News from FSL – July 2023

Latest Update: Excluded Indexed Securities

Following the April article containing details of the changes made by HMRC to the self assessment form, the FSL team have now provided more information. HMRC announced that the 2022/23 tax return would contain new boxes for posting gains on disposals of Excluded Indexed Securities.  It is important to note that this is not additional tax revenue, but a change to the recording of Excluded Indexed Securities gains, so that the figure is included in both the relevant total boxes and the newly created Excluded Indexed Securities boxes.

An Excluded Indexed Securities yields a return on redemption for its investors which is based on the change in price of another asset. Until now Excluded Indexed Securities were included in the much broader category of Corporate Bonds.

FSL have updated our most recent version of CGiX (7.10.1.0) to provide the ability to classify securities as Excluded Indexed Securities and display the total gains on disposals of Excluded Indexed Securities as a distinct figure.

You may now request an upgrade via your FSL contact at your earliest convenience.  For any questions or further assistance, please contact our team here.

New: ERI Sample Data

The collection and reporting of offshore investments and Excess Reportable Income is a common pain point for many organisations offering wealth management and tax reporting.  This has been a growing area for the FSL team for the past few years.  If you haven’t spoken to the team about how we can help, then have a look at the attached free data sample and email the data team for more information.

Many of you have attended the CGiX User Group over the past years, and following feedback from last November’s event we are making some changes to the format.

This year the event invitation will be extended to include all individuals from client firms that interact with FSL and its products and services.  So not just back-office users of CGiX but also, users of the what-if module, tax specialists, technology leads, and operations teams.

This will remain a half day event, but after an initial session for all attendees, the second part will be formed of several specialist streams.  These separate groups will provide attendees with information that is more specific to their needs and give them opportunities to speak with experts in their field. As well as opportunity for a comprehensive Q&A session.

As always, the event will conclude with a networking lunch providing an opportunity for attendees to catch up with FSL staff and their industry peers.

This year’s event will be on Tuesday 7th November.  Please save the date in your diary.  More information and an invitation with location details will follow shortly.

In the meantime, if you would like us to add colleagues to the guest list, then please email the event team to ensure they do not miss out.

We look forward to seeing you there.

FSL in the media:

We have recently started to interact more with industry press to share our knowledge and views of the market.  Nuno Godinho, our Group CEO, writes about digitising wealth management in an article for Maddyness (a website for startups, entrepreneurship and innovation), and appears on the PAM podcast Wealth Whispers.

Michael Edwards highlights the risks of not reporting offshore investments to investors in Armchair Trader (an online magazine for private investors) and examines the tax reporting task for wealth advisors in WealthBriefing.

Why Capital Gains Historical Data is Critical:

Read about the importance of historical data to accurate CGT calculations and reporting.

ESG News:

Recent ESG articles have highlighted the benefits of sustainable and ethical investing, and how reporting on ESG models can support wealth managers and investors.

Systems in the City Awards

The Goodacre Systems in the City Financial Technology Awards are back and FSL are proud to retain the award for Capital Gains Tax System.

Private Banking & Wealth Management Awards

For the first time, FSL was nominated for the Outstanding Wealth Management Technology Provider (Back Office) award.  We were finalist alongside UBS, Velexa and the winners Investment Navigator.

We are very pleased to have been listed as finalist in such a broad category.