UK’s HM Revenue & Customs (HMRC) has changed its rules to remove capital gains tax charges while selling down bundled assets, to move into a clean share class.
Capital gains tax (CGT) charges will not be waived but it will be rolled over until disposal when switching to clean share classes, under new rules introduced by HMRC.
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HMRC reported that the new share classes will be treated as the same asset as the old, with capital gains tax rolled over until final disposal of the new share class holding.
A number of platforms are moving over to ‘clean’ share classes. Fidelity’s FundsNetwork is aiming to have clean share classes on 95% of the platform’s existing funds by the end of June 2013.
A number of platforms are moving over to ‘clean’ share classes. Fidelity’s FundsNetwork is aiming to have clean share classes on 95% of the platform’s existing funds by the end of June 2013.
On 26 Mar 2013, Skandia decided to review its recently announced unbundled charging structure following the HMRC ruling to tax rebates to consumers.
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By GlobalDataOn 07 May 2013, PBI reported that the HMRC plans to extend its tax on rebates to some discount brokers. The legislation changes were in connection with new tax transparent funds.
This legislation changes introduced by HMRC are in connection with new tax transparent funds.
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