Tilney Smith & Williamson removes VAT from group MPS propositions

Tilney Smith & Williamson has announced that it will stop applying VAT on the group’s Managed Portfolio Service (MPS) 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, commented: “This will be welcome news not only for financial advisers who invest in our service, but also, importantly, for end clients.”

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