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Excess Reportable Income: 3 Key Questions Answered

What is excess reportable income? Excess reportable income is the profit earned by an offshore fund that isn’t distributed to investors, whether as dividends or interest. Offshore funds can either be ‘reporting’ or ‘non-reporting’. When an investor sells a position in a non-reporting fund, HMRC will assume all income has not been taxed within the […]

The History of FSL: From Start-up to Market Leader

The beginning FSL’s story began in 1994 in a small terrace house in south-east London. Founder, David Pirrie, had started work on a home project to show how suitable database tools could be for more complex financial applications like capital gains tax. It was an experiment at first but as David continued, his project grew […]

Non-dom tax status: how are the rules changing?

The government outlined its planned reforms to the taxation of non-domiciled (non-dom) individuals last week, saying it would end the “preferential” tax treatment of foreign income and gains (FIG) based on the “outdated” concept of domicile. A new, residence-based regime will take effect from April 6, 2025. This will replace the current remittance basis of […]

CGT receipts fall in 2022-23 but tax take predicted to rise in coming years

The facts and figures 369,000 people paid £14.4 billion in capital gains tax (CGT) in 2022-23, according to the latest figures from HMRC. This represented an 8% decrease in the number of taxpayers and a 15% decrease in the total liability against the previous tax year. HMRC noted that most of the CGT came from […]

Tanager partners with FSL to enhance tax reporting services for British-American families

London, England, 23 July 2024: Tanager Wealth Management LLP (Tanager) – a wealth management firm helping transatlantic families and US-connected persons with their financial planning and investment needs – has announced a new agreement with Financial Software Ltd (FSL) to provide enhanced tax reporting services through FSL’s market-leading investment tax management solution, CGiX. Under the […]

Overseas Fund Regime: Final Rules and Timelines

In a paper released last week (July 17), the UK Financial Conduct Authority (FCA) announced the final rules for its new Overseas Funds Regime (OFR). The regime aims to create a more streamlined process for funds in the European Economic Area (EEA) to be sold to UK retail investors. It will be available to […]

Aviva and FSL join forces to plug tax gap

London, England, 10 July 2024: Aviva and FSL have announced a joint agreement to provide enhanced tax reporting capability from FSL, delivered through Aviva’s adviser platform. Under the joint agreement, excess reportable income (ERI) reporting will soon be available for advisers using Aviva’s adviser platform, powered by FSL’s market-leading tax calculator technology, CGiX. This is […]

Tax Talk: Accrued Income

Tax Talk is a regular series written by FSL’s tax expert, Alex Ranahan. Alex has nearly ten years’ experience as a tax adviser and analyst. He is accredited by The Association of Taxation Technicians and was recently elected co-chair of the Tax Committee for The Investing and Saving Alliance. Alex’s Tax Talks are on general […]

General Election 2024: The Major Parties on Tax

74% of financial advisers say clients have asked them about the impact a potential change in government could have on their finances. With the UK general election just around the corner, we combed through the manifestoes of all the major parties to find out what key things they have planned for tax. CONSERVATIVES National […]

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