Platforms could face £10m bill from tax changes branded as 'horrible as FATCA'

clock

Platforms could be hit with a £10m bill in order to make sure they comply with new EU tax rules, the Tax Incentivised Savings Association (TISA) has warned.

TISA technical director Jeffrey Mushens said the incoming EU VAT law, which goes live in January 2015 and is aimed at online businesses, could impact platforms if they are drawn into scope by the legislation. The new law aims to close tax loopholes exploited by telecommunications firms. But fears platforms could be included under this legislation have led TISA to canvass its members and ask HM Revenue and Customs (HMRC) to lobby on its behalf. It will meet with HMRC later this month to discuss the issue. The potential impact has been likened to the US’ Foreign Account Tax Compli...

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 Wrap/platforms

AJ Bell reports record platform AUM of £103bn

AJ Bell reports record platform AUM of £103bn

AUM and customer numbers both up 19% in the year

Jenna Brown
clock 23 October 2025 • 3 min read
Private markets for the mass affluent: How wealth platforms can scale access

Private markets for the mass affluent: How wealth platforms can scale access

‘The opportunity is clear’

Borja Largo
clock 15 October 2025 • 5 min read
AJ Bell Investcentre integrates with Dynamic Planner to ease adviser admin load

AJ Bell Investcentre integrates with Dynamic Planner to ease adviser admin load

Move to alleviate the administrative burden for advisers using its platform

Jenna Brown
clock 14 October 2025 • 2 min read