According to reports in the pension news today, the pensions industry has waded into a massive £300 million lawsuit against HMRC. The court case demands that occupational pensions must receive the same concessions on VAT as investment funds .
The favourable tax treatment of investment funds has urged pensions claimants to make their case. Joanne Segars, the chief executive of the National Association of Pension Funds (NAPF), was reported as commenting: "After last year’s ECJ Judgement there is a strong case that defined benefit occupational pension funds should be exempt from paying VAT on investment management services."
If the case goes through successfully, the pension funds sector could receive hundreds of millions in backdated VAT claims from the past three years.
Monster VAT case from pension industry
Financial Services
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Monster VAT case from pension industry
Mon, 12 May 2008
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