Opening the Floodgates?

20 Jul 2007 | by Philip Woolfe

JP Morgan Fleming Claverhouse Investment Trust plc v Commissioners of HM Revenue and Customs

The appellants in the main proceedings were JP Morgan Fleming Claverhouse Investment Trust plc, an ITC managed externally by JP Morgan Fleming Asset Management (UK) Limited (“the Managers”), and the Association of Investment Companies, acting on behalf of its members. In proceedings in the VAT Tribunal, they contended that the supplies received by ITCs from their Managers should be exempt from VAT, in line with management services supplied to other kinds of investment funds.