Transact parent company to challenge £8m VAT ruling upheld by HMRC

Shares hit four-year low

Julia Bahr
clock • 1 min read

Transact's parent company IntegraFin Holdings has revealed HM Revenue & Customs (HMRC) will uphold its original decision to terminate subsidiary Integrated Application Development's (IAD) membership of a UK VAT group.

IntegraFin said it will contest the UK revenue authority's decision, which was first imposed in January 2020, terminating the membership of its unit with effect from 16 July 2016. It is looking to require a review by an HMRC officer that has not been previously involved with the matter. Integrated Financial Arrangements, a subsidiary of IntegraFin, said: "Yesterday the company received notice from HMRC that it had completed its reconsideration and would uphold its original decision, which is subject to a further review." An exclusion of IAD from the group means that any services provi...

To continue reading this article...

Join Professional Adviser

  • 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.



Already a Professional Adviser member?


More on Your Business

Financial adviser 2.0: How the role of IFA is changing

Financial adviser 2.0: How the role of IFA is changing

Who still wants to be a financial adviser?

Nneka Orji
clock 14 September 2023 • 5 min read
Saltus launches tech-led partnership programme for 'ambitious' IFAs

Saltus launches tech-led partnership programme for 'ambitious' IFAs

Network business model is 'broken and unsustainable'

Jenna Brown
clock 12 September 2023 • 3 min read
The new Bracknell office

Evelyn Partners relocates Bracknell team to new sustainable office

Office location to be part of sustainable business park

Isabel Baxter
clock 07 September 2023 • 1 min read