Andrew Jackson a Director at RSM Robson Rhodes LLP looks at some of the basic principles underlying the VAT treatment of fund management
Over the past few years the VAT treatment of fund management has been the subject of a number of legal challenges resulting in changes to the exemptions in the UK VAT legislation. At the same time the fund management industry has been changing with the growth of offshore alternative investment funds many of which are managed by small independent UK managers. This combination of changing legislation and an industry undergoing rapid change can lead to uncertainty over the VAT liability of supplies and the ability of managers to recover VAT on expenditure as this article will show.
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Andrew Jackson a Director at RSM Robson Rhodes LLP looks at some of the basic principles underlying the VAT treatment of fund management
Over the past few years the VAT treatment of fund management has been the subject of a number of legal challenges resulting in changes to the exemptions in the UK VAT legislation. At the same time the fund management industry has been changing with the growth of offshore alternative investment funds many of which are managed by small independent UK managers. This combination of changing legislation and an industry undergoing rapid change can lead to uncertainty over the VAT liability of supplies and the ability of managers to recover VAT on expenditure as this article will show.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
