Transact to launch system to tackle rebate tax

clock

Transact has moved to tackle difficulties accounting for the incoming rebate tax with the creation of a new automated system to calculate it.

The wrap platform - a popular provider with around £11bn in assets under management - is looking to launch its new system in the next few weeks, having worked on it since Her Majesty's Revenue & Customs (HMRC) announced the tax in March. The new system is set to launch later this month. It will calculate the rebate tax owed automatically, and will segment clients so those who should be exempt from the tax are not caught out by it. Malcolm Murray, head of marketing at Transact, said: "We think we need this system up and running quickly as, the longer you 'guesstimate' this, the harder ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Platforms

DIY investment market hits £392bn as top five platforms remain dominant

DIY investment market hits £392bn as top five platforms remain dominant

Hargreaves Lansdown market share slips

James Baxter-Derrington
clock 26 February 2024 • 1 min read
Hargreaves Lansdown profits drop 8% as platform ramps up technology spend

Hargreaves Lansdown profits drop 8% as platform ramps up technology spend

Net new business slows to £1bn

Valeria Martinez
clock 22 February 2024 • 2 min read
Retail access to crypto ETFs to face Consumer Duty hurdles even if 'unlikely' UK approval granted

Retail access to crypto ETFs to face Consumer Duty hurdles even if 'unlikely' UK approval granted

Platform concerns over investor protections

Valeria Martinez
clock 17 January 2024 • 3 min read
Trustpilot