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ARTICLE · 19 NOVEMBER 2008

UK VAT Exemption For Fund Management Services

Smith & Williamson
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Changes to the scope of UK VAT exemption for fund management came into force on 1 October 2008.

United KingdomFinance and Banking

Changes to the scope of UK VAT exemption for fund management came into force on 1 October 2008.

HM Revenue & Customs (HMRC) introduced changes to the scope of the UK VAT exemption for fund management following the European Court of Justice (ECJ) judgment in JPMorgan Fleming Claverhouse Investment Trust plc (JPMC). This article considers some of the implications for the industry.

Last year, the ECJ held that fund management services supplied to investment trust companies (ITCs) should be exempt from VAT. It ruled that the restrictive treatment applied by the UK was in breach of the principal of fiscal neutrality. From this it was clear that other similar forms of investment vehicle should also benefit from the VAT exemption.

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