Three gang members have been jailed for a total of 35 years for carrying out a £38m VAT fraud through a complex chain of carbon credit trades.
Advisers have been warned not to mislead and confuse HMRC by claiming to offer investment management services - a VAT chargeable activity - while lacking the necessary permissions to do so.
The European Court of Justice (ECJ) has said discretionary portfolio management should not be exempt from VAT.
Despite the weak economic climate, demand from wealthy individuals and company executives for superyachts is showing signs of strong growth, according to Jersey-based trust and fiduciary provider, Vistra.
HMRC has published its final guidance setting out when VAT will be exempt on adviser charging arrangements post RDR. Here are the guidelines in full.
Advisers unable to evidence that a VAT exempt transaction has taken place will be charged at the standard rate, final HMRC guidance states.