Thorntons Investments scraps VAT charges on MPS

HMRC review has prompted the changes across the industry

Dundee-headquartered wealth manager, Thorntons Investments, has scrapped VAT from its AIM Inheritance Tax and Managed Portfolio Service (MPS).

The move will see an investor with a £200,000 AIM portfolio better off by £2,000 over a five-year period, the firm said. The decision to remove VAT follows an industry review from HMRC and while several firms have already stopped charging VAT on MPS propositions, Thorntons has claimed to be among the first to extend it to its AIM model portfolio. Don't look VAT in anger: Is the MPS trend here to stay? David Holmes, head of business development at Thorntons Investments, said: "Removing VAT from our MPS felt like a natural step that we were always planning to take, but given how co...