The issue the Court of Appeal had to deal with in Prudential Assurance Co Ltd v CRC [2024] EWCA Civ 300 was perhaps as pure a point of law as one can come across. Supplies comprising (non-exempt) fund management services had been made by a related party (Silverfleet) to the appellant (Prudential).
At the time the services were performed Silverfleet and Prudential were part of the same VAT group. At some point however the group was restructured as a result of which simultaneously:
- Silverfleet left the VAT group; and
- the fund management services ended.
That would have raised no issues had it not been for the fact that Silverfleet was also entitled to performance fees after the services had terminated in the event that the investments made during its reign as fund manager continued to excel thereafter ie exceeded a...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.