VAT on VCT Venture Capital Trusts
Published / Last Updated on 11/09/2008
VAT on VCT Venture Capital Trusts
HM Revenue and Customs has announced it will meet back claims of VAT for Venture Capital Trusts (VCTs). The Government had previously announced that VCTs would benefit from a VAT exemption from 1 October 2008. However, this latest announcement means that in addition, VCTs will be able to claim back VAT paid in at least the last three years.
The Association of Investment Companies (AIC) welcomed the announcement and has estimated that this could mean VCTs will be able to recover some £30m in back VAT. Deputy director general of the AIC, Ian Sayers, said “This is a very welcome development which demonstrates the Government’s support for the important role VCTs play in the financial system.
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