Commentary

V4.136G Exemption for finance—unit trust and investment scheme management

Part V4 Exemption, zero-rating and reduced rates

V4.136G Exemption for finance—unit trust and investment scheme management

V4.136G Exemption for finance—unit trust and investment scheme management

This paragraph examines exemption for unit trust and investment scheme management in VATA 1994, Sch 9, Group 5, items 9 and 10. For an overview of the finance exemption generally, see V4.136.

Fund management exemption—scope

Under VATA 1994, Sch 9, Group 5, items 9 and 10 (derived from Directive 2006/112/EC, art 135(1)(g) – 'the management of special investment funds as defined by member states'), exemption applies to the management of any of the following1:

  1.  

    •     an authorised open-ended investment company within the meaning given by FSMA 2000, s 237(3)

  2.  

    •     an authorised contractual scheme within the meaning given by FSMA 2000, s 237(3)

  3.  

    •     an authorised unit trust scheme within the meaning given by FSMA 2000, s 237(3)

  4.  

    •     a Gibraltar collective investment scheme that is not an umbrella scheme

  5.  

    •     a sub-fund of any other Gibraltar collective investment scheme

  6.  

    •     an individually recognised overseas scheme that is not an umbrella scheme

  7.  

    •     a sub-fund of any other individually recognised overseas scheme

  8.  

    •     (until 22 July 20132) a recognised collective investment scheme authorised in a designated country or territory that is not an umbrella scheme

  9.  

    •     (until 22 July 20133) a sub-fund of any other recognised collective investment scheme authorised in a designated country or territory

  10.  

    •     a recognised collective investment scheme constituted in another EEA state that is not an umbrella scheme

  11.  

    •     a sub-fund of any other recognised collective investment scheme constituted in another EEA state, if (a)

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