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PIMS: HMRC U-turned over rebate tax decision

Standard Life says HM Revenue & Customs changed its mind about whether to tax platform rebates only six months after indicating it did not see them as taxable.

Speaking at PIMS onboard the Aurora today, Standard Life head of platform propositions David Tiller said six months before deciding rebates were taxable, HMRC said they were not.

HMRC confirmed in March that platform rebates to customers would be taxed from 6 April.

Tiller says: “They changed their view, six months earlier they had a different opinion and that has changed in six months. No prudent business would have assumed that rebates would be taxed having heard the contrary view six months earlier.”

Tiller says Standard will continue to lobby in an attempt to get the interpretation of rebates reversed.

He said: “We have to stand up for what is in our clients’ best interests. It is still being challenged, we are still lobbying hard. I think we have to defend our adviser and client interests on this and lobby as hard as we can.”

Money Marketing revealed last month the Tax Incentivised Savings Association failed in its bid to have the rebate tax implementation delayed by 12 months until 2014.



PIMS: PFS to launch campaign aimed at improving trust

The Personal Finance Society is launching a campaign to improve the financial advice industry’s reputation among consumers. Speaking at PIMS onboard the Aurora today, PFS chief executive Keith Richards said there continues to be a lack of trust in financial services which he said is exacerbated by the absence of a unified adviser voice. He said: “The industry […]

Bellpenny acquires Price Bailey client bank

National IFA group Bellpenny has acquired the client bank of Price Bailey Financial Planning, the IFA arm of accountancy firm Price Bailey Chartered Accountants, for an undisclosed sum. The deal sees 1,700 active clients move across to Bellpenny with funds under management totalling £150m. Following the acquisition, Price Bailey will focus on ultra-high-net-worth clients and […]

Tony Wickenden: GAAR guidance indicates when HMRC thinks it should apply

As I have made clear in my last two articles on the subject, HMRC has issued the guidance to the general anti-abuse rule that has been approved by the Advisory Panel with effect from 15 April 2013.  Of great interest to tax and financial planners should be Part D which contains a wide range of […]


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