Update on Exemption for Fund Management Services
We reported in our blog of 16 April 2008 that the Budget (BN74) had introduced new rules for the extension of VAT exemption for fund management services with effect from 1 October 2008.
HMRC have now issued Business Brief 48/2008 which sets out details of the type of services which will be exempt from 1 October 2008. In summary, VAT exemption will now apply to management charges for collective investment schemes which are:
- All UK-established AUTS and OEICs ; or
- Recognised overseas schemes (as defined)
- Certain closed-ended investment funds such as Investment Trust Companies.
Businesses which are affected by these changes should consider their VAT position and take advice where appropriate.
Date: 2nd October, 2008
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