Decision given by Mr T Gordon Coutts QC (Chairman) on 16 January 2001.
Exemption – Management of authorised unit trust – Whether management can be provided by more than one person – Whether management function delegated to third party qualifies for exemption – Directive 77/388, art. 13(B)(d)(6); Value Added Tax Act 1994, Sch. 9, Grp. 5, item 9.
The issue was whether the management of an authorised unit trust was exempt only when carried out by the operator as defined by s. 207(1) of the Financial Services Act 1986 or whether the exemption extended to delegated or subcontracted services.