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The only material difference for the fund management exemption from the earlier version is that qualifying pension funds must be established in the UK or EU.
The government is also to set up an industry working group to review how financial services are treated for VAT purposes. This is clearly a review of the position after the end of the transition period following the UK’s exit from the EU.
Managers of affected UK and EU funds will have to exempt their services from 1 April, and should consider whether they or their funds will bear the additional irrecoverable VAT cost. Managers of non-EU pension funds may continue to treat their services as outside the scope of UK VAT with input tax recovery.
Read more on the Budget here.
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