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Wait goes on for HMRC stance on bonds

Technical experts are still waiting for details from HM Revenue & Customs about how adviser charges will operate through life insurance bonds.

One issue that is yet to be clarified is where clients choose to pay for advice through life insurance bonds.

Clients receive a 5 per cent income on these bonds but this would have to be reduced if adviser charges are deducted from this 5 per cent.

At the Money Marketing round table, Ernst & Young director of financial services Malcolm Kerr predicted income would be maintained at 5 per cent.

But Personal Finance Society head of technical Rebecca Prestage said: “My understanding is we are still awaiting clarity on that from HMRC which is keen to ensure adviser charges will not be a withdrawal from the 5 per cent income but it has not been decided as yet.”

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