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Nine closed-end investment trust companies claimed repayments of VAT in respect of management services which were claimed to be relevant supplies made to the firms by management companies and that VAT was charged on the fees.
The services were standard rated although it was established that management services were exempt for authorised trust schemes in 1990 and open-ended investment companies in 1997.
In 2007 the European Court of Justice ruled in J P Morgan Fleming Claverhouse Investment Trust plc and another v HMRC (Case C-363/05) [2008] STC 1180 that closed-end investment funds also fell under the exemption provided by article 13B(d)(6) of the Sixth VAT Directive.
As a result the taxpayer companies in the current case applied to have refunded the VAT they had paid.
One of the problems facing the businesses was the restriction on claims in
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