Financial Services Industry
Industry: Email Alert RSS FeedEU ruling could bring about a VAT reprieve.
Investment Adviser, March, 2007
Byline: European Court of Justice ruling will see closed and open-ended funds treated equally
trusts
Investment trusts could soon be free from paying VAT following a ruling by the European Union Advocate General.
Although Advocate-General Kokott said each government should determine its own legislation, she backed the case led by the Association of Investment Companies to drop the tax.
The AIC, and groups such as JPMorgan and Fleming Claverhouse, have challenged HM Revenue & Customs to explain why investment trusts are subject to the levy when unit trusts and Oeics are not.
The groups claim this costs investment trust shareholders a total of AGBP40m every year, while those who invest in open-ended vehicles are exempt....
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