UK Charity Faces £13M VAT Bill After ECJ Preliminary Ruling

Law360 (June 25, 2020, 6:32 PM EDT) -- A U.K. charitable trust faces a £13 million ($16.1 million) value-added tax bill after an adviser to the European Union's highest court said Thursday that fees charities pay for investment management services outside the EU are subject to tax.

The finding comes as a potential loss for the Wellcome Trust, a major benefactor for medical research, in its fight to squash £13 million in VAT that the trust said it overpaid to HM Revenue & Customs. Gerard Hogan, an advocate general for the European Court of Justice, dampened Wellcome's prospects for a refund, finding generally that charitable trusts buying investment management...

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