Sanlam UK to cease charging VAT on discretionary model portfolio services
Sanlam UK is pleased to announce that it will cease charging VAT on its model portfolio services (MPS), effective from 1 April, 2021.
The change will further enhance the appeal of Sanlam’s proposition and will apply to all MPS where there is no personalisation at an investor level. The Active, Index and Socially Responsible strategies are amongst the models impacted by the change.
Sanlam notes that while every endeavour is being made to implement the change across multiple wrap and fund supermarket platforms from 1 April, for some platforms implementing the changes may prove challenging from an operational perspective. Sanlam is working closely with all of its distribution partner firms to expedite the move.
Sanlam will brief individual IFA firms over the coming days and weeks in respect of the specific timelines for the changes depending on which platforms assets are held.