Skandia opens talks with Select list groups over 'super clean' share classes

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 (HMRC).

As previously revealed by Investment Week, HMRC intends to tax rebates paid to consumers via platforms from next Monday, and the timing of the implementation has surprised most platforms. Skandia, which has already unveiled plans for its new charging model, had intended to use bundled share classes and make rebates to consumers in the form of units. Last week, after HMRC's announcement, Skandia's UK Managing Director Peter Mann (pictured) said in a statement the group was considering launching preferential share classes that do not pay a rebate but which still 'reflect its scale'. ...