Change in VAT rate

The Minister of Finance announced (in the February 2018 Budget speech) that VAT will increase from 14% to 15% with effect from 1 April 2018. This is the first increase in the VAT rate since 1993.

As a result, we would like to inform our clients that our annual Discretionary Fund Management Fee (inclusive of VAT) will increase from 0.114% to 0.115%.