Nick Skerrett and Matthew Rees review the decision of the CJEU which widens the VAT SIF management exemption.
There is no definition of ‘management of SIFs’ in the VAT Directive and the scope and application of the SIF management exemption (as defined in art 13B(d)(6) of the Sixth VAT Directive and art 135(1)(g) of the Principal VAT Directive) is a dynamic issue with significant and widespread interest across the financial services industry.
Following the CJEU’s landmark Abbey National judgment (Case C-169/04) [2006] STC 1136 which clarified that management of SIFs should be defined according to the nature of the services provided...
