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Many supplies of financial services involve other businesses acting as intermediaries between the parties selling and buying those financial services. Often these intermediary services are exempt.

»Ê¹ÚÌåÓýappse sections look at:

• what is meant by the term ‘intermediaryâ€�
• when an intermediary service falls within the finance exemption and
• what supplies are specifically excluded from the exemption for intermediary services.

Topics not covered by these sections

»Ê¹ÚÌåÓýapp following topics are only covered in . You should read the relevant paragraphs for guidance on liability:

- intermediary services in relation to an item 6 supply	paragraph 9.4
- arranging the issue or placement of securities	paragraph 6.10
- execution only services	paragraph 6.11
- intermediaries� supplies concerning financial derivatives	paragraph 8.12
- dealer systems	paragraph 6.12
- specialist services (e.g. professional services of accountants and lawyers, services of advice in general)	paragraph 6.14
- financial investigators	paragraph 9.6
- intermediaries involved in AUTs and OEICs	paragraph 7.6
- data services	paragraph 6.13
- liability of intermediary services concerned with securities supplied in the UK their related input tax VAT recovery position	paragraph 9.11
- services supplied by Independent Financial Advisors (‘IFAs�)	paragraph 9.9
- services supplied by an IFA network.	paragraph 9.10