The UK court requested a preliminary ruling regarding the interpretation of the VAT exemption for the management of Special Investment Funds (‘SIFs’). This case concerns Blackrock Investment Management (UK) (no. C-231/19).
A third party supplies a management service to a fund manager and which is used by that fund manager for both the management of SIFs (VAT exempt) and the management of non-SIFs (subject to VAT). The questions are as follows:
- Is this a single supply to be subject to a single rate of tax; and if so, how is that single rate to be determined; or
- Is the consideration for that single supply to be apportioned, so as to treat part of the single supply as VAT exempt and part as VAT taxable?
Source KPMG
Latest Posts in "European Union"
- Comments on ECJ C-472/24: AG Opinion on Taxation of Virtual Gold in Online Gaming
- Briefing document & Podcast: ECJ C-564/15 (Farkas) – Non-application Reverse-Charge, 50% tax penalty is disproportionate
- Pierrakakis at ECOFIN: Innovation and Digitalization as Europe’s Competitiveness Drivers
- Three Plead Guilty in €6.5 Million Tax Evasion and Money Laundering Case
- Transfer Pricing Adjustments and VAT Implications: Impact of Recent CJEU Decisions
