Value Added Tax

Exemption ― finance ― fund management

Produced by Tolley
  • 16 Jun 2022 00:32

The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Exemption ― finance ― fund management
  • Management of investments and portfolios, funds, wrapper products and related services
  • What constitutes ‘management’?
  • Management of Property Funds
  • Collective investment undertakings (CIU)
  • Closed-ended collective investment undertakings
  • Open-ended collective investment schemes
  • Umbrella open-ended CIUs
  • Limitation of exemption to marketed schemes/funds
  • Occupational pension funds
  • More...

Exemption ― finance ― fund management

This guidance note provides an overview of the VAT treatment of investment fund management services.

Management of investments and portfolios, funds, wrapper products and related services

The management of special investment funds is exempt from VAT. The UK regards the following as special investment funds:

  1. authorised unit trust schemes (AUTS) as defined in Financial Services and Markets Act 2000, s 237(3)

  2. authorised open ended investment companies (OEIC) as defined in Financial Services and Markets Act 2000, s 237(3)

  3. authorised contractual schemes as defined in Financial Services and Markets Act 2000, s 237(3)

  4. a Gibraltar collective investment scheme that is not an umbrella scheme, or a sub-fund of any other Gibraltar collective investment scheme (defined in FSMA 2000, s 264)

  5. an individually recognised overseas scheme that is not an umbrella scheme, or a sub-fund of any other individually recognised overseas scheme (defined in FSMA 2000, s 272)

  6. a recognised collective investment scheme constituted in an EEA state that is not an umbrella scheme, or a sub-fund of any other recognised collective investment scheme constituted in another EEA state (see FSMA 2000, s 264)

  7. (with effect from 1 April 2020) a ‘qualifying pension fund’ (broadly, a pension fund established in the UK or an EU member state, where the contributions to the fund are (a) spread over a

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