BB/27C/03 VAT—fund management

BB/27C/03 VAT—fund management

Business Brief, Issue 27. 10 December 2003

In the pre-Budget report (PBR) 2003, it was announced that the Government has decided not to make any immediate changes to the VAT treatment of fund management, but to keep the issue under review, especially in the context of the ongoing work on other Sandler Review tax proposals.

Background

The Sandler Review of medium and long-term retail savings in the UK identified two areas where it recommended that the Government considers levelling the playing field for VAT.

  1.  

    —     Insurers' pension fund management services are exempt whereas pension fund management provided by non-insurers is

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