26th July 2011

IFA Letter of the week

Labour Views on RDR VAT?

Dear Mr Balls
 
OPEN LETTER
 
As Shadow Chancellor you have today accused the Government of choking off economic recovery and you are calling for VAT to be cut temporarily to boost spending.
 
In its report on the Retail Distribution Review, the Treasury Select Committee says HMRC should set out how VAT will apply and what additional revenues it expects to generate.
It says: “We recommend HMRC, in conjunction with the FSA if necessary, report to us as soon as possible with clear guidance on when VAT will be payable for financial advice under the RDR, why it has not been payable in the past, along with any expected revenues from the change and whether further reform on VAT rules in the area will be needed.”
 
Mr Ball’s can you state clearly whether the Labour party believes that consumers should pay VAT on customer agreed remuneration post RDR, in those cases where prior to RDR none was otherwise paid?
 
Regards
 
 
 
Do you have any comment to make to Mr Balls: ed@edballs.com   
 
Regards
 
SIMON MANSELL
TEMPLE BAR IFA LTD

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