RCB/35/08 VAT exemption for fund management services

Part V16 Forms and other HMRC material

Part V16 Forms and other HMRC material | Commentary

RCB/35/08 VAT exemption for fund management services

Part V16 Forms and other HMRC material | Commentary

RCB/35/08 VAT exemption for fund management services

Revenue & Customs Brief, Issue 35. 24 July 2008

At Budget 2008, it was announced that the VAT exemption for fund management services would be amended with effect from 1 October 2008. The amending legislation, explanatory memorandum, and draft guidance have now been published on our website. This Revenue & Customs Brief provides some detail about the amendment and information for businesses wishing to submit claims for overpaid VAT in the light of these changes.

Background

EU VAT law exempts “the management of special investment funds as defined by Member States”. The UK interpretation of this was challenged and, following the ECJ judgment in JP Morgain Fleming Claverhouse Investment Trust plc, we accepted that closed-ended investment undertakings, such as investment companies (ITCs), should be defined for the purposes of

View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial

EXISTING USER? SIGN IN TAKE A FREE TRIAL

Access the definitive source of indirect tax intelligence with TolleyLibrary.

View full volume

RCB/46/08 VAT—Court of Appeal decision in the case of Loyalty Management (UK) Ltd (LMUK) – HMRC position, pending outcome of appeal to the House of Lords

RCB/48/08 VAT—exemption for fund management services

RCB/52/08 VAT on fuel used for propelling private pleasure craft and private pleasure flying

RCB/53/08 VAT—new requirement from 1 January 2010 that businesses provide EC Sales Lists for taxable supplies of services to which the reverse charge applies

RCB/54/08 VAT—new zero-rated dwellings – whether arrangements are abusive

RCB/57/08 VAT—excess charges in non-local authority car parks

RCB/60/08 VAT—Court of Appeal decision in the case of Loyalty Management (UK) Ltd – further clarification of HMRC position, pending outcome of appeal to the House of Lords

RCB/61/08 Intrastat—changes from 1 January 2009

RCB/63/08 VAT—the decisions of the VAT Tribunal in the cases of the Rank Group plc, in respect of the supply of Mechanised Cash Bingo (MCB) and gaming machine takings

RCB/2/09 VAT package and anti-fraud measures implementation update: adoption of EU Council directive and regulation relating to EC Sales Lists and time of supply of services (update to Revenue & Customs Brief 53/08)

RCB/5/09 Marks & Spencer Plc v CRC [2009] UKHL 8—judgment of the House of Lords—VAT claims made before 26 May 2005 no longer subject to unjust enrichment

RCB/35/08 VAT exemption for fund management services

Part V16 Forms and other HMRC material

RCB/35/08 VAT exemption for fund management services

RCB/35/08 VAT exemption for fund management services

Background

Business Briefs

RCB/36/08 VAT treatment of charity challenge events

RCB/38/08 VAT—default interest and net errors of less than £2000

RCB/44/08 VAT—partial exemption – VAT adjustments when house builders let their dwellings before selling them

RCB/46/08 VAT—Court of Appeal decision in the case of Loyalty Management (UK) Ltd (LMUK) – HMRC position, pending outcome of appeal to the House of Lords

RCB/48/08 VAT—exemption for fund management services

RCB/52/08 VAT on fuel used for propelling private pleasure craft and private pleasure flying

RCB/53/08 VAT—new requirement from 1 January 2010 that businesses provide EC Sales Lists for taxable supplies of services to which the reverse charge applies

RCB/54/08 VAT—new zero-rated dwellings – whether arrangements are abusive

RCB/57/08 VAT—excess charges in non-local authority car parks

RCB/60/08 VAT—Court of Appeal decision in the case of Loyalty Management (UK) Ltd – further clarification of HMRC position, pending outcome of appeal to the House of Lords

RCB/61/08 Intrastat—changes from 1 January 2009

RCB/63/08 VAT—the decisions of the VAT Tribunal in the cases of the Rank Group plc, in respect of the supply of Mechanised Cash Bingo (MCB) and gaming machine takings

RCB/2/09 VAT package and anti-fraud measures implementation update: adoption of EU Council directive and regulation relating to EC Sales Lists and time of supply of services (update to Revenue & Customs Brief 53/08)

RCB/5/09 Marks & Spencer Plc v CRC [2009] UKHL 8—judgment of the House of Lords—VAT claims made before 26 May 2005 no longer subject to unjust enrichment

RCB/6/09 Claims for retrospective application of Extra-Statutory Concession (ESC) 3.35

RCB/8/09 Reminder of the withdrawal of the VAT Staff Hire Concession and the VAT treatment to be applied from 1 April 2009

RCB/10/09 Tribunals reform—changes to the tax appeals system and new internal review process

RCB/13/09 VAT—leisure trusts providing all-inclusive membership schemes

RCB/14/09 VAT repayment claims and statutory interest—treatment for the purposes of direct tax

RCB/15/09 Extra Statutory Concession (ESC) 3.5-Misdirection

TOLLEY

POLICIES

EXAM TRAINING

RESEARCH and GUIDANCE

Professional Development

RCB/35/08 VAT exemption for fund management services

Part V16 Forms and other HMRC material

RCB/35/08 VAT exemption for fund management services

RCB/35/08 VAT exemption for fund management services

Background

Related documents:

TOLLEY

POLICIES

EXAM TRAINING

RESEARCH and GUIDANCE

Professional Development