U.K. Tax Agency Wins EU Case Over United Biscuits Pensions

United Biscuits’ pension fund lost its bid to recover decades’ worth of value-added tax after the European Union’s top court said investment management services provided to a company’s retirement plans aren’t exempt from the levy.

Investment fund management services to an occupational pension program, that don’t provide an indemnity from risk, can’t be classified as insurance transactions, and so can’t benefit from VAT exemptions under EU law, the bloc’s Court of Justice in Luxembourg said in a binding decision Thursday.

The case is: C-235/19 - United Biscuits (Pensions Trustees) and United Biscuits Pension Investments.

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