Tax & Class Action FAQs
Below is a list of our frequently asked questions.
If your question is not answered, please get in touch.
Securities Class Actions Recoveries
A class action is a lawsuit initiated to recoup losses by those who have suffered the same harm or experienced similar financial loss. Class actions are powerful procedural tools to hold wrongdoers accountable for widespread damages caused to a group of victims, who individually may not have sufficient damages to support the cost of prosecuting on their own.
On average, it can take from 18 months to three years to conclude, from filing to settlement and distribution. Not all class actions follow this timeframe, as much depends on the unique details of each case. Our client portal and excellent relationships with all stakeholders and steps of the chain makes keeping up to date simple.
Class action alerts refer to notices sent from litigators to individuals, investors, banks, and companies to encourage participation in an ongoing class action case where compensation may be due. For many, keeping track of these opportunities can be overwhelming, which is why our alert system is valued by our clients, globally.
We are provided with a complex formula which is entered into our application to allow us to calculate the recognised loss. The formula takes many elements into consideration such as the holding period/class period, amount of shares, length of holdings and types of shares. When a client is on-boarded we request a specific set of data which then maps to the calculation in our technology and produces an estimate on the recognised loss based on a variety of specific criteria.
Fill out our enquiry form or call us today to find out if you or your client portfolio is eligible to participate. Our dedicated client services teams are on the end of the phone, and with offices across EMEA, APAC and AMER, we provide global coverage for securities class actions. Our powerful Traffic Light Concept can assist you by taking into consideration criteria clients have for participating. Based on this, and the case summaries we produce, we can provide a recommendation as to whether you should participate, graded as a traffic light.
No. Goal is not involved in any aspect of the litigation process. Our objective is to recover the maximum settlement amount on behalf of our clients after the court issues a disbursement ruling.
No. Goal do not provide legal advice or representation. We work in an agent’s capacity on behalf of institutional investor clients to recover settlement monies after the securities class action litigation has been completed by the courts.
We pride ourselves on our compelling and flexible pricing. So much so that it is one of the cornerstones of our business. Typically, Goal will charge a percentage per claim, which is purely contingent and paid upon receipt of the distribution. As the money is paid to Goal, we will usually deduct the percentage before paying the remainder to the client. The reason we offer proof of concepts is to enable us to be as competitive on pricing as possible.
Goal is ISO 27001 accredited and was one of the first firms to achieve this esteemed accolade. With applications hosted in AWS and globally recognised assurance that client data is not only secure but entirely segregated, we have maintained this accreditation for many years and are audited at least once annually.
In addition to ISO 27001, we are also ISO 9001 certified. This means you can be guaranteed that we operate the highest quality, customer-centric management processes.
Class action lawsuits are not actions that are taken against shareholders. The cause of action relates to negligence or fraud by the company through its directors that impacted upon shareholders’ investment holdings once the extent of that negligence/fraud became known. Shareholders should be looking at whether to recover their damages and, in particular, what the impact of the claim will be on the company and its performance as an investment.
It is the duty of the client to inform us of any claims that have already been filed, as duplicate claims will incur a penalty.
Yes, but it is at the discretion of the court and claims administrator as to whether they will accept the late claim.
Goal files every claim for every account whether there is a recognised loss or not at the request of the client. It is the claims administrator’s ultimate responsibility to determine who is owed money, and it is imperative to our client’s interest to provide an outside analysis of their conclusions.
We provide global coverage in both established and new markets. As well as the markets for which we facilitate this service currently, we are also monitoring those where class actions or similar redress mechanisms are being discussed and recognised so that formal procedures are put in place.
No. The fee associated with the service is purely contingent and based on a no win, no fee scenario. There will also be no additional administration fees or costs associated with the use of the client portal. Should any additional fees be incurred (such as out of pocket expenses) these will be approved by you before we proceed.
As part of the service, we offer a dedicated client portal where you will be able to view statements, open claims, paid claims and those that have been rejected. The portal also provides a complete list of alerts, which can be subscribed to if you want to receive information if/when anything changes. We can also sign you up to the email alerts service, which means you receive all alerts directly to your inbox.
The only parties whose names are a matter of public record are the representative plaintiffs. The names and individual identities of individual class members are not part of the public court proceedings. The only way a client name would be released into the public domain is if they agree to be a lead plaintiff on a case.
Appointing us as your power of attorney (POA) will streamline, improve and greatly speed up the process. While it is not essential to grant us POA, it will makes things much more efficient as we will be able to sign documents on your behalf. Without POA in place, the process lengthens as we will need to transfer documents for signatures and approval. They can either be provided as a blanket POA or on a case-by-case basis. Please note that occasionally a wet signature may still be required.
