Platform giant expects HMRC to tax rebates

Leading platform Fidelity FundsNetwork expects HMRC to rule imminently that rebates paid to consumers are taxable.

Currently, rebates from platforms to consumers made in either unit or cash form are not subject to any additional taxation. However, HMRC confirmed last year it is considering amending the rules and has been in talks with the FSA about implementing such a tax. The talks are understood to have led to a delay in the publication of the upcoming platform paper. HMRC said in a statement at the time: "The tax status of regular payments by platforms to investors under current legislation has been raised with HMRC and we are considering whether the correct tax treatment is being applied by th...