HL clients in line for potential £15m payout after challenge to HMRC

Hargreaves Lansdown introduced 'loyalty bonuses' - discounts provided against the ongoing management charges - for clients over 15 years ago but in April 2013 the rebates were deemed taxable by HMRC.  In September 2013, Hargreaves Lansdown launched a legal challenge to this rule calling it an "unwarranted attack on private investors". The firm took the case to the tax tribunal and revealed this morning it has been ruled that loyalty bonuses are not taxable. As a result, £15m could potentially be returned to investors, and, in addition, there is now no need to declare these discount...