Fundamental VAT Principles for Investment Managers

VAT is a tax that can be complex to manage, and which can represent a significant cost for asset management businesses and their clients alike. It is also dynamic tax, with rules and legislation continually evolving to accommodate developments, and financial services in particular is an area where the correct VAT accounting treatment can be difficult to determine.

Businesses within the industry should ensure that they implement efficient VAT accounting processes, whilst remaining compliant.
In this session, PwC’s Financial Services VAT team will explain key compliance requirements and address the essential issues that asset management businesses should be aware of, to ensure they are able to effectively manage their VAT obligations.

Key Learning Objectives

• Gain an understanding of the principles of the VAT system, and fundamental VAT reporting requirements
• Explore how different VAT liabilities can attach to the supplies made by asset management businesses, and the impact this will have upon your clients
• Consider the risks associated with a failure to meet compliance obligations
• Develop an awareness of the key indirect tax issues affecting the investment management industry
• Identify potential efficiencies and opportunities to reduce VAT costs incurred within your business

09:30 Introductions

• Learning objectives
• The sources of VAT law
• VAT fundamental principles
• VAT reporting and compliance

10:00 Entitlement to recover input VAT

• The evidence required
• Partial exemption basics
• Partial exemption complexities
• Claims to HMRC

10:30 The requirement to account for output tax

• The reverse charge
• The VAT exemption for the management of a special investment fund
• Changes to the legislation

11:00 Tea / Coffee Break

11:30 Hot topics:

• Making Tax Digital
• How Brexit impacts upon VAT
• Business structures and VAT considerations
• Implications of recent case law

12:00 Q&A session

12:30 Close and Networking Lunch

• A sandwich lunch will be provided and an opportunity for you to network with the trainer and other delegates

The course is designed for finance teams within the investment management industry who have responsibility for VAT accounting. The course will appeal to individuals working within tax, but also those with a general background in finance. 

Daniel Evans
Daniel Evans is a Director who joined PwC’s VAT practice in 2004. Daniel leads our VAT services in the Asset and Wealth Management sector, and is a member of the Chartered Institute of Tax. Daniel is an active member of the Investment Association’s VAT Committee.
Daniel has a range of clients across the Asset and Wealth Management sector, from multinational mainstream asset managers to UK focused wealth and alternatives managers. Daniel also advises investment funds, and oversees the delivery of compliance services across many of PwC’s Asset and Wealth Management clients.

Nikki Reale
Nikki is a Senior Manager in PwC’s Financial Services VAT team, based in London and the South East, and specialises on advising clients within the asset and wealth management sector. Her clients include mainstream asset managers, Private Equity houses, pensions and alternatives funds.
Nikki has over ten years’ experience helping clients in the sector across a range of areas including: advice in relation to the VAT treatment for service offerings, correspondence with HMRC, review of VAT processes to identify potential risk and how this can be mitigated and ensuring clients meet their VAT compliance obligations.

Tom Ackroyd
Tom is a Senior Associate in PwC’s Financial Services VAT team, based in London, and specialises in providing indirect tax advice to a range of financial institutions. He primarily focuses on clients within the banking, capital markets and investment management industries. Tom’s clients include wealth managers, pension schemes and investment managers.
Tom advises clients on various aspects of indirect tax, including mergers and acquisitions, international restructuring projects, compliance services and managing relations with HMRC. His work also includes assisting large financial organisations with their post-Brexit strategies.
Recent projects that Tom has been involved in include assisting global asset managers on the VAT consequences associated with implementing centralised trading models. He regularly advises wealth managers on the VAT liabilities associated with various service offerings, such as discretionary investment management, execution only arrangements and model portfolios. He also works with a number of pension schemes to ensure they maximise their entitlement to input VAT recovery.

IA Member £375.00 +VAT
Non-Member £450.00 +VAT

Pay using a credit card online, or if you wish to be invoiced please email your full details to: Training@theia.org

PLEASE NOTE: Full payment for the course must be made prior to the course commencement date.

Any cancellation must be made in writing. For all cancellation received 15-30 days prior to the course start date, 50% of the course fee is still payable. No refund is given for a cancellation made 14 days or less prior to the commencement of a course. Transferring from one course to another is treated as a cancellation. You can substitute one delegate for another at no additional cost. In this instance, please give two business days’ notice.