In CCLA Investment Management Ltd v HMRC [2024] UKFTT 636 the FTT held that supplies of investment management services to certain types of charitable funds qualified for the VAT exemption based on the direct effect of Article 135(1)(g) of the Principal VAT Directive. The decision provides important guidance on how to determine whether a fund which is not a UCITS will meet the equivalence conditions for State supervision and appeal to retail investors.
CCLA provided investment management services to a number of different funds whose investors were charities the Church of England and local authorities and claimed that their supplies qualified for exemption as fund management services provided to special investment funds (SIFs)...
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:
In CCLA Investment Management Ltd v HMRC [2024] UKFTT 636 the FTT held that supplies of investment management services to certain types of charitable funds qualified for the VAT exemption based on the direct effect of Article 135(1)(g) of the Principal VAT Directive. The decision provides important guidance on how to determine whether a fund which is not a UCITS will meet the equivalence conditions for State supervision and appeal to retail investors.
CCLA provided investment management services to a number of different funds whose investors were charities the Church of England and local authorities and claimed that their supplies qualified for exemption as fund management services provided to special investment funds (SIFs)...
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: