TISA lobbies for rebate tax delay after revealing £15m cost to platforms

As revealed by Investment Week, Her Majesty's Revenue & Customs (HMRC) is planning to instigate a tax on fund rebates paid to consumers in less than two weeks from today. However, research by TISA suggests the tax will only garner about £4m annually for the Revenue, a much lower amount than the platform industry will spend to implement the changes. TISA estimates in the first year alone, implementing the systems needed to pay the additional tax on fund rebates will cost £15m, the majority of which will be shouldered by platforms. TISA technical director Jeffrey Mushens said HMRC ha...