NEWS & VIEWS
Product & Service Update
FSL have progressed with their mission towards a continuous delivery model with smaller, regular and reliable releases.
By the end of Q1 we are scheduled to have delivered 16 releases to our customers, with many more planned for Q2 and the rest of the year.
CGiX Version Release Highlights:
- Brought Forward Loss Override File Import: Enhanced with a new CSV which allows the bulk importing of Bought Forward Loss Override amounts.
- What-If and Windows Authentication SSO Login: Changes will ensure that users calling up the new What-If within CGiX environments set up with Windows Authentication Login will not be required to log in again to the What If screen.
- Removal of Reporting for Sub-Type HMRC Approved Non-Personal: As per the HMRC guidelines any clients with an income sub-type of ‘HMRC Approved Non-Personal’ no longer need to be reported as part of the OI and/or BBSI reporting.
- Full Participant Reporting Allowed for Tax Year 2020/21: CGiX has been enhanced to ensure that the BBSI &OI extracts produced from CGiX conform to the new HMRC requirements.
For further details on these and other enhancements please visit the Release Highlights section of the Customer Portal.
Offshore Reporting Fund:
Monitoring ORF data has become a trickier process as fund managers make changes to fund information without communication or clearly highlighting the differences. These changes are not always evident on the fund manager websites or data feeds. They are becoming more common and are causing errors in the treatment of some funds.
In order to maintain our high level of service, the Data Team have enhanced their validation process and are running a new exercise that will regularly capture and update details of any changes being made. The process will contact FSL’s entire fund manager database and will enable the identification of any of our customers and their clients that are impacted by the changes.
Tax Day Announcements
The 21st March 2021 was the first UK Tax Day. It was billed as a day that would see a slew of tax policy announcements, the most likely of which were CGT, pension reliefs and IHT.
As it turned out, there were a large number of announcements. However, not many of those that were expected.
There was no announcement on CGT though speculation still suggests that changes could be part of the Autumn Statement. And we are still waiting for the final report on CGT from the Office of Tax Simplification.
However, a few of the announcements were of interest to the wealth management industry, including:
- IHT reporting regulations will be simplified so that non-taxpaying estates will no longer have to complete inheritance tax forms. This change comes as a result of recommendations from the OTS 2019 report.
- A review into more timely payment of taxes. This is a call for evidence to examine the opportunities and challenges of more frequent payment of income and corporation tax. This could mean that many people and small companies may have to pay their tax bills much earlier in the future.
- Another review seeks views on the definition of tax advice and a requirement to make professional indemnity insurance compulsory for all tax advisers.
- The publication of a consultation on proposals to clamp down on promoters of tax avoidance that could form part of the Finance Bill 2021 including the responses and next steps to the 2020 call for evidence for tackling disguised remuneration tax avoidance.
- A plan to make changes in a future Finance Bill to facilitate the inclusion of the asset groups that will be in scope of the expanded Dormant Asset Scheme and will relate to CGT and pension tax legislation.
- An extension to Social Investment Tax Relief’s ‘sunset clause’ for two years until April 2023.
The OTS has is also under review with the government examining its effectiveness in providing advice and recommendations.
More detail on the announcements can be found here.
FSL News & Views Update
The History of CGT:
This article provides a historic overview of the evolution of the capital gains tax system in the UK.
Spring Budget 2021:
A summary of the measures announced in the Spring Budget that may be relevant to FSL clients.
FSL Chain Mail:
The most recent article shares the latest sentiments of the Chancellor’s Spring Budget speech. An earlier edition examined the latest views on how Covid-19 may have had an impact on taxation in the Budget.
FSL Office News:
News of our office move and plans for a new hybrid model of working.
ORF Sample Data Available:
An update on the new additions to the ORF webpage including the availability of sample data.
New EDI & FSL Partnership:
Announcing our new partnership with Exchange Data International.
South Africa Jurisdiction Investigation
As part of our ongoing investment and increasing system capabilities we will be adding South African legislation calculations and reporting to CGiX.
This addition will help us build on our best of breed product and help our customers extend their services and offerings to better support their clients.
We will be extending the coverage to support South African individuals and corporate entities in the production of IT3(b) and IT3(c) submissions to the South African Revenue Service.
As part of this development, we would welcome insight from our customers regarding their needs in this area. If you have a current requirement for this capability or a potential need for the future, then please complete the attached questionnaire.
Or if you would like to discuss this further then contact Ian Robinson on: