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Anjum Shabbir
8th October 2020
Banking & Finance Employment & Immigration Tax

Investment fund management services provided for occupational pension schemes, which do not provide risk indemnity are not exempt from VAT, Court of Justice finds

The Court of Justice has rendered its judgment in United Biscuits (Pensions Trustees) and United Biscuits Pension Investments (C-235/19), a request for a preliminary ruling by the Court of Appeal of England & Wales on the interpretation of Article 135(1)(a) of the VAT Directive.

Specifically, the referring court sought clarification on whether an investment fund management services supplied for an occupational pension scheme, which do not provide any indemnity from risk, may be classified as ‘insurance transactions’, which are exempt pursuant to Article 135(1)(a). The case originated from national proceedings where a trustee of a defined benefit occupational pension scheme, which had recourse to management services supplied by


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