PIMFA response to HMT Consultation VAT treatment of Fund Management 020223

PIMFA response to H M Treasury / HMRC consultation paper on VAT treatment of fund management services – December 2022. Whilst the focus of the paper is on codifying a definition of what qualifies for VAT purposes as a Special Investment Fund, it does not seek to address some of the other contentious issues related to VAT exemption and, particularly, the apparent disconnect between the Government’s a long-term objective to encourage individuals to save and invest for their financial futures and the VAT treatment of fund management services for retail investors