HMRC consults on applying VAT charge to research payments under MiFID II

Asset managers could further reduce research budgets

Natalie Kenway
clock • 2 min read

Research payments could be hit with a full 20% VAT charge after MiFID II comes into force next year, as Her Majesty's Revenue and Customs (HMRC) considers the tax implications of separating the payments from usually tax-exempt trade execution services.

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 Regulation

FCA and FOS to work together to resolve targeted support complaints

FCA and FOS to work together to resolve targeted support complaints

Joint statement

Jenna Brown
clock 11 December 2025 • 3 min read
FCA's targeted support rules set to take effect from April 2026

FCA's targeted support rules set to take effect from April 2026

Regulator plans to open application gateway for firms in March

Isabel Baxter
clock 11 December 2025 • 5 min read
FCA's Rathi vows to reform rules for VCT and alternative investment managers in 2026

FCA's Rathi vows to reform rules for VCT and alternative investment managers in 2026

Letter to Sir Keir Starmer

Linus Uhlig
clock 10 December 2025 • 2 min read
Trustpilot