VAT and investment management services for DB pension funds — a new jigsaw
Last summer, the Court of Justice of the European Union (CJEU) ruled (in PPG Holdings BV (C-26/12)) that VAT payable on services provided for a Dutch pension fund was deductible by the employer if certain conditions were met. Since then, HMRC has issued a keenly awaited announcement in response to the ruling.
It is important to note that this announcement relates to defined-benefit (DB) pension schemes (the announcement notes that a CJEU ruling as regards defined-contribution schemes is expected soon).
HMRC had previously allowed employers to deduct VAT regarding costs incurred in relation to the day-to-day setting up and administration of an occupational pension scheme, as these were considered to be overheads of the employer and therefore a direct and immediate link to the employer’s business activities…
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News from Wragge Lawrence Graham & Co
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Briefings from Wragge Lawrence Graham & Co
Wragge Lawrence Graham & Co’s dedicated insolvency litigation team brings you its monthly update on the cases and issues affecting the insolvency and fraud investigation industry.
Wragges’ pensions experts focus on the impact for defined benefit (DB) occupational schemes – in particular, the issues trustees will need to consider around transfers from DB to DC schemes.