German banks have issued "Genussscheine" qualifying as tier two banking capital. Such Genussscheine have been subscribed by UK corporate investors. Under the German/UK Tax Treaty, Genussscheine are named in the dividend article providing for a 15% German withholding tax. For many years, the German Federal Fiscal Office therefore rejected applications for the full refund of the German taxes withheld. In the judgement of December 11, 2003 the Lower Fiscal Court of Cologne now decided that income f
