Whether services supplied to members of a SIPP were exempt from VAT.
In Intelligent Money Ltd v HMRC [2023] UKUT 236 (TCC) (26 September 2023) the Upper Tribunal (UT) decided that fees charged by the appellant to members of a self-invested personal pension (SIPP) did not qualify for exemption under VATA 1994 Sch 9 Group 2 item 1. It was held that the fees were not charged for insurance transactions.
Intelligent Money Ltd (IML) supplied services establishing and administering pension plans. The services supplied did not include the management of the funds held within the pension plans. Each member of the SIPP bore the risk of investment performance and the risks regarding the nature and timing of benefits taken.
Both IML and HMRC agreed that it was necessary to consider the criteria established by the CJEU in relation to whether a transaction was an insurance transaction.
In Card Protection Plan Limited v...
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Whether services supplied to members of a SIPP were exempt from VAT.
In Intelligent Money Ltd v HMRC [2023] UKUT 236 (TCC) (26 September 2023) the Upper Tribunal (UT) decided that fees charged by the appellant to members of a self-invested personal pension (SIPP) did not qualify for exemption under VATA 1994 Sch 9 Group 2 item 1. It was held that the fees were not charged for insurance transactions.
Intelligent Money Ltd (IML) supplied services establishing and administering pension plans. The services supplied did not include the management of the funds held within the pension plans. Each member of the SIPP bore the risk of investment performance and the risks regarding the nature and timing of benefits taken.
Both IML and HMRC agreed that it was necessary to consider the criteria established by the CJEU in relation to whether a transaction was an insurance transaction.
In Card Protection Plan Limited v...
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