Transact to launch system to tackle rebate tax

Transact has moved to tackle difficulties accounting for the incoming rebate tax with the creation of a new automated system to calculate it.

The wrap platform - a popular provider with around £11bn in assets under management - is looking to launch its new system in the next few weeks, having worked on it since Her Majesty's Revenue & Customs (HMRC) announced the tax in March. The new system is set to launch later this month. It will calculate the rebate tax owed automatically, and will segment clients so those who should be exempt from the tax are not caught out by it. Malcolm Murray, head of marketing at Transact, said: "We think we need this system up and running quickly as, the longer you 'guesstimate' this, the harder ...