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Pensions Update

Continued VAT breathing space

HMRC have provided businesses with some additional breathing space by giving them more time to adapt to the VAT changes which were announced in response to the CJEU judgment last year.

In their Brief published on 26th October 2015 HMRC announced that the transitional period for implementing pension related VAT changes will be extended to 31st December 2016. Between now and then a switch to the new VAT arrangements can be made at any time. The Brief also provides an update on HMRC’s position on possible arrangements for employers to achieve VAT deduction for the costs of administering occupational pension schemes and managing their assets going forward.

The HMRC Brief can be found here: https://www.gov.uk/government/publications/revenue-and-customs-brief-17-2015-deduction-of-vat-on-pension-fund-management-costs/revenue-and-customs-brief-1715-deduction-of-vat-on-pension-fund-management-costs

Please contact any member of the pension team if you would like more specific advice about the HMRC Brief and the possible new VAT arrangements.

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