UK - The Society of Pension Consultants is urging the government to scrap VAT charges on the management fees of occupational pension funds.
The SPC’s response to the Customs & Excise consultation on the VAT treatment of pension fund management and investment trusts, says the move would place such funds on the same level as funds run by insurers.
SPC noted that while insurance companies carried out the actuarial, administration and investment roles of its funds in the past this was quite a different situation from today.
In a letter responding to the Customs & Excise consultation, SPC secretary John Mortimer stated that: “This is rarely the case now and the majority of insurance arrangements are solely investment management vehicles.”
The SPC’s views, though, are contested by the Investment Management Association which says that if VAT exemptions are introduced for everyone then it will impose significant additional administration costs on fund managers for an “infinitesimal benefit”.
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