In this month’s briefing, Lee Squires and Fiona Bantock (Hogan Lovells) cover the latest on pension fund management costs; the Budget announcement on partially exempt businesses with foreign branches; VAT on e-books; and the decision in Colaingrove.
HMRC has published eagerly awaited guidance on the deduction of VAT on pension fund management costs. Revenue & Customs Brief 43/14 (published in November 2014) set out HMRC’s views following the CJEU judgment in PPG Holdings (C-26/12). In that brief HMRC accepted that there were no grounds to differentiate between the administration of a pension scheme and the investment management of its assets; although this distinction had been a feature of HMRC’s earlier guidance in this area.
