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Sector-Specific Investment Analyses Delivered to Advisor Qualify as VAT-Exempt Fund Management

  • The Danish Tax Council held that fund-specific investment analyses supplied to an investment adviser were VAT-exempt as “management of investment funds” under section 13(1)(11)(f) of the Danish VAT Act.
  • The exemption applied because the analyses were tailored to specific UCITS sub-funds, including their portfolio, mandate, investment thesis, limits, and board instructions, and were used as input for portfolio advice on those sub-funds.
  • The services were considered essential and specific to the management of the relevant fund sections, since they could not be used interchangeably for other funds.
  • It was not a barrier to VAT exemption that the analyses were delivered to the manager’s investment adviser rather than directly to the fund manager.

Source: info.skat.dk

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.



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