- 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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