Ian Zeider, Rob Smith and Cathryn Vanderspar (Travers Smith) consider the UK’s interpretation of special investment fund following enactment of the recent VAT finance order.
Background
Article 135(1)(g) of Council Directive 2006/112/EC (the VAT Directive) requires EU member states to treat the management of ‘special investment funds’ (SIFs) as exempt from VAT. The definition of a SIF is left to member states and is the focus of this article.
The UK has historically defined the term narrowly in items 9 and 10 of VATA 1994 Sch 9 Group 5. Together these contain an exhaustive list of relevant entities which has been the subject of piecemeal development in response to the evolving case law of the Court of Justice of the European Union (CJEU).
A key CJEU case is Claverhouse (Case C-363/05). This case was brought by an HMRC-approved investment...
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:
Ian Zeider, Rob Smith and Cathryn Vanderspar (Travers Smith) consider the UK’s interpretation of special investment fund following enactment of the recent VAT finance order.
Background
Article 135(1)(g) of Council Directive 2006/112/EC (the VAT Directive) requires EU member states to treat the management of ‘special investment funds’ (SIFs) as exempt from VAT. The definition of a SIF is left to member states and is the focus of this article.
The UK has historically defined the term narrowly in items 9 and 10 of VATA 1994 Sch 9 Group 5. Together these contain an exhaustive list of relevant entities which has been the subject of piecemeal development in response to the evolving case law of the Court of Justice of the European Union (CJEU).
A key CJEU case is Claverhouse (Case C-363/05). This case was brought by an HMRC-approved investment...
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:
