View more on these topics

Excise steps up VAT review

HM Customs and Excise has contacted several more IFA networks to discuss their situation as part of its review of the way IFAs pay VAT.

As revealed in Money Marketing last week, networks are not being singled out for special treatment. Instead they are being contacted individually as part of a national review of IFA operations.

Customs has confirmed that it intends to apply any ruling to the trade nationally and as far as possible contemporaneously.

It remains unclear whether any move to change VAT on member fees would extend beyond IFA, mortgage and general insurance networks to support services providers.

The FSA, Treasury officials and the Customs policy team are holding talks to discuss the VAT treatment of IFA operations.

Customs says rulings have been sent to a small number of IFA networks based on particular sets of circumstances and that these rulings are being reviewed and discussed.

A Customs and Excise spokesman says: “We are aware that not all networks have structured their fee income in this manner and some already account for VAT on these fees.

“If it becomes clear that the decisions have wider application, we will, of course, ensure that this is communicated to the sector. However, at this stage, we are still rev-iewing the rulings.”

Lighthouse Group chairman David Hickey says: “I would find it surprising if Customs were to change their view on the way networks have been run for many years over-night. I believe if this was done, it would have to be applied across the sector simultaneously to every company.”


Survey reveals split over Aifa

The IFA population is split over whether Aifa is the correct body to represent IFAs, multi-ties and mortgage brokers, the Money Marketing and One Account IFA Poll 2004 has revealed. The annual poll indicates that 50 per cent are against Aifa representing different types of advisers while 47 per cent support it. Of those who […]

Self serving?

FSA chief executive John Tiner has told mortgage lenders that they cannot be complacent about self-certification mortgages, even though the regulator&#39s investigation has not turned up any evidence of widespread impropriety. The investigation, prompted by BBC allegations of abuse, concluded that systems and controls were adequate to counter the risk of financial crime but Tiner […]

Singer & Friedlander mirrors private portfolio

SINGER & FRIEDLANDER INVESTMENT MANAGEMENT Model Portfolio Fund Type: Oeic Aim: Income and growth by investing globally in equities and fixed-interest securities Minimum investment: Lump sum £75, 000 Investment split: 55% UK equity, 7.6% UK fixed interest, 7.4% European equity, 5.2% Far East, 5.1% US equity, 2.9% Japan, 5.1% rest of world, 2% UK gilts, […]

New non-exec for regulator&#39s board

The FSA has appointed Hugh Stevenson, chairman of Equitas and of Merchants Trust, as a non-executive director to its board. He will be on the board from June 1 for a three-year term. Stevenson was previously chairman of Mercury Asset Management Group, and prior to that was SG Warburgs managing director.


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