Transact to launch system to tackle rebate tax

clock •

Transact has moved to tackle difficulties accounting for the incoming rebate tax with the creation of a new automated system to calculate it.

The wrap platform - a popular provider with around £11bn in assets under management - is looking to launch its new system in the next few weeks, having worked on it since Her Majesty's Revenue & Customs (HMRC) announced the tax in March. The new system is set to launch later this month. It will calculate the rebate tax owed automatically, and will segment clients so those who should be exempt from the tax are not caught out by it. Malcolm Murray, (pictured) head of marketing at Transact, said: "We think we need this system up and running quickly as, the longer you 'guesstimate' this, ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Stock market crashes – the rational and the emotions

Stock market crashes – the rational and the emotions

'Several characteristics associated with previous pre-crash periods are present today'

Paul Wood
clock 30 September 2026 • 5 min read
Baillie Gifford workforce faces 10% reduction following voluntary exit programme

Baillie Gifford workforce faces 10% reduction following voluntary exit programme

Around 160 roles vacated

clock 23 September 2026 • 1 min read
Nine SJP funds flagged for underperformance in AoV despite improvements on last year

Nine SJP funds flagged for underperformance in AoV despite improvements on last year

89% of assets given green light

Alex Sebastian
clock 22 September 2026 • 2 min read