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Daily Tax Report: International

Pension Funds Face Higher Costs Under No-Deal Brexit (1)

April 1, 2019, 12:44 PMUpdated: April 1, 2019, 6:27 PM

The U.K.'s plan for dealing with value-added tax issues that arise for the pension funds industry in the event of a no-deal Brexit is likely to trigger a hike in some pension fees.

The warning comes from tax advisers after the U.K. tax office updated its guidance on VAT and published an impact assessment March 27, in which it said the effects of its proposed changes will be “negligible” for pension funds when it comes to VAT.

But under the proposals, pension funds could be forced to increase fees to reflect VAT as a result of the U.K.’s no-deal contingency...

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