Revenue & Customs Brief 09/13 sets out the VAT implications of regulatory changes governing remuneration of employee benefit consultants and others providing services to employers in connection with contract-based pensions.
‘As a result of the FSA’s retail distribution review, EBCs and other pension consultants have been banned from receiving commission based remuneration with effect from 1 January 2013,’ HMRC said. ‘These businesses are now required to agree “consultancy charges” with the employer instead, which may in some cases be supplemented by separate fees charged direct to the employer.’
Revenue & Customs Brief 09/13 sets out the VAT implications of regulatory changes governing remuneration of employee benefit consultants and others providing services to employers in connection with contract-based pensions.
‘As a result of the FSA’s retail distribution review, EBCs and other pension consultants have been banned from receiving commission based remuneration with effect from 1 January 2013,’ HMRC said. ‘These businesses are now required to agree “consultancy charges” with the employer instead, which may in some cases be supplemented by separate fees charged direct to the employer.’
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