Investors in some Keydata plans are set to begin receiving income payments, PricewaterhouseCoopers (PwC) says.
The administrator says it will review each product in turn to determine whether there is a requirement to deduct or withhold tax in conjunction with the underlying product providers.
It says where there is no requirement, it will begin making gross payments.
PwC says it endeavoured to simplify the payment process by withholding tax to individuals and suggesting they deal with HMRC as regards any further tax payments or repayments. But HMRC failed to reach a solution.
Additionally, PwC says it will be seeking to obtain "satisfactory" confirmation from the underlying product providers regarding the ISA eligibility of these products.
HMRC says where PwC obtains sufficient assurances, there will be "no need" for investors who hold these within an ISA wrapper to declare any payments they receive on their tax returns.
"We have been anxious to resume all income payments at the earliest opportunity and I am delighted we have now achieved a workable solution," PwC joint administrator and partner Dan Schwarzmann says.
"I am grateful to the Keydata team who continue to work very hard with PwC to ensure that payments can be made on each product as soon as possible."
Three years at Wells Fargo
Effective from 9 December 2019
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