Value Added Tax Consolidation Act 2010 Schedule 1 paragraph 7

Agency services

Schedule 1 paragraph 7 exempts from VAT the supply of agency services that relate to exempt financial services, while excluding agency services connected with the management and safekeeping of securities.

• Agency services relating to the exempt financial services listed in paragraph 6(1) of Schedule 1 are themselves exempt from VAT.
• The exemption does not extend to agency services for the management and safekeeping of securities (i.e. services connected with dealing in, issuing, transferring or receiving securities).
• The effect is that an intermediary or agent who arranges exempt financial transactions on behalf of a principal can treat its own supply of agency services as VAT-exempt.
• Subparagraph (2) has been deleted and is no longer in force.