Confirmation that money purchase pension arrangement can be VAT exempt may put further pressure on the UK government
The February 2014 edition of Pensions Pieces included an article on the case of ATP Pension Services A/S v Skatteministeriet in relation to which the advocate-general had delivered an opinion that a defined-contribution pension scheme may be capable of being a special investment fund and so VAT exempt. On 13 March 2014, the Court of Justice of the European Union (CJEU) confirmed its decision in this case, saying that a pension fund may constitute a ‘special investment fund’ if the scheme is funded by members, the funds are invested using a risk-spreading principle and the member bears the investment risk, as was established in this case…
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