I am advised by Revenue that the VAT exemption relating to the supply of the management of specified and special investment funds is a requirement of EU VAT law, with which Irish VAT law must comply. The VAT Consolidation Act 2010 provides that the management of an undertaking specified in paragraph 6(2) of Schedule 1 is an exempt activity and there is no scope under the Directive to remove this exemption.
I am further advised by Revenue that it is not possible to separately identify expenditure specific to the management of such funds, as this level of information is not required to be recorded in tax returns.