Upper Tribunal decision relevant for partly exempt businesses generally and asset management businesses in particular.
The recent Upper Tribunal (UT) decision in BlackRock Investment Management (UK) Ltd v HMRC about the Aladdin investment management platform raises important issues in two key areas relevant for partly exempt businesses generally and for asset management businesses in particular: when can the provision of a technology platform qualify as a substantive VAT exempt financial service and in what circumstances could a single supply have more than one VAT liability with elements that remain VAT exempt even where the majority are taxable? Businesses and their advisers should now consider the potential implications for VAT treatments elsewhere and take steps where appropriate to protect their position.
In an article for Tax Journal*, Peter Dylewski and Sarah Daley discuss the recent UT decision in BlackRock Investment Management (UK) Ltd v HMRC. You may access the full article by clicking here.
*First published in Tax Journal on 15 February 2019. Reproduced with permission.
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