Thank you. I am looking at this from a financial advisers perspective rather than a client.
Say I am the financial adviser. I recommend a client invests in an ISA and that the money is then managed by a DIM. Is the primary activity the recommendation of a vat exempt product (ISA) and therefore makes the fee payable vat exempt?
I know that if a financial adviser simply recommends a DIM to a client that fee is vatable irrespective if the DIM invests the money in an ISA.
I am looking for clarity in the situation that the adviser recommends a vat exempt product that is then subsequently managed by a DIM and what the treatment of that is - vatable or vat exempt?