Platforms: it's the end for rebates

In a surprise move, HMRC has brought forward its implementation date to just two weeks' time, on 6 April, though monies invested before this date will not be taxable. Most platforms expected enforcement to begin in 2014. The decision makes it very difficult for advisers to recommend rebates share classes after 6 April, said Novia CEO Bill Vasilieff. "It's the end for rebates - unit and cash," he said. "It's no surprise, but now they are definitive about it it's likely to be there will be no rebates in future. There will be an increased demand for clean share classes quite quickly." ...