FundsNetwork urges HMRC to clarify adviser charging rules

Head of tax Paul Kennedy said advisers needed to be aware that facilitating a fee would count towards a client's capital gains tax allowance, currently at £10,600. "Previously where the platform, fund manager and IFA were all paid out of the product, the payment of your remuneration was being paid before any investment return was being taxed, and it also meant your remuneration was completely blind to the client's tax," he said. "Facilitating fees has turned it on its head. All a facilitated fee is, is a client telling us to cash in investments to meet your fees, and they could be cas...