View more on these topics

Accountant claims IR35 tax edict will not hit IFAs

A London accountant has disputed recent claims that IFAs could fall foul

of the Inland Revenue&#39s IR35 legislation.

Friedmans Chartered Accountants partner Jonathan Friedman says the chance

of most IFAs being hit by the new rule is unlikely because it is aimed at

individuals or limited partnerships who serve only one client, unlike the

type of businesses IFAs operate.

But consultancy firm TAff Associates director Terry Foul-kes, who made the

original claim, says it depends on the status of the registered individual

in an IFA firm and the relationship between the appointed representative

and the network.

Friedman points out the relationship existing between IFAs and their

networks does not involve IR35 because there is a difference between a

network handling certain functions like compliance compared to that of

operating as an employer of the adviser.

He says: “IR35 does not affect financial services firms any differently

than any other area of industry. The reality is that most IFAs will never

be affected by IR35.”

Foulkes says: “I cannot think it would be possible for an accountant to

say that an IFA would not be hit by IR35. A number of IFAs could face

problems but equally a number might not.”

Letters, p26


Mortgage medicine

Research by NOP for the ABI found that one person in five believe they canrely on the Government for financial support with their mortgage if theywere unable to work. What they did not realise was how long they would haveto wait. Whether buying a new home or remortgaging, borrowers whose loanscompleted on or after October […]

Premier c-lects cautious approach

Premier Portfolio Managers has added the cautious portfolio to its C-lect portfolio management service.The C-lect portfolio service already offers the balanced portfolio for low-risk investment, the growth portfolio for medium risk and the enterprise portfolio for investors who want to take higher risks.The cautious portfolio aims to provide a lower risk fund than the existing […]

New Star branches out

New Star Asset Management has burst on to the investment scenewith the UK growth fund. It will be managed by Alan Miller, who joined New Star as chiefinvestment officer in January after running the Jupiter specialsituations fund from May 1996 to November 2000. Miller will have the freedom to choose whatever UK stocks hebelieves will […]

BoE hedges out the competition

BoE International, the South African investment banking group, has introduced a fund of hedge funds that will initially invest in 12 hedge funds.The BoE International market neutral fund is an open-ended investment company based in the Isle of Man. It aims to provide high net worth investors with high returns and low volatility by investing […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm