HMRC

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.

The decision by HM Revenue & Customs (HMRC) to tax rebates to consumers has prompted Skandia to review its recently announced unbundled charging structure, Investment Week can reveal.

Alliance Trust Savings (ATS) is to convert its legacy business to clean share classes, after HM Revenue & Customs (HMRC) announced it will tax unit and cash rebates.

Platforms have predicted the swift death of the rebate model following confirmation that HM Revenue & Customs (HMRC) will apply income tax to both unit and cash rebates.