Lee Squires and Fiona Bantock (Hogan Lovells) review the latest VAT developments that matter.
United Biscuits: pension fund management services
In United Biscuits (Pension Trustees) Ltd v HMRC [2017] EWHC 2895 (Ch) the High Court has held that pension fund management services (PFMS) provided by non-insurers to the trustees of a defined benefit pension fund (UBPT) were not exempt from VAT.
UBPT argued that because HMRC treated PFMS supplied by insurers as exempt from VAT the principle of fiscal neutrality requires that it apply the same treatment to PFMS supplied by non-insurers because the services are similar.
The High Court decided that PFMS were not ‘insurance’ services under Article 135(1)(a) of the VAT Directive 2006/112/EC or relevant EU case law. It determined that all PFMS should be subject to VAT. The fact that HMRC wrongly treated PFMS provided by insurers as exempt did not...
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Lee Squires and Fiona Bantock (Hogan Lovells) review the latest VAT developments that matter.
United Biscuits: pension fund management services
In United Biscuits (Pension Trustees) Ltd v HMRC [2017] EWHC 2895 (Ch) the High Court has held that pension fund management services (PFMS) provided by non-insurers to the trustees of a defined benefit pension fund (UBPT) were not exempt from VAT.
UBPT argued that because HMRC treated PFMS supplied by insurers as exempt from VAT the principle of fiscal neutrality requires that it apply the same treatment to PFMS supplied by non-insurers because the services are similar.
The High Court decided that PFMS were not ‘insurance’ services under Article 135(1)(a) of the VAT Directive 2006/112/EC or relevant EU case law. It determined that all PFMS should be subject to VAT. The fact that HMRC wrongly treated PFMS provided by insurers as exempt did not...
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:
