The Value Added Tax (Finance) Order 2020

Amendment of Group 5 of Schedule 9 to the Value Added Tax Act 1994

4.  In Note (6)—

(a) in the definition of “closed-ended collective investment undertaking”, in paragraph (a) omit “, wholly or mainly in securities”;

(b) in the appropriate place insert both—

““pension member” means, in relation to a qualifying pension fund, a person to or in respect of whom retirement benefits are to be paid from the fund;”;

““qualifying pension fund” means a pension fund in relation to which all of the following conditions are satisfied—

(a)

it is solely funded, whether directly or indirectly, by pension members;

(b)

the pension members bear the investment risk;

(c)

the fund contains the pooled contributions of more than one pension member;

(d)

the risk borne by the pension members is spread over a range of investments; and

(e)

the fund is established in the United Kingdom or in a member State;”.