More platforms launch tax calculators after HMRC ruling

Four platforms are to allow advisers to automatically calculate tax liabilities for clients, following HM Revenue and Customs' decision to tax rebates paid by fund managers.

The move, effective from 6 April, has led the majority of platform providers to herald the end of the rebate model, and move to clean or ‘super-clean' share classes. However, HMRC's time scale for introducing the tax - a matter of weeks from its announcement on 25 March - means the majority of clients will still have a liability in the current tax year, regardless of whether advisers eventually move wholesale into clean share classes. In response technology firm GBST, which supplies Aegon, AJ Bell, Fidelity and Novia, has launched a function which allows the creation of a function tha...