Ministers plan to shelve UK investment funds VAT tax hit

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The story "Ministers plan to shelve UK investment funds VAT tax hit" was covered 11 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 11h ago

Ministers plan to shelve UK investment funds VAT tax hit - Financial Times

Quick Summary:

The tax authority was seeking to end an exemption that would mean outsourced fund administration would no longer be free from the 20 per cent levy, according to people close to the situation.

In contrast, large EU bases for funds such as Dublin and Luxembourg did not apply VAT on these services, the letter argued.

The warning came as funds managed by stockpickers grapple with customers withdrawing their money in favour of cheaper investment products.