Chris Bates (Norton Rose Fulbright) reviews a recent High Court decision on the VAT treatment of investment management fees incurred by pension funds.
The recent decision of the High Court in United Biscuits [2017] EWHC 2895 has drawn together two themes that have engaged the courts in VAT litigation in recent years. The first relates to whether investment management services supplied to pension funds and other investors is exempt from VAT. The second relates to whether a fund receiving investment management services (customer) from an investment manager (supplier) can recover VAT mistakenly paid for the service from the supplier or directly from HMRC.
The case involved a reclaim of VAT paid by the trustees of a defined benefit contribution scheme to investment managers. The main focus of recent litigation has been directed at whether investment management services fell to be treated as exempt financial services within VATA 1994...
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Chris Bates (Norton Rose Fulbright) reviews a recent High Court decision on the VAT treatment of investment management fees incurred by pension funds.
The recent decision of the High Court in United Biscuits [2017] EWHC 2895 has drawn together two themes that have engaged the courts in VAT litigation in recent years. The first relates to whether investment management services supplied to pension funds and other investors is exempt from VAT. The second relates to whether a fund receiving investment management services (customer) from an investment manager (supplier) can recover VAT mistakenly paid for the service from the supplier or directly from HMRC.
The case involved a reclaim of VAT paid by the trustees of a defined benefit contribution scheme to investment managers. The main focus of recent litigation has been directed at whether investment management services fell to be treated as exempt financial services within VATA 1994...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
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