The Supreme Court has confirmed that the VAT exemption for certain financial services as set out in article 135(1)(d) (the "Financial Services Exemption") of the Council Directive 2006/11/EC (the "Principal Directive") should be narrowly interpreted. The decision confirms the UK Court's interpretation of the exemption aligns with that of the European Courts and provides important guidance as to what does not fall within the financial services exemption.
DWF, the global provider of integrated legal and business services, is advising James Bennett and David Soden, of Teneo Financial Advisory Limited, in their capacity as joint special administrators of IBP Markets Ltd, a London-based wholesale broker which has been placed into Special Administration.