Alliance Trust Savings (ATS) is to convert its legacy business to clean share classes, after HM Revenue & Customs (HMRC) announced it will tax unit and cash rebates.
The legislation, which comes into force on 6 April - a year earlier than planned - does not include assets invested before the deadline, as well as platforms' legacy back books. However, platforms may also choose to voluntarily adopt clean share classes for all its business, a move ATS is considering. It is currently in discussions with a number of fund managers about the feasibility of such a plan. The platform currently has £4.1bn of assets under administration. "We aren't accepting any new business in anything other than clean share classes," said ATS managing director Patrick M...
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