The government has laid the Value Added Tax (Finance) Order 2020 (“Finance Order 2020”) on 4 March 2020 to widen the VAT exemption for the management of investment funds.
The Order amends Group 5 of Schedule 9 to the Value Added Tax Act 1994 (exemptions: finance) to:
- extend exemption to the management of what are termed “qualifying pension funds”‘
- remove the restriction on the type of assets that a close-ended collective investment undertaking can invest in in order for its management to qualify for exemption
Source Marcus Ward
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