NEWS & VIEWS
FSL Update on Coronavirus
Whilst social distancing measures are in force FSL employees will continue to work from home. As always, we are fully committed to providing clients with the service level that is expected.
Product & Service Update
Re-engineered CGiX What-If:
We have created a new What-If module that is ready for release with CGiX upgrades. The new module includes:
- A redesigned user interface
- Enhanced user customisation capability
- Updated formats in line with CGiX reporting
- Built in help sheets
- Updated volatile sales & scenario modelling functions
Following customer feedback, the application is created in 2 sections that reflect the key activities required of CGiX by front office staff: To understand the client’s current CGT status and the facility to see the CGT impact of possible changes to the portfolio.
Further releases of the module will follow that include additional functionality from customer comments.
To access the upgraded What-If module contact your in-house CGT Team or FSL.
Offshore Reporting Funds (ORF) Data:
2019/2020 tax year is FSL’s most successful to date for ORF data, once again increasing the number of new clients taking the service.
FSL’s data research processes are reviewed annually to improve accuracy and efficiency. We also continue to develop our direct relationships with fund managers, allowing us to offer even greater coverage.
FSL Blog Update
Some Business Podcast Recommendations:
Here we share a number of podcasts that offer great insights into the key drivers that effect our markets.
FSL Chain Mail:
The latest edition includes a number of links on the different views being shared about the ‘new normal’
Ken’s Tales of Flora & Fauna:
A monthly update from our Managing Director, Ken Gillingham, as he shares tales from his garden idyll.
The New What-If Modelling Tool:
With input from our customers, we have re-engineered the CGiX What-if module.
WFH Survival Guide:
Looking to the future at how this experience will change the way we work once social distancing restrictions relax.
New Members of the FSL Team:
FSL has continued to grow into 2020. New members of the team joined us and are a great addition to FSL.
FSL Event Update
Future Focus Groups & CGiX User Group 2020:
As a consequence of the current working restrictions, we decided to postpone the June Focus Group and October User Group.
We feel that a key benefit of these events is the networking opportunity offered to attendees; and this would not be possible at an online event.
We shall revisit the key theme suggestions for the focus groups when a new date is chosen. In the meantime, we will continue to update you via these newsletters and our website.
Feedback from Multi-Jurisdiction Focus Group:
The February 2020 Focus Group discussed multi-jurisdiction and the outcomes from the session can found here.
Tax Implications of Coronavirus
Many think that changes to taxation is the answer to repaying the huge government debt from the Coronavirus. Suggested changes include:
- Introducing a capital gains tax charge on inherited property;
- Equalising the rates on income and capital gains tax;
- Significantly reducing the annual CGT allowance; and
- An increase in rates/thresholds in one or more of the broad-based taxes.
The most discussed potential tax is one on wealth. It is estimated that UK households own almost £15tn worth of net assets. A small one-off levy on wealth could cover the forecast fiscal costs of the crisis in their entirety.
More details on what will be the impact of the Coronavirus on UK tax can be found here.