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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.

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