HMRC concedes favourable VAT treatment for investment trusts | Practical Law
In June 2007, the ECJ held in JP Morgan Fleming Claverhouse Investment Trust plc v HMRC (Case C-363/05) that management fees charged to UK investment trusts should be exempt from VAT. Following this decision, HMRC has now decided not to pursue its case against the taxpayer in the UK VAT and Duties Tribunal.