Investment trust companies (ITCs) are celebrating their victory at the European Court of Justice on 28 June when it was ruled that the term “special investment funds” can include closed-ended investment funds, such as ITCs. As a consequence they should benefit from the same exemption from VAT for fees paid for management services, as presently enjoyed by unit trusts and OEICs..

The case was brought by JP Morgan Fleming Claverhouse Investment Trust plc and The Association of Investment Companies. The Association say investment trusts have been unfairly charged VAT on management expenses since 1990

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There have been several recent changes to investments qualifying under Enterprise Investment Schemes (EIS), Corporate Venture Schemes (CVS) and Venture Capital Trusts (VCTs).  A number of our clients are involved in raising finance under these schemes.

The 2007 Finance Bill has imposed additional qualification limits.  The main changes are (although not confined to ) :

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