Essential Pensions News

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Essential Pensions News covers the latest pensions developments each month.

HMRC announces postponement of withdrawal of VAT exemption for DB pension fund management services provided by insurers
In a development which will principally affect DB schemes,we reported in our October 2017 update on the publication by HMRC of an unexpected Revenue and Customs Brief 3 which announced that there would be a change to the policy relating to the VAT treatment of services provided by insurers to pension funds without special investment fund (SIF) status. This means that insurers will no longer be able to treat as VAT exempt pension fund management services provided to pension schemes which do not have SIF status – effectively, those provided to DB schemes.

HMRC has now confirmed that the withdrawal of this policy will take effect from April 1, 2019, rather than January 1, 2018, as previously announced. Click here for more..