Investment management opinion released
The European Court’s Advocate General has released her Opinion in the Abbey National PLC case, suggesting that the ECJ should rule that sub-contracted trustee, depositary and administrative services relating to Unit Trusts and OEICs are VAT free if "they form a distinct whole and are essential for and specific to the management of the common fund or investment company". If the ECJ follows the opinion, authorised unit trusts and OEICs (and their managers) should see a reduction in the VAT on their costs and refunds of VAT overpaid in the last three years should be available. Affected businesses should make claims as soon as possible.
New interest rates for over and underpaid tax
