UK’s Tax Incentivised Savings Association (TISA) has asked the Treasury for a one-year delay on the proposed rebate tax, after estimating that the costs to the industry far outweighs the tax likely to be recouped.
Research by TISA has suggested that the platform industry will spend much more money to implement the changes, while the tax will only garner approximately GBP4 million annually for the Revenue. TISA has written to all platforms to assess the costs to the platform of making changes, which are estimated to go up to GBP25 million.
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TISA met with HMRC to discuss the difficulties of implementing changes as it would also require an amendment to the Financial Bill to allow for a 12 month delay to rebate tax implementation.
Her Majesty’s Revenue & Customs (HMRC) is planning to instigate a tax on fund rebates paid to consumers in less than two weeks, starting April, 2013.
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By GlobalData
