Bankhall says it will not be affected by Customs & Excise's recent ruling on VAT.
In a letter to members, Bankhall says its view is that the business brief from C&E, issued in September, does not affect the VAT status of its supplies through Bankhall Investment Associates, which is not an IFA network.
Bankhall says the brief also reaffirms the exempt status of its network supplies via Investment Strategies (UK).
This flies in the face of concerns raised in September by Financial Services Planning Consultancy consultant Graham Miller, who said the briefing could see support services providers caught in a situation where services they have not paid VAT on until now become standard-rated.
Bankhall's letter states that it liaises on an ongoing basis with C&E on all aspects of its business, including new offerings, to ensure the VAT status of its supplies is in accordance with the appropriate legislation.
Director of marketing Tony Murrell says: “Bankhall does charge VAT on its menu of services but there is no VAT on its inclusive services. There is no change. We have always charged VAT when people want specific services.”