NEWS & VIEWS
Product & Service Update
CGiX Upgrades:
Though the events of 2020 were unforeseen, FSL were still able to successfully deliver 10 customer upgrades and have developed a new process for implementing future upgrades. The schedule for 2021 upgrades is being finalised. The BA Team will contact those due for an upgrade with proposed details during the coming weeks.
CGiX Version Release Highlights:
The Client Portal was recently updated with information regarding changes made to CGiX versions. The page includes a detailed table of all the enhancements, optimisations and fixes made. The table has now been updated to contain details for all versions up to 7.8.5.3 including:
- The enhanced Notional Disposal extract available via the front-end under the Client Tab.
- As per 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. Therefore, any clients who have income under this sub-type in CGiX will no longer appear on the extracts for reporting.
- CGiX has been updated to ensure that the BBSI &OI extracts produced from CGiX conform to the new HMRC requirements.
Offshore Reporting Fund:
The recent update of the ORF product page on the FSL website includes several new additions. A video and Factsheet provide details of why FSL’s Offshore Reporting Fund Solution is a superior must have product.
There is information on what is provided as part of the service. Additionally, the website now includes a free download of sample ORF data. It is also possible to request a bespoke data sample from the team, as well as a copy of the reports produced by CGiX.
If you would like further information on the FSL ORF solution, please contact the Data Team at:
Government CGT Review Update
On 11th November 2020, the Office of Tax Simplification (OTS) published their interim report on their review of Capital Gains Tax. This was the first of two reports planned for the review and focused on the policy design and principles underpinning CGT.
A summary of the report from FSL can be located here.
The main finding from the report states: “The OTS’s consultation revealed a range of areas in which Capital Gains Tax is counter-intuitive, creates odd incentives, or creates opportunities for tax avoidance.”
Specific issues raised included the rates charged, the boundaries between income and capital gains arising from employment, business and entrepreneurial activity in different contexts, the application of CGT to transfers before and after death and the links between CGT, IHT and Income tax.
The report divides into four areas that include key findings and a number of recommendations:
- Rates and boundaries
- Annual exemptions
- Capital transfers
- Business reliefs.
News from the Treasury suggests that although the report is welcomed, the Chancellor is focused on mitigating the economic effects of the Coronavirus and will wait until next year before addressing the fiscal hole the pandemic has created.
As previously stated, FSL are monitoring the outputs from the review closely to ensure there is minimal disruption to CGiX users.
The final report, is expected during Q1 2021 and will explore key technical and administrative issues.
If you have any concerns about the impact of the review on CGiX or would like to discuss further, then please contact