Standard Life to pay platform rebate tax for clients

Standard Life has confirmed it is to pay the recently announced rebate tax for its platform users until the end of this year.

The group said in a statement: "The group has agreed with HMRC to pay the mutual fund rebate income tax liability until the end of December 2013 on behalf of all Standard Life Wrap and FundZone customers. "The tax will be paid directly to HMRC so, as well as covering customers' tax liability for 2013, it also means customers will not have to include this income in their tax return and avoids the supporting paperwork and client communication advisers would otherwise have needed to produce." David Tiller, Standard Life head of platform propositions, said: "We disagree with HMRC's analy...