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Apr 30, 2013

Changes to Taxation

" But in this world nothing can be said to be certain except death and taxes" Benjamin Franklin. 


HMRC has recently decreed that the fund management rebates negotiated on your behalf by our preferred investment administrator Transact shall be subject to income tax. Transact has always passed on to you the rebates it has negotiated, without deduction, whereas some other administrators have retained part of the payment from fund managers for their own income on which they would pay tax on any profit they made. Only those funds held within your GIA are liable to tax. It does not apply to rebates on funds held in your pension or ISA portfolios.

Only those rebates received on or after 6 April 2013 will be taxable. It does not apply to rebates received in previous tax years. 

Throughout the year during our client reviews we will be organising the change to more tax efficient investment fund units (those with the Transact reduction already included). There should be no increase in any management charges it is just a case of making sure that your investments remain as tax efficient as possible.

“Just another reason why it is important to book your next review and keep in touch with us regularly.”

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