HMRC

REBATES

HM Revenue & Customs's (HMRC's) decision to tax unit and cash rebates could violate UK case law on competition, according to a platform consultancy.

Skandia is to add clean share classes to its platform following HM Revenue & Customs' decision that rebates to customers are taxable.

Standard Life's wrap platform is to scrap rebates on new and existing business and move to a clean share class only model by the start of the 2014/15 tax year.

Transact has criticised fund managers for failing to allow advisers to move large holdings from bundled to clean share classes.

Transact has moved to tackle difficulties accounting for the incoming rebate tax with the creation of a new automated system to calculate it.

Advisers and clients could get "caught out" by the new tax treatment of payment of trail commission, according to James Hay Partnership.

Fidelity FundsNetwork is to bring forward all rebate payments accrued in the current tax year to before 6 April, in a bid to avoid income tax levied by HM Revenue & Customs (HMRC).

REBATES

Land Securities has lost a court battle with HM Revenue & Customs (HMRC) over its use of a Morgan Stanley backed tax avoidance scheme.