Advisers warned misleading marketing could muddy VAT rules
Advisers have been warned not to mislead and confuse HMRC by claiming to offer investment management services - a VAT chargeable activity - while lacking the necessary permissions to do so.
Under HMRC rules intermediation services and ongoing advice are exempt from VAT but investment management, which requires discretionary permissions, is not exempt from the 20% sales tax. However hazy...
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Morningstar: UK equity funds suffer £2.6bn August outflows
Outflows from UK equity funds gathered pace in August, with £2.6bn of assets being pulled from the market area over the course of the month, according to Morningstar’s latest fund flows report.
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