Hargreaves launches legal challenge to rebate tax

Hargreaves Lansdown has moved to officially challenge HMRC's decision to impose a tax on platform rebates paid to consumers, after the revenue's move to introduce the tax earlier this year.

In a statement, Hargreaves Lansdown said it had consulted with legal counsel and was now pursuing an official challenge to the rebate tax. Ian Gorham (pictured), chief executive of Hargreaves Lansdown, said the introduction of what the group is calling a 'discount tax' is "extremely disappointing news and an attack on the small investor". "The 'discount tax' is anti-competitive. Loyalty bonuses have been hugely popular with investors and helped them save money on investing in their favourite funds. We have saved investors over £1bn in the form of discounts and loyalty bonuses, helping...