Sanlam UK has become the latest firm to stop charging VAT on its model portfolio services (MPS), effective 1 April.

The change will apply to all MPS where there is no personalisation at an investor level.

Sanlam hopes the change will enhance its proposition’s appeal.

The Active, Index and Socially Responsible strategies are among those impacted by the change.

While efforts are being made to implement the change across all wrap and fund supermarket platforms from 1 April, it could be more challenging from an operational perspective for some platforms.

The firm said it is working closely wi...