Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Fund definition

What does Fund mean? In legal practice, a fund is a defined pool of money or other property that is held or set aside for a particular purpose or for specified beneficiaries. It may comprise an estate or any property held for the benefit of a person or class, and includes any fund to which a trustee or personal representative (executor/administrator) is entitled in that fiduciary capacity. The term is generally descriptive and context-dependent; where used in instruments (trust deeds, wills, court orders) or in specific regimes (for example pensions or investment schemes), its scope is determined by that document or by...

UK VAT exemption for fund management: scope of management, SIF definition, outsourcing and advice, pension schemes, and input VAT recovery, with assimilated law and HMRC updates

Published by a LexisNexis Tax expert

Practice notes

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POTENTIAL FORTHCOMING CHANGE :

HMRC is reviewing its guidance on the VAT exemption for financial services, and updates may follow...

The VAT exemption for financial services

The UK’s VAT exemption for financial services derives from Council Directive 2006/112/EC (the VAT Directive). It has been implemented in domestic law through the Value Added Tax Act 1994 (VATA 1994), Schedule 9, Group 5, which lists a range of exempt items. This Practice Note concentrates on the aspects covering Fund management services (items 9 and 10 of Group 5). The practical operation of this exemption is explored in depth in: Practical application of the . This Practice Note cites EU Directives and case law. The UK left EU membership on 31 January 2020. From that date, the UK entered an implementation period (IP) during which, for many purposes, it continued to be treated as an EU Member State and remained subject to EU law. The IP concluded at 11 pm on 31 December 2020...

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Martin Shah

Simmons & Simmons

Martin is a partner in the corporate tax group at Simmons & Simmons. His broad based practice encompasses financial markets, corporate, real estate (including structured real estate) and commercial work, with an emphasis on clients in the asset management & investment funds and financial institutions sectors. His focus includes advising on funds and other investment products, together with structural tax issues for asset management, banking and insurance clients.Martin leads the financial services tax practice which won European Financial Services Tax Team of the Year at the International Tax Review European Awards in 2011 and 2013. He is rated in the latest Legal 500 and Chambers directories ("very strong" in his defence of clients’ interests and can be relied upon to be "robust in difficult circumstances") for corporate tax and endorsed by PLC Which Lawyer?.Martin is a regular participant at the...

Gary Barnett

Simmons & Simmons

Gary is a senior professional support lawyer in the corporate tax group at Simmons & Simmons. Before becoming a professional support lawyer, he qualified at another major international law firm and advised on a wide range of corporate tax and VAT matters, with a particular emphasis on M&A transactions. Gary became a professional support lawyer at Simmons & Simmons in 1996 and has since been responsible for developing the knowledge management strategy for the corporate tax group and providing support to the tax teams across Simmons & Simmons international network. Gary has written extensively on a wide range of tax topics and has previously contributed VAT commentary for De Voil Indirect Tax Service....

Web page updated on 22/05/2026

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