The VAT Finance Manual now includes guidance on the following:
The decision of the European Court of Justice (ECJ) in Wheels Common Investment Fund Trustees Ltd and others v HMRC1 in which the ECJ confirmed that defined benefit pension schemes are not covered by the Special Investment Fund Exemption and that, consequently, supplies of investment management services to them are standard-rated for VAT purposes. Further updates are expected in this area following other related decisions in ATP Pension Service A/S2 and PPG Holdings BV3. Please click here.
The definition of fund management services following the ECJ’s decision in GfBk4 in which the court found that the provision of information and advice relating to the stock market
(included the making of specific recommendations on the purchase and sale of assets) to a fund manager providing investment management services to special investment funds fell within the exemption for the supply of management services. Please click here.
The VAT treatment of fees paid to services provided by investment platform providers supplying online services for the transaction and administration of financial investment online. Please click here.