- Pension administrator X sought VAT exemption, arguing it qualified as “assets raised for collective investment” under Article 11(1)(i)(3) of the VAT Act 1968, but its request was denied.
- The Zeeland-West-Brabant District Court ruled that X did not meet the conditions for this exemption because its participants do not bear the investment risk, citing a recent Court of Justice judgment (C-639/22) on the concept of investment risk.
- The court found that X’s pension rights and benefits were not directly dependent on actual investment results, and X failed to demonstrate it should be treated similarly to exempt special investment funds, thus affirming the inspector’s decision.
Source Taxlive
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