Financial Services Industry
Industry: Email Alert RSS FeedNews: EC faces million pound VAT bill.
Pensions Week, March, 2007
Byline: William Comet
Britain's pension funds should consider European Court action to reclaim hundreds of millions of pounds in VAT, according to a tax specialist.
Richard Iferenta, financial services tax partner at accountant KPMG, said: "The recent opinion by the advocate general of the European Court that investment trusts should be exempt from paying VAT on management fees, may open the door to pension funds to argue that a VAT exemption should apply to them."
He said: "Currently, [investment] funds have very limited opportunities to recover VAT unless they focus on non-European investments. There are exemptions available for authorised unit trusts and open-ended investment companies (OEICs), but the Association of Investment Companies...
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