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.