Many banks and financial institutions also offer a range of services not directly concerned with the provision of monetary finance or financial assistance. As a general rule, these will be taxable in VAT terms, for the most part, at the standard rate.

(1) Standard-rating (i.e. services excluded from exemption)

The more typical standard-rated services found in the banking and financial sector in practice include:

accounting services;

bullion;

commodities;

debt collection, credit control and sales ledger accounting services;

electronic message services for financial institutions (Nordea Pankki Suomi Oyj v Finland (Case C-350/10) (28 July 2011));

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.