Regulatory Alerts2017-04-07
Guidance Note on VAT Exemption for Collective Investment Schemes in the Isle of Man
The Isle of Man Financial Services Authority issued this guidance note to clarify that managers of authorized and international collective investment schemes under the Collective Investment Schemes Act 2008 are exempt from charging VAT on management fees. The document explicitly states that this exemption does not apply to exempt schemes under Schedule 3 of the Act, which remain required to charge VAT. Although the guidance is not legally binding law, it serves as persuasive evidence of compliance with legislative provisions for licensees.
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