Tilney Smith & Williamson, the leading financial and professional services group created by the merger of Tilney and Smith & Williamson in September 2020, has announced that it will stop applying VAT on the group’s Managed Portfolio Service propositions.
The decision, which is effective from 1 January 2021, means that VAT will no longer be charged on the Smith & Williamson Managed Portfolio Service, the Tilney Managed Portfolio Service, Tilney Platform Model Portfolios and the Tilney Sustainable Managed Portfolio Service.
Mickey Morrissey, Head of Distribution at Smith & Williamson Investment Management LLP, commented: “Following discussions with HMRC, we are pleased to be removing the VAT charge from our Managed Portfolio Service with effect from 1 January 2021. This will be welcome news not only for financial advisers who invest in our service, but also, importantly, for end clients.”
Craig Wright, Head of Tilney for Professionals, said: “This is a positive development which will enable financial advisers to offer their clients high quality, core investment management services, including our recently launched sustainable MPS range, at competitive pricing across multiple platforms. The reduced costs resulting from the removal of VAT will provide a direct benefit to the end investor.”
Tilney MPS and Sustainable MPS
Tilney’s MPS ranges are available at lower access point to a traditional discretionary investment service. The range of model portfolios span the risk spectrum from defensive through to full equity risk. There are eight model portfolios in the MPS range and six in the Sustainable MPS range.
Smith & Williamson MPS
Smith & Williamson MPS provides six core risk-rated models which are actively managed and built using a range of investment tools, including open-ended funds, investment companies and exchange-traded funds. This structure offers diversification by asset class and product type, giving the managers the flexibility to respond to changing market conditions.
About the Tilney Smith & Williamson group
Tilney Smith & Williamson is the UK’s leading integrated wealth management and professional services group, created by the merger of Tilney and Smith & Williamson on 1 September 2020. With £47 billion of assets under management, it ranks as the third largest UK wealth manager measured by revenues and the sixth largest professional services firm ranked by fee income. The Group currently operates through three principal brands: Tilney, Smith & Williamson and online investment service Bestinvest. It has a network of more than 30 offices across the UK, as well as the Republic of Ireland and the Channel Islands. Through its operating companies, the Group offers an extensive range of financial and professional services to individuals, family trusts, professional intermediaries, charities and businesses. It is uniquely well-placed to support clients with both their personal financial affairs and their business interests. Tilney Smith & Williamson’s personal wealth management services include financial planning, investment management and advice, online execution-only investing and personal tax advice. For businesses, its wide range of services includes assurance and accounting, business tax advice, employee benefits, forensic advice, fund administration, recovery and restructuring and transaction services.
For further information, please visit: www.tsandw.com
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
Investment does involve risk. The value of investments and the income from them can go down as well as up. The investor may not receive back, in total, the original amount invested. Past performance is not a guide to future performance. Rates of tax are those prevailing at the time and are subject to change without notice. Clients should always seek appropriate advice from their financial adviser before committing funds for investment. When investments are made in overseas securities, movements in exchange rates may have an effect on the value of that investment. The effect may be favourable or unfavourable.
Smith & Williamson Investment Management LLP and Tilney Investment Management Limited are part of the Tilney Smith & Williamson group
Smith & Williamson Investment Management LLP and Tilney Investment Management are authorised and regulated by the Financial Conduct Authority
The Financial Conduct Authority does not regulate all of the products and services referred to in this document, including Tax, Assurance and Business Services.
Issued by the Tilney Smith & Williamson group of companies (the “Group”) which comprises Tilney Smith & Williamson Limited and any subsidiary of Tilney Smith & Williamson Limited from time to time. Further details about the Group are available at www.tsandw.com/compliance/registered-details.
© Tilney Smith & Williamson Limited 2020