Jurisdiction(s):
United Kingdom

UK FTT: Pre-Brexit SIF VAT exemption; AIFMD comparability to UCITS accepted; COIFs exempt from 2014; LAPF and CBF not (CCLA Investment Management v HMRC)

Published on: 29 July 2024

Published by a LexisNexis Tax expert

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Article summary

CCLA Investment Management Ltd v HMRC [2024] UKFTT 636 (TC)

CCLA supplied management services to investment funds whose investors included charities, Church of England bodies, and local authorities. These supplies had historically been treated as taxable, but the taxpayer later concluded they ought to have been exempt and submitted several claims for over-declared output VAT. The appeal covered thirteen funds, grouped into three categories:

six COIFs
six Church of England Central Board of Finance (CBF) Funds
one Local Authorities’ Property Fund (LAPF)

The applicable rules were those in force before the end of the Brexit transition period, and it was accepted that EU law had direct effect during that time. Consequently, the arguments concentrated on the EU provisions exempting the management of SIFs as defined by member states, rather than on UK domestic legislation. It was common ground that, prior to the end of the transition period, all investment funds constituted as UCITS—i.e. open-ended funds operating under the European UCITS regulatory framework—fell within the SIF exemption...

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