VAT and similar taxes


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  • Supplies of pension fund management not exempt insurance


    Last Reviewed: 04 December 2017 / Submitted: 30 November 2017

    The High Court has rejected arguments that pension fund management services either are or should be treated in the same way as exempt supplies of insurance for VAT purposes.

  • VAT, research and MiFID2


    Last Reviewed: 29 November 2017 / Submitted: 07 November 2017

    HMRC draft guidance confirms that investment research services will attract VAT post MiFID2 unless they fall within the exemption for fund management services.

  • Defined benefit pension schemes: employer input VAT


    Last Reviewed: 28 November 2017 / Submitted: 30 March 2015

    HMRC have released further guidance in relation to input VAT recovery in relation to pension schemes, dealing specifically with the recovery of input VAT by an employer in relation to a defined benefit scheme.

  • HMRC's new policy on VAT and pension schemes


    Last Reviewed: 28 November 2017 / Submitted: 26 November 2014

    HMRC have announced new guidelines on recovery of input VAT by employers in relation to occupational pension schemes and the application of the fund management exemption to defined contribution and personal pension schemes.

  • Compound interest and repayments of overpaid VAT


    Last Reviewed: 07 November 2017 / Submitted: 22 May 2015

    The Supreme Court has held that EU law does not require the UK to provide for compound interest on repayments of overpaid VAT.

  • Withdrawal of VAT insurance exemption for pension fund management provided by insurers


    Last Reviewed: 27 October 2017 / Submitted: 09 October 2017

    HMRC will withdraw their policy of allowing insurers to treat supplies of fund management services as VAT exempt insurance from but have agreed to consult on timing.

  • VAT, composite transactions and lease and leaseback arrangements


    Submitted: 26 October 2017

    The Upper Tribunal has held that a person that entered into a sale and leaseback transaction nevertheless disposed of their entire interest in the relevant residential property so as to give rise to a deemed taxable supply.

  • VAT, Asset Management and Pensions Restricted access


    Last Reviewed: 24 October 2017 / Submitted: 11 October 2017

    We look at the latest test cases on VAT exemption for pension fund management, the judgment in the Investment Trusts case, balancing regulatory duty to treat customers fairly vs managing litigation risk, latest case law on scope of VAT exemption for fund management and administration, and latest developments in the Littlewoods compound interest claims’ case.

  • Brexit: Customs Bill


    Submitted: 19 October 2017

    The Government has set out plans for legislating a new Customs Bill to provide for the continuation of VAT, customs and excise duties post-Brexit.

  • Wheels keep turning


    Last Reviewed: 09 October 2017 / Submitted: 10 January 2017

    Wheels Common Investment Fund Trustees has been allowed to amend its claim for repayment of overpaid VAT on investment fund management services to a defined benefit scheme to argue that the imposition of VAT was in breach of EU law since similar services provided by an insurer are treated as exempt insurance supplies.

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