Withholding Tax Reclaims
Tax authorities around the world can withhold up to 35% of dividends and interest paid to non-resident investors. Fortunately, under double taxation treaties, investors can recover over-withheld tax, improving return on investment.
To reclaim withholding tax, one must prove their eligibility, often by obtaining a certificate of residency (CORC) from their domestic tax authority like HMRC in the UK. This certificate requires specific details about the income and the reason for the claim, and the process may vary based on the applicant’s status (e.g. sole trader, company). The COR must be sent to the foreign tax authority with a request for their tax relief form and thoroughly reviewed to ensure eligibility. A detailed claim form pertaining to income must also be submitted along with the COR before any relevant deadline. At Goal, we have years of experience of dealing with the withholding tax reclaims process, including successfully obtaining refunds where deadlines may have been missed. Given the complexities of international tax law, each jurisdiction will have its own requirements and may require different supporting documentation depending on the residency and entity type of the claimant.
Goal provides two services – an application called Global Tax Reclamation Solution and an outsourcing service. Clients can either use GTRS in-house by subscribing annually to a SaaS, which will automate the process of reclaiming withholding tax and provide a complete reclaim package. Alternatively, you can outsource the work to us to process the reclaims on your behalf.
Goal can perform the calculation, produce and auto-populate the reclaim forms, advise on and support in gathering all supporting documentation and liaise with the tax authorities to ensure an efficient turnaround. In addition, for the outsourcing service, we provide a dedicated client portal to enable our clients to keep track of their reclaims.
The indicative timeframe to receive payment varies by market. However, Goal can advise clients of timeframes on a case-by-case basis. Should you outsource the service to us, we will also ensure that we track your claim at every stage, following up ahead of a deadline approaching. We will also keep you up to date via our intuitive, dedicated client portal and through our dedicated regional client services representatives.
Withholding tax is levied from nearly all cross-border investments. Depending on the entity, residency, and market of reclaim, you may be entitled to reclaim a percentage of the withholding tax deducted. Goal is also able to provide a proof of concept, where we run your data through our application to assess opportunities. Please contact your regional sales team to arrange a proof of concept.
No. We do not provide tax advice or act as advisors. The information we provide is based on experience in a very niche area of the market.
Depending on the service you select, we can offer extremely compelling and flexible pricing. GTRS is available as an annual subscription and the outsourcing is usually a percentage of the monies reclaimed or calculated as an annual processing fee. To be as competitive as possible, we will always assess each situation individually. Please note that some more difficult markets may have alternative fee structures, but we will always inform you of any variations as well as any out-of-pocket expenses before we proceed. Please contact us for more information.
We currently support all stock types and all client types and if a new one is introduced to us, then we will research feasibility before proceeding. As we have a dedicated global research team who use a variety of sources to obtain this information, we are flexible on the service we provide.
We provide truly global coverage, including those markets that others may shy away from. While we are aware of some market specific challenges e.g. when reclaims need to be routed via a paying agent or custodian or where local agents need to be used, we will always endeavour to work with our clients to assess viabilities and maximise returns. We provide global coverage in all markets where permissible.
Goal is ISO 27001 accredited and was one of the first firms to achieve this esteemed accolade. With applications hosted in AWS and globally recognised assurance that client data is not only secure but entirely segregated, we have maintained this accreditation for a number of years and are audited at least once annually.
In addition to ISO 27001, we are also ISO 9001 certified. This means you can be guaranteed that we operate the highest quality, customer-centric management processes.
As mentioned, Goal provides global coverage, including difficult markets, which some Custodians may not offer. Secondly, we have over 30 years’ experience in the withholding tax reclaims space, excellent relationships with the tax authorities, a dedicated global research team, centralised operations, and dedicated client services. We will also process reclaims within a much shorter timeframe, instead of once a year or when reclaims are approaching statute. Additionally, as a niche service provider, we give this area our full attention.
As soon as the client is on-boarded and we have all the documentation we need, we will process reclaims as soon as reasonably practicable on an ongoing basis.
As part of the outsourcing service, we offer an intuitive dedicated client portal where you will be able to view the status of your withholding tax reclaims, past and present.
When on-boarding clients, we request information through a beneficial ownership questionnaire. Based on the entity, stock, residency, and market of reclaim, we can provide guidance on what documentation is needed in advance of us processing the reclaims. Occasionally we are asked for additional supporting documentation which we may request from the client on an ad-hoc basis.
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