11 June 2015

UT Decision: HMRC v University of Cambridge

VAT – input tax – endowment fund for benefit of university – investment activity of university not an economic activity and outside scope of VAT – deductibility of input tax on fund management fees – whether fund management fees are overheads – yes – whether fund management services have direct and immediate link with economic activity of university as a whole – yes – appeal dismissed.

Andrew Hitchmough QC & Barbara Belgrano, instructed by the University of Cambridge, acted for the Respondents.

Click here for the full decision.