Canaccord Genuity WM removes VAT from MPS range

Follows HMRC ruling change

Canaccord Genuity Wealth Management (CGWM) UK will no longer be charging VAT on its managed portfolio services (MPS), both direct and platform, from June 2021.

Prior to a recent ruling by HMRC, CGWM was required to charge 20% VAT in addition to management fees on these services, including MPS, ESG Portfolio Service and the Passive Portfolio Service. Paul Parker, head of MPS at CGWM, said: "Following a successful negotiation with HMRC after this recent ruling, we are delighted we are now able to remove the VAT from fees on all our risk-profiled portfolios: MPS, ESG and passive. Brooks Macdonald scraps VAT from MPS range "This makes investing with CGWM an even more compelling proposition for IFAs and their clients, as they will continue to ...