HMRC may tax platform rebates in latest crackdown

Investment Week, IFAonline's sister title, understands the Revenue is already consulting on making the changes in a move which could impact rebate deals from leading fund platforms. A tax on rebates would hit bundled share classes, which are offered by most of the UK's platforms, and would impact both unit rebates and rebates to clients' cash accounts. HMRC is preparing to take action in order to close off what it sees as a potential way for consumers to avoid paying tax. It is the latest assault on rebates, following the Financial Services Authority's (FSA) announcement last year ...