Commentary

RCB/9/13 VAT—corporate pensions – FSA's Retail Distribution Review – treatment of “consultancy charges” for services supplied to employers

Part V16 Forms and other HMRC material

RCB/9/13 VAT—corporate pensions – FSA's Retail Distribution Review – treatment of “consultancy charges” for services supplied to employers

RCB/9/13 VAT—corporate pensions – FSA's Retail Distribution Review – treatment of “consultancy charges” for services supplied to employers

Revenue & Customs Brief, Issue 9. 17 April 2013

Purpose of this Brief

This Brief confirms the VAT implications of regulatory changes that will affect the way that Employee Benefit Consultants (“EBCs”) and others providing services to employers for the setting up and administration of work place contract-based pensions will be remunerated in the future.

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?

  1.  

    —     Businesses (such as EBCs) that advise and assist employers and/or employees in connection with contract-based Group Personal Pension plans.

  2.  

    —     Employers that receive these services.

Action to take

Businesses supplying the above services need to establish the following to determine the VAT treatment—

  1.  

    —     what is the precise nature of the service supplied, and

  2.  

    —     who is the recipient of that service?

Businesses that advise and assist employers in relation to the setting up and/or ongoing administration of Group Personal Pensions should charge standard rated VAT

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