Response to consultation on the VAT treatment of fund management services

While we recognise the need for greater clarity and certainty, we think that adopting a principles-based definition of a SIF may create uncertainty unless it is accompanied by a requirement for the government to maintain and update the list of VAT-exempt funds in the VAT Act over time. We also took the opportunity to highlight a number of other areas where the government might seek to improve the fund management VAT regime including the definition of management, the treatment of subcontracted services, and mixed asset funds.

Read our response.