Blackrock Investment Management (UK) Ltd v Revenue and Customs Commissioners

European Union – Value added tax. The First-tier Tribunal (Tax Chamber) had been right to hold that the single supply of services to the appellant taxpayer of an integrated trading, portfolio management and risk reporting software application amounted to fund management, within the meaning of that term for the purposes of art 135.1(g) of Council Directive (EC) 2006/112. However, the case law of the Court of Justice of the European Union (the CJEU) was not clear on the issue of whether the consideration for those services could be apportioned in circumstances where they were used to manage both special investment funds and other investment funds. Accordingly, the Upper Tribunal (Tax and Chancery Chamber) stayed the appeal on the basis that the parties should seek to agree both the question or questions to be referred to the CJEU.

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