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Tax and VAT

Pension Funds are not exempt from tax or VAT.

Our Tax and VAT advisors can help support pension schemes to comply with their tax obligations, minimising the risk of unexpected tax costs arising and maximising the tax efficiency of their arrangements. Some examples are listed below:

  • Recently there has been a lot of uncertainty in relation to the VAT position for pension schemes, both in relation to the fees on which VAT is charged and how much VAT can be reclaimed. However, the position is now clearer and we can provide advice in this area to help ensure the VAT recovery position is maximised.
  • We can provide support in relation to the new Making Tax Digital for VAT requirements, including the process by which VAT returns are to be digitally prepared and submitted to HMRC.  
  • Most pension schemes are not required to produce tax returns, however increasing numbers are being required, and this is most likely to be large schemes and related entities. We are able to help Trustees prepare their tax returns. We can help with claiming refunds of tax if pension fund administrators have not already reclaimed them.
  • We can assist in drafting a tax strategy for publication online, in particular where there are complex investments held through off-shore jurisdictions.
  • We can provide advice on tax impacting on payroll and Trustee payments.

Contact us

Shona Harvie
Shona Harvie
Partner, Pension Funds Group