Wheels - Reclaiming VAT on Investment Management Fees

Under UK law at present, UK investment managers are obliged to charge VAT at 20% on the supply of management services to pension schemes in the UK.  Wheels is arguing that, under EU VAT law, these investment management services should be exempt from VAT.  If the case is successful, then DB pension schemes would no longer have to pay an estimated £100 million a year in VAT.

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