Save content
Have you found this content useful? Use the button above to save it to your profile.

VAT on Investment Management Services

25th May 2016
Save content
Have you found this content useful? Use the button above to save it to your profile.

The First Tier Tribunal has heard an Application from First State Investment Management (UK) Ltd (FSIM). The Appeal related to an HMRC decision to reject a claim for about £5m output tax overpaid on supplies of investment management services. There were also a number of administrative issues in relation to the relevance of two other on-going Appeals.

In particular, the Tribunal commented on the significant case, of Investment Trust Companies (in liquidation) (ITC), which was heard by the Supreme Court earlier this month. A decision is expected in the summer. The Court of Appeal decision is here: http://www.bailii.org/ew/cases/EWCA/Civ/2015/82.html

These are extremely complex issues, but the outcome will affect many Pension Funds and other financial services businesses. The FSIM case makes interesting reading, as it relates also to appeal procedures. The case is listed here: http://www.financeandtaxtribunals.gov.uk/Aspx/view.aspx?id=9089

However, the ITC decision is of much greater significance. If you are involved in such activities, or advise companies that do so, then watch out for the Supreme Court decision in July or August.

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.