The recent decision in Paymex Limited v. The Commissioners for Her Majesty’s Revenue and Customs found that Nominees’ and Supervisors’ fees in consumer IVAs were exempt supplies. This document sets out the views of the bodies listed at the foot of this document.
IPs should note that legal advice is being sought by The Institute of Chartered Accountants of Scotland regarding the applicability of the Paymex decision to Trust Deeds.
This guide does not constitute legal advice nor does it seek to instruct or direct IPs in the administration of their IVAs. The bodies issuing this guide do not accept any liability in respect of actions that IPs may take in accordance with it, as it must be for each IP to be satisfied that his/her conduct meets the legal and professional requirements placed upon office-holders. However, notwithstanding the above, IPs should have regard to the regulatory as well as legal consequences of their actions. The guide should be read in conjunction with, the following: