In a positive move which is likely to be warmly welcomed by investors, Sanlam UK has announced today that it will cease charging VAT on its model portfolio services (MPS), effective from April 1 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.
In it’s statement released today, Sanlam notes that while every endeavour is being made to implement the change across multiple wrap and fund supermarket platforms from April 1, for some platforms implementing the changes may prove challenging from an operational perspective. Sanlam says that it is working closely with all of its distribution partner firms to expedite the move.
Sanlam is set to 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.