Commentary

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

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 The amending legislation, explanatory memorandum, and draft guidance have now been published on our website.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,

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