Liontrust has today removed VAT from its managed portfolios, which will immediately reduce the cost for advisers’ clients by 0.06%. This applies to all the WSS (Wealth Solutions Service) and MPS (Managed Portfolio Service) portfolios managed by Liontrust.
The question of whether VAT should be levied on MPSs surfaced last year when the taxman ruled Tatton’s MPS was exempt from the tax.
Other companies — such as Brewin Dolphin, AJ Bell, Quilter, Investec, 7IM and Brooks Macdonald — have since followed suit.
Sources:
Latest Posts in "United Kingdom"
- Hotelbeds v HMRC: Businesses Can Reclaim VAT Without Invoices, Court Rules
- VAT Report – What Is a VAT Report?
- Post-Brexit VAT Divergence and why the EU Forgives and the UK Doesn’t?
- Fiscal Solutions – Great News – The United Kingdom is now part of our Fiscal Portal!
- Post-Brexit VAT: Why the EU Accepts Imperfect Export Proof but the UK Demands Perfection
