Supreme Court will hear Prudential Assurance £1.8m VAT appeal

The Supreme Court has confirmed it will allow an appeal from Prudential Assurance Company related to VAT liability on continuous supply of service rules

The dispute with HMRC has been running through the courts for years and centres around a significant amount of disputed VAT related to ‘continuous supply of services’ rules.

In March, the Court of Appeal ruled in favour of HMRC in Prudential’s appeal against HMRC’s decision that VAT was chargeable on certain investment management services provided to the appellant while it was a member of the same VAT group as the supplier, Silverfleet Capital Limited, but invoiced after the supplier had left the VAT group.

Silverfleet provided Prudential with investment management services for a with-profits fund, known as Funds Fund.

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