VAT verdict set to 'kill off' AR network options
Government decision to charge VAT on the percentage of commission narrows regulation options
The Government's decision to charge appointed representative (AR) networks' VAT on the percentage of commission looks set to have put the final nail in the coffin for this regulation option under the Financial Services Authority's (FSA) incoming regime.
Kean Seager, chairman of the IFA compliance services network, The Whitechurch Network, told Insurance Age it had received a letter from the Customs and Excise office which stated: "In our opinion, all the commission is the exempt income of the
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