Recent European Court of Justice VAT Decisions on Investment Management

March 20, 2013

Two recent decisions of the European Court of Justice (“ECJ”) on the VAT treatment of investment management services illustrate that this is still an area of some uncertainty that is continuing to evolve. The first decision, in the GfBk case, looked at the nature of the services that benefit from VAT exemption and held that fund investment advisory services could benefit. The second decision, in the Wheels case, looked at whether a pension scheme was a special investment scheme for VAT exemption purposes and held that it was not.

Read “Recent European Court of Justice VAT Decisions on Investment Management“.