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The Value Added Tax (Finance) Order 2013
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- UK Statutory Instruments
- 2013 No. 1402
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends Group 5 of Schedule 9 (exempt supplies of financial services) to the Value Added Tax Act 1994 (c. 23) to include as an exempt supply the management of authorised contractual schemes (“ACS”), and provides that, for the purposes of applying the exemption, ACS are to be defined in accordance with section 237 of the Financial Services and Markets Act 2000 (c. 8). An ACS is a type of collective investment scheme established by amendments made to the Financial Services and Markets Act 2000 by the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388).
A Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm.
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