UK Investment Firm Fails to Reclaim VAT From Tax Office In Court

UK investment firm Intelligent Money Limited lost its appeal for a refund on overpaid VAT for providing personal pensions.

The high court Upper Tribunal upheld the lower court’s conclusion that the company’s services didn’t fall in scope of an insurance exemption in the Value Added Tax Act 1994.

The company appealed the lower court’s decision on the grounds that it erred in interpreting the law based on the Court of Justice of the European Union (CJEU) cases that determined the scope of the exemption. It contended that its personal pensions met the criteria for an insurance contract, including the premium ...