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Aberdeen WHT Reclaims

Further to the ECJ decision in the Aberdeen case (C-303/07), Luxembourg SICAV’s are entitled to claim unduly paid
withholding tax in 13 European Countries (Belgium, Estonia, Finland, France, Germany, Hungary, Italy, Netherlands,
Norway, Poland, Romania, Spain, Sweden). Significant amounts may be reclaimed for Luxembourg SICAV’s and FCP’s.

The above however implies a significant document collection process aiming at allowing Tax Practices to submit
the Tax Reclaims to the different local tax authorities.

  • The document collection process is long, sharp, different from country to country and has to be accurate –
    it has to be setup as a business project due to the number of direct and indirect stakeholders and to the various and
    numerous documents to be collected and matched;
  • The learning curve for all involved stakeholders is significant;
  • There are three major stakeholders in the ‘Aberdeen’ Tax Reclaim Process: The Promoter, the Tax Advisor and the Custodian;
    • The Promoter: The “owner” of the process today – it is however not in command of the documents delivery mechanics
      (many dependencies on other stakeholders – mainly the Custodian);
    • The Tax Advisor: The appointment of a Tax Advisor is an absolute must but sometimes –
      if the Promoter does not actively support the document process – not sufficient to maximize chances of success -
      there could be a bottleneck at the Promoter side;
    • The Custodian is key in the process as it allows to collect the bulk of the important reclaim documents to be filed,
      either directly or indirectly (acting as an interface with Sub-custodians and/or Local Paying Agents).

We are proposing to be at the center of the Tax Reclaim
process, acting as:

  • One-stop-shop - a single point of contact
    for all stakeholders;
  • A Project Manager;
  • The entity in-charge of documents collection and delivery.

A hands-on document collection coordination
service that will aim at maximizing the efficiency
of the document collection and communication process.

1 Could be in different locations in the process (by the Custodian, be the Promoter or by the Promoter’s Mother Company
2 Post Reclaim project – Tax Reclaim accruals booking guidance and monitoring


We have acquired an in-depth and hands-on experience of this end-to-end demanding process.