# HMRC clarifies VAT treatment of fund management services

An episode of [ICAEW podcasts](https://invisiblenetwork.ai/podcast/1074716082), 29 Sep 2026, 4:05.

Audio: https://www.podtrac.com/pts/redirect.mp3/feeds.soundcloud.com/stream/2409958524-icaew-hmrc-clarifies-vat-treatment.mp3

HMRC has published guidelines for compliance (GfC) 20, setting out its recommended approach for determining the VAT treatment of outsourced fund management services, including whether services are single or multiple supplies.

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