VIT44750 - Specific issues: attribution of services received in connection with funded pension schemes - arrangements where the employer does not directly contract and pay for the services

This list sets out HMRC’s view of how other services obtained in connection with funded occupation pension schemes are to be attributed for VAT purposes.

The following services are to be attributed to both administration and investment

  • regular meetings with clients
  • cash management
  • preparation of performance statistics
  • preparation of valuations

Services that are to be attributed only to administration activity

  • regular meetings with consulting actuaries
  • submission of data to independent performance monitoring service
  • programming and provision of relevant computer support for valuations and performance statistics

Services that are to be attributed only to investment activity

  • investment management - asset allocation and stock selection
  • investment research, including relevant travel - UK and overseas
  • economic research, including relevant travel - UK and overseas
  • dealing in securities in UK and overseas markets on behalf of clients
  • keeping detailed accounts of all investments, receipts, disbursements other transactions
  • review and control of investment portfolios
  • preparation of contract notes
  • preparation of schedules of transactions
  • preparation of specialist market commentaries
  • safekeeping of property and securities in own name or name of nominee or in bearer form
  • appointment of and responsibility for sub-custodians domestic or foreign
  • provision of nominee service
  • maintenance of securities accounts, stock registration and transfer
  • collection of dividends and interest and obtaining new coupon sheets
  • recovery of tax
  • administration in respect of
    • capital repayments; and
    • capitalisation issues
  • administration in respect of company meetings and, in particular, execution of forms of proxy as appropriate
  • conversions;
  • exchanges;
  • liquidation
  • distributions;
  • redemptions;
  • right issues; and

  • payment of calls

  • programming and provision of relevant computer support for
    • investment management; and
    • investment administration and control