Josh Lom and Michael Alliston (Herbert Smith Freehills) review a decision which sheds fresh light on the investment management VAT exemption by considering its application to an innovative digital investment management platform.
In the English legal system case law can often be years or decades old. As the business environment develops at pace this frequently means that judicial decisions must be applied by way of extended analogy; drawing direct comparisons can be difficult. A case in point is the First-tier Tribunal decision in BlackRock Investment Management (UK) Ltd v HMRC [2017] UKFTT 633 (TC) which sought to apply established VAT case law to technological changes in the fund management industry.
The BlackRock case considered two important aspects of UK VAT law in the context of BlackRock’s implementation of innovative digital fund management technology:
first the scope of the investment management VAT exemption; and
...
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Josh Lom and Michael Alliston (Herbert Smith Freehills) review a decision which sheds fresh light on the investment management VAT exemption by considering its application to an innovative digital investment management platform.
In the English legal system case law can often be years or decades old. As the business environment develops at pace this frequently means that judicial decisions must be applied by way of extended analogy; drawing direct comparisons can be difficult. A case in point is the First-tier Tribunal decision in BlackRock Investment Management (UK) Ltd v HMRC [2017] UKFTT 633 (TC) which sought to apply established VAT case law to technological changes in the fund management industry.
The BlackRock case considered two important aspects of UK VAT law in the context of BlackRock’s implementation of innovative digital fund management technology:
first the scope of the investment management VAT exemption; and
...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
