Four platforms are to allow advisers to automatically calculate tax liabilities for clients, following HM Revenue and Customs' decision to tax rebates paid by fund managers.
The move, effective from 6 April, has led the majority of platform providers to herald the end of the rebate model, and move to clean or ‘super-clean' share classes.
However, HMRC's time scale for introducing the tax - a matter of weeks from its announcement on 25 March - means the majority of clients will still have a liability in the current tax year, regardless of whether advisers eventually move wholesale into clean share classes.
In response technology firm GBST, which supplies Aegon, AJ Bell, Fidelity and Novia, has launched a function which allows the creation of a function that calculated clients' rebate tax automatically.
It also creates a new ‘payment' rule which remits the taxation to HMRC, meaning the platforms will not need to manually intervene.
"We're able to deal with regulatory change by relatively simple configuration of the system, which does not require development while many of our competitors - and their clients - are facing big developments," said GBST CEO Rob DeDominicis.
The firm joins Transact, which launched a similar system days after the 6 April deadline.
The platform, which develops its own proprietary technology, calculates the rebate tax owed automatically, and segments clients so those who should be exempt from the tax are not caught out by it.
"We think we need this system up and running quickly as, the longer you 'guesstimate' this, the harder it will be to calculate it correctly," said head of marketing Malcolm Murray.
Has run Cautious Managed fund since 2011
What’s right – not what sells
Richards fires back at committee report
Available on Investcentre platform
Invested from 2006-2011