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Tax and Legal

Indirect tax update: Financial services

Jarlath O'Keefe Jarlath O'Keefe

This financial services update will discuss two important VAT cases and also provide a high level summary of other indirect tax developments relevant to the financial services sector.

  • The first case considered is the judgement from the Court of Justice in the case of BlackRock Investment Management (UK) Ltd (BIM) which concerns the VAT liability of services provided by BlackRock Financial Management Inc (BFMI, a US Corporation).
  • The second case concerns an Advocate General’s opinion in the case of Wellcome Trust Ltd (WTL). Again, this case concerns the VAT position in relation to investment management services acquired from abroad.
  • Further developments in Indirect Tax
    • withdrawal of VAT exemption for management of Dutch CLO SPVs;
    • reverse Skandia case referred to CJEU;
    • cardpoint CJEU judgement: Assistance with the operation of ATMs is taxable; and
    • acquiring goods from UK post-Brexit: Do you have an EORI registration?