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Europe steps up its fight against fraud
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
United Kingdom | Publication | January 2024
On December 14, 2023, in a written statement, the Financial Secretary to the Treasury published HMRC's summary of responses to its technical consultation on the VAT treatment of fund management services. This is mainly of interest for DC schemes.
Currently, fund management services can be VAT exempt either by falling within the fund types that enjoy statutory exemptions, or because they are regarded as “special investment funds” under EU VAT law. SIFs were largely left to individual member states to define. The consultation set out proposals for SIF codification to remove the uncertainty that had arisen following years of EU case law.
Having considered the consultation responses, the Government has decided not to proceed with the SIF codification, and to retain the current rules. This means that the above two ways in which fund management services can be VAT exempt will continue.
HMRC will update its relevant guidance in due course.
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European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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