Commentary

RCB/11/13 VAT—modified treatment for certain portfolio management fees following a European Court ruling

Part V16 Forms and other HMRC material

RCB/11/13 VAT—modified treatment for certain portfolio management fees following a European Court ruling

RCB/11/13 VAT—modified treatment for certain portfolio management fees following a European Court ruling

Revenue & Customs Brief, Issue 11. June 2013

Purpose of this Brief

This Brief modifies the current VAT treatment of certain supplies made by portfolio investment managers. This modification is needed to bring the current treatment into line with the European Court judgment in the case of Deutsche Bank (C-44/11).

Services supplied to employers or Trustees in respect of occupational pension schemes held through trusts are not covered by this Brief.

Who needs to read this?

Businesses providing portfolio investment management services.

Financial advisors.

Businesses and other organisations, such as charities, that receive investment

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