Commentary

BB/26B/04 VAT—treatment of services supplied by Independent Financial Advisor (IFA) networks

Part V16 Forms and other HMRC material

BB/26B/04 VAT—treatment of services supplied by Independent Financial Advisor (IFA) networks

BB/26B/04 VAT—treatment of services supplied by Independent Financial Advisor (IFA) networks

Business Brief, Issue 26. 17 September 2004

This Business Brief article clarifies the VAT treatment of services supplied by Independent Financial Advisor (IFA) networks and their appointed representatives (ARs).

Background

Customs are aware there has recently been some concern over the VAT treatment of services supplied under arrangements that allow IFA firms, authorised to carry out regulated activities under the Financial Services and Markets Act 2000 (FSMA), to operate as networks for non-authorised financial advisers. Under these arrangements, the authorised IFA firm takes regulatory responsibility for non-regulated advisers, known as appointed representatives, enabling the ARs to carry out regulated activities without the need to be authorised directly by the Financial Services Authority (FSA).

Currently, “regulated activities” means the selling of investment products.

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial