Skandia eyes clean share classes switch after HMRC clampdown

The decision by HMRC to tax rebates to consumers has prompted Skandia to review its recently announced unbundled charging structure, Investment Week can reveal.

In December the group unveiled a range of different charging structures for users. The changes mean consumers have been receiving fund manager rebates on their investments since January. However, following HMRC's announcement today, these payments will now be subject to income tax, prompting Skandia to this afternoon reveal it is considering amending its charging structure. Peter Mann, UK managing director at Skandia, said the group may now move to clean share classes, which typically have an AMC of 75bps. He said: "The announcement by HMRC today to start collecting income tax on r...