Brewin Dolphin has announced it will remove VAT across both its active and passive Managed Portfolio Service (MPS) ranges from 1 October.

The announcement came, the firm said, after HMRC confirmed it could self-assess whether VAT was due on its MPS. Several competitors have already taken this step.

Antony Champion, head of intermediaries, Brewin Dolphin said he was pleased to be able to scrap VAT.

“HMRC has now confirmed that we can self-assess whether VAT is due on our MPS. We have reviewed the tax rules and we are confident that VAT should not apply.

“We have always maintained tax should not be...