Are costs with VAT directly related to investment (exempt) activities, or should a broader approach apply?
The point at issue was whether the VAT incurred on both the set-up costs of the structure (including the costs of attracting investors) and the operating costs of running the business (including fund operator costs and due diligence expenses on reviewing new investments) was fully deductible by the Taxpayer as input tax.
Source: lexology.com
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