The following Tax Q&A provides comprehensive and up to date legal information covering:
Investment management is generally subject to VAT. Article 135(1)(f) of Directive 2006/112/EC (the VAT Directive) precludes exemption for the management of shares and other securities.
As an exception to this general principle, there is an exemption from VAT for the management of ‘special investment funds’. This has been implemented in the UK as an exemption for the management of the types of fund that are listed in Items 9 and 10 of Group 5 of Schedule 9, Part II to the Value Added Tax Act 1994. We have assumed that none of these apply in this instance.
The VAT exemption for intermediary financial services is available when a supplier, acting in an intermediary capacity, provides intermediary services in relation to certain specified financial service transactions. The financial service transactions are listed in the legislation and include dealing in securities, ie the issue, transfer or receipt of, or any dealing with, any security or secondary security.
Where the financial service transaction in
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