Exemption ― finance ― intermediaries

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note is intended to provide details on the VAT treatment of intermediary services provided in connection with the provision of financial services.

What are intermediaries?

It is very common for supplies of financial services to involve other businesses acting as intermediaries between the parties buying and selling the financial services. Other businesses may also be involved in the transaction providing specialist advice or assisting with ensuring that the transaction takes place. The supply of intermediary services connected with financial services are often exempt from VAT.

A supply of intermediary services consists of bringing together, with a view to the provision of financial services:

•
persons who are or may be seeking to receive financial services
•
persons who provide financial services

The performance of preparatory work before the conclusion of a financial services contract can be exempt from VAT. This does not include a supply of market research,

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