HMRC has launched a technical consultation on proposed reforms of the VAT rules on fund management to ‘improve legal clarity and certainty’. The consultation is not intended to result in policy change but rather to put existing policy onto a statutory footing. As HMRC says: ‘This legislation would establish the VAT liability of a supply of fund management without requiring reference to other sources of case law and guidance, providing certainty and clarity, simplifying the process considerably.’
Comments are invited from stakeholders (including indirect tax advisers and representative bodies) on whether or not the proposals achieve these aims. The consultation closes on 3 February 2023.
HMRC has launched a technical consultation on proposed reforms of the VAT rules on fund management to ‘improve legal clarity and certainty’. The consultation is not intended to result in policy change but rather to put existing policy onto a statutory footing. As HMRC says: ‘This legislation would establish the VAT liability of a supply of fund management without requiring reference to other sources of case law and guidance, providing certainty and clarity, simplifying the process considerably.’
Comments are invited from stakeholders (including indirect tax advisers and representative bodies) on whether or not the proposals achieve these aims. The consultation closes on 3 February 2023.
