Essential Pensions News covers the latest pensions developments each month.
VAT exemption for pension fund management services provided to DB schemes to be withdrawn for insurers
In a development which will principally affect defined benefit (DB) schemes, on October 5, 2017, HMRC published an unexpected Revenue and Customs Brief 3 which announced that, with effect from January 1, 2018, there will 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. Click here for more..
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