Parmenion scraps VAT on MPS

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 ...