VAT and Fund Managers - an update
In November 2007, the European Commission published its proposals for a new VAT regulation to define VAT exemption for financial services. Under these new proposals, special investment funds would include pension funds.
The recent Budget also announced changes to the current UK VAT exemption with effect from 1 October 2008.
As we said in our earlier blog, it is still likely that there will be further litigation on whether a pension fund should always have been considered to be a special investment fund. Many pension funds and fund managers have already submitted protective refund claims, in view of the three year capping rules.
The EU proposals have not yet been adopted but it is thought likely that the pension fund changes will be implemented. This will have an impact on both pension funds and pension fund managers. It will be important to check contracts to assess whether VAT changes are covered.
Date: 16th April, 2008
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