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Abbey National

Charles Elphicke Partner & Head of Tax and Annette Beresford Trainee Solicitor both at Reed Smith consider possible changes to the UK VAT exemption for investment fund management
What is covered by the concept of management of an investment fund? This question is the central issue in the case of Abbey National plc and Inscape Investment Fund (joined party) v Commissioners of Customs and Excise Case C-169/04. Community legislation provides that within Member States transactions in connection with the management of investment funds are exempt from VAT. Depending on the final outcome of the Abbey National case the scope of this exemption may be redefined.
Legal And Regulatory Background
Article 13.B(d)...

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