Skandia is to add clean share classes to its platform following HM Revenue & Customs' decision that rebates to customers are taxable.
Platform giant Skandia has opened talks with fund groups on its Select list asking them to supply new preferentially-priced 'super clean' share classes as soon as possible as it responds to the recent tax change announced by Her Majesty's Revenue & Customs...
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Skandia has expressed frustration at rival platforms failing to allow electronic re-registration of assets, despite being required to do so under the Retail Distribution Review (RDR).
Standard Life is to press fund managers to launch cheaper share classes for large platforms, after HM Revenue & Customs (HMRC) said it would apply income tax to unit and cash rebates.
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.
Investment platform Skandia has criticised plans by the Financial Services Authority's (FSA's) to outlaw rebates on 'legacy' business paid by fund groups to platforms from 2016.