ECJ says investment trusts entitled to VAT exemption for management fees | Practical Law

ECJ says investment trusts entitled to VAT exemption for management fees | Practical Law

On 28 June 2007, the European Court of Justice held in the case of 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. This is a significant victory for the investment trust industry and should lead to reduced running costs for those investment trusts which engage external managers.

ECJ says investment trusts entitled to VAT exemption for management fees

Practical Law UK Legal Update 9-370-0018 (Approx. 6 pages)

ECJ says investment trusts entitled to VAT exemption for management fees

by PLC Tax
Published on 02 Jul 2007 • United Kingdom
On 28 June 2007, the European Court of Justice held in the case of 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. This is a significant victory for the investment trust industry and should lead to reduced running costs for those investment trusts which engage external managers.