Thu, 02 Oct 2025

Thu, 02 Oct 2025 Denmark loses £1.4bn tax fraud claim in UK court case

The Danish government says it "strongly disagrees with the premises of the judgment and is now seeking to appeal it".
The Danish tax authority, Skatterforvaltningen (Skat), has lost a £1.4 billion case against Solo Capital Partners and its founder Sanjay Shah at the High Court in London. The court ruled that Skat was not misled into making payments as part of so-called "cum-ex schemes". Greed can be a powerful motive, said Mr Justice Andrew Baker, but he did not accept Skat's claim that it had been deceived. He noted that out of 4,170 dividend refund claims examined between mid-2012 and mid-2015, none were valid under Danish tax law. The court found that Skat's controls for assessing and paying dividend tax refund claims were weak. Mr Justice Baker said that Skat failed to establish any claims where liability was disputed. The Danish government has announced it will appeal the judgment. Sanjay Shah, founder of Solo Capital Partners, was convicted in a separate trial last year for his role in cum-ex schemes and given the heaviest penalty ever imposed in Denmark for a fraud case. Mr Justice Baker described him as "not a trustworthy individual" and said his testimony contained "implausible claims and obvious lies".
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