Parmenion scraps VAT on MPS

Fee reductions on all documents

Sophie King
clock • 1 min read

Parmenion has scrapped VAT on its model portfolio service (MPS) following similar moves from peers.

Adviser firms who use Parmenion's MPS will now see fee reductions reflected in all documents and on the platform. In Autumn last year, Parmenion commissioned a technical review of its VAT platform, following a series of announcements from other businesses that they had received guidance from HM Revenue & Customs. Parmenion then decided to consult guidance itself. Last month (27 April), HSBC Asset Management removed VAT from its HSBC Global MPS range. Before that, in March, AIM-listed Kingswood did the same. Parmenion head of intermediary distribution Laura Barnes said: "We welcome ...

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