VAT Notes June 2013
Please click below to see a copy of the Business Brief issued by HMRC
As expected, HMRC have bowed down (HMRC had little choice here) to the European Court of Justice Case of Deutsche Bank in that with effect from 1 December 2013 all annual or periodic fees for the purchase and sale of securities will become subject to VAT at the standard rate.
However, HMRC have sought out a lifeline, in that where the charges can be separately provided for by way separate lines on the invoice raised on a transaction by transaction basis and in accordance with the client agreement covering and providing for the separate charges (therefore contracts will likely require to be amended) these charges can remain to be treated as exempt (so will not be affected by the 1 December change). This covers both full discretionary portfolio management and services provided on an advisory basis.
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