. Yes, those were held in Acorn’s custody account. They were recorded in Acorn’s custody account. That was the number of shares it had in the custody account.
Q. And that records the position as at the date of dividend declaration, correct?
A. No, that is actually -- this doesn’t. I think it would be the date, the case of dividend declaration -- this actually just records the position on the payment date.
Q. But … if a dividend is declared in respect of shares owned by Acorn, would it not be saying by implication that that ownership had been acquired on or before the ex-date -1?
A. I think these are not jurisdiction-specific. … The DCA is a generic thing that was produced for every market. It does not vary in format. I don’t think you could read in a holding on a particular date from the DCA.
Q. So is the DCA then saying Acorn has a settled position of 5.9 million shares as at the date on which the dividend was paid to it?
A. No, it definitely does not say that. It doesn’t say anything about -- it is saying that there are shares of 5.95 million recorded in Acorn’s custody account. It is not saying anything about settled positions or anything.
Q. But it must be saying, must it not, that the shares are in its custody account at the relevant time for the jurisdiction in question to make Acorn entitled to the dividend?
A. No, it doesn’t say that, because it is just a generic document that is produced for every single jurisdiction without varying its format. It does not provide specific tax advice in relation to any jurisdiction, so it cannot be said to do that, no.
Q. But if it is giving information about the dividend, it is presumably saying that Acorn, the addressee of the dividend credit advice, is entitled to the dividend, because –
A. It is saying -- what it is saying is that the custodian has credited on this date the client with an amount which the custodian has treated as a dividend, but it is not saying anything about the tax treatment in any jurisdiction.”