- CCLA Investment Management Ltd provided fund management services to 13 investment funds, including charities, Church of England entities, and local authorities
- CCLA argued that the services should have been treated as exempt supplies for VAT as fund management services supplied to “special investment funds”
- HMRC refused CCLA’s application for a refund of output tax, leading to an appeal to the FTT
- The FTT determined that the COIFs were exempt from VAT from July 2014 onwards, but the services provided to the CBF and LAPF funds were not exempt
- The decision will be of interest to the fund management sector as it clarifies the VAT exemption for certain management services provided to alternative investment funds.
Source: rpc.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
