Your monthly VAT update, by experts at Simmons & Simmons.
BlackRock: exempt supplies of investment management and single supplies
The Upper Tribunal has referred to the CJEU the question whether a supply of fund management services received partly in connection with the management of special investment funds (SIFs) and partly non-SIFs can be apportioned (BlackRock Investment Management (UK) Ltd v HMRC [2018] UKUT 415).
It was accepted that the supplies of services in this case amounted to a single supply. The matters in dispute were whether those services qualified as supplies of ‘management’ for the purposes of the exemption in article 135.1(g) of the Principal VAT Directive and if so whether an apportionment of the consideration between the use of the services for the management of SIFs and non-SIFs was possible.
The case concerned supplies of a sophisticated integrated trading portfolio management and risk reporting software platform called Aladdin. In...
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Your monthly VAT update, by experts at Simmons & Simmons.
BlackRock: exempt supplies of investment management and single supplies
The Upper Tribunal has referred to the CJEU the question whether a supply of fund management services received partly in connection with the management of special investment funds (SIFs) and partly non-SIFs can be apportioned (BlackRock Investment Management (UK) Ltd v HMRC [2018] UKUT 415).
It was accepted that the supplies of services in this case amounted to a single supply. The matters in dispute were whether those services qualified as supplies of ‘management’ for the purposes of the exemption in article 135.1(g) of the Principal VAT Directive and if so whether an apportionment of the consideration between the use of the services for the management of SIFs and non-SIFs was possible.
The case concerned supplies of a sophisticated integrated trading portfolio management and risk reporting software platform called Aladdin. In...
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:
