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.
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