HMRC

Four platforms are to allow advisers to automatically calculate tax liabilities for clients, following HM Revenue and Customs' decision to tax rebates paid by fund managers.

A tax barrister who designed his own tax avoidance scheme and defended it in court against HM Revenue & Customs (HMRC) has lost his attempt to avoid paying £190,000 in tax.

Tax cheats hiding investments and assets in the Isle of Man, Guernsey or Jersey are being asked to pay the tax they owe before HM Revenue & Customs (HMRC) clamps down on them.

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.