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

Part V16 Forms and other HMRC material

Part V16 Forms and other HMRC material | Commentary

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

Part V16 Forms and other HMRC material | Commentary

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 management services.

Background to the judgment

Deutsche Bank provided discretionary portfolio management services to individual investors. These services consisted of two

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Business Briefs

RCB/13/13 VAT—loss adjusting services supplied in connection with marine and aviation insurance claims – incorrect application of the zero-rate

RCB/21/13 VAT—withdrawal of the VAT exemption for supplies of research between eligible bodies – announcement on transitional arrangements

RCB/33/13 VAT—withdrawal of partial exemption concession in relation to Road Fuel Scale Charges (RFSCs) – reminder of withdrawal and need to consider action

RCB/36/13 VAT—reverse charge accounting for businesses trading in mobile telephones, computer chips and emissions allowances: continuation of current treatment

RCB/38/13 Intrastat – changes from 1 January 2014

RCB/40/13 Withdrawal of Notice 915 and Notice 208

RCB/1/14 VAT—fiscal neutrality and gaming machines – HMRC action following the decision of the Court of Appeal in the case of HMRC v The Rank Group plc

RCB/3/14 Clarification of the term “student” re the VAT liability of construction works to buildings which are “used for a relevant residential purpose”

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

Purpose of this Brief

Who needs to read this?

Background to the judgment

Business Briefs

RCB/13/13 VAT—loss adjusting services supplied in connection with marine and aviation insurance claims – incorrect application of the zero-rate

RCB/16/13 VAT—clarification of HMRC's policy on laboratory pathology services provided by state-regulated institutions

RCB/17/13 VAT—Tribunal decision in Paymex Limited v HMRC

RCB/18/13 VAT—tax avoidance using offshore entities – European Court's judgment in Paul Newey (trading as Ocean Finance)

RCB/21/13 VAT—withdrawal of the VAT exemption for supplies of research between eligible bodies – announcement on transitional arrangements

RCB/23/13 Guidance on the provision of storage facilities

RCB/25/13 Clarification of Brief 17/13 re Paymex

RCB/26/13 VAT—changes to rules for zero-rating supplies of goods for indirect export outside the EU

RCB/33/13 VAT—withdrawal of partial exemption concession in relation to Road Fuel Scale Charges (RFSCs) – reminder of withdrawal and need to consider action

RCB/36/13 VAT—reverse charge accounting for businesses trading in mobile telephones, computer chips and emissions allowances: continuation of current treatment

RCB/38/13 Intrastat – changes from 1 January 2014

RCB/40/13 Withdrawal of Notice 915 and Notice 208

RCB/1/14 VAT—fiscal neutrality and gaming machines – HMRC action following the decision of the Court of Appeal in the case of HMRC v The Rank Group plc

RCB/3/14 Clarification of the term “student” re the VAT liability of construction works to buildings which are “used for a relevant residential purpose”

RCB/4/14 Issue of VAT information Sheet 2/14 which updates and supersedes the relevant sections of Notice 708 and VAT Guidance VCONST

RCB/5/14 VAT—Tour Operators Margin Scheme (TOMS) – position following European Court of Justice (ECJ) infraction decisions

RCB/6/14 VAT—CJEU judgment regarding deduction of VAT on pension fund management costs (PPG Holdings BV – C-26/12)

RCB/8/14 VAT—change of HM Revenue & Customs (HMRC) policy following the decision in the case of Goals Soccer Centres plc[2012] UKFTT 576 (TC)

RCB/9/14 Tax treatment of activities involving Bitcoin and other similar cryptocurrencies

RCB/12/14 Notification of Vehicle Arrivals (NOVA): change of intention of the use of a vehicle after the vehicle arrives in the UK

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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

Purpose of this Brief

Who needs to read this?

Background to the judgment

Related documents:

TOLLEY

POLICIES

EXAM TRAINING

RESEARCH and GUIDANCE

Professional Development