Wrap/platforms

HM Revenue & Customs's (HMRC's) decision to tax unit and cash rebates could violate UK case law on competition, according to a platform consultancy.

Skandia is to add clean share classes to its platform following HM Revenue & Customs' decision that rebates to customers are taxable.

Standard Life's wrap platform is to scrap rebates on new and existing business and move to a clean share class only model by the start of the 2014/15 tax year.

The Tax Incentivised Savings Association (Tisa) is to launch a consultation later this month to look into how to convert bundled share classes held on one platform into clean share classes on another platform when a client re-registers.

Transact has criticised fund managers for failing to allow advisers to move large holdings from bundled to clean share classes.

PLATFORMS

Platform giant Skandia has opened talks with fund groups on its Select list asking them to supply new preferentially-priced 'super clean' share classes as soon as possible as it responds to the recent tax change announced by Her Majesty's Revenue & Customs...

Cofunds is suspending charges on its Suffolk Life-run self-invested personal pension (SIPP) while it upgrades its systems post-Retail Distribution Review (RDR).

Advisers and clients could get "caught out" by the new tax treatment of payment of trail commission, according to James Hay Partnership.

The Tax Incentivised Savings Association (TISA) is writing to the Treasury to ask for a one-year delay on the proposed rebate tax, after estimating the costs to the industry far outweigh the tax likely to be recouped.