Commentary

PN/12/97 Management of open-ended investment companies to be VAT exempt

Part V16 Forms and other HMRC material

PN/12/97 Management of open-ended investment companies to be VAT exempt

PN/12/97 Management of open-ended investment companies to be VAT exempt

Press Notice 12/97. 13 March 1997

The investment management of open-ended investment companies by their authorised corporate directors will be VAT exempt from 24 March 1997.

Investment management is generally standard rated. However, European law exempts the management of special investment schemes as defined by member states. To date the exemption has only applied to the management of authorised unit trusts by their operators.

FA 1995 gave the Treasury the enabling power to legislate for open-ended investment companies. The rules and regulations are contained in the Open-Ended Investment Companies (Investment Companies with Variable

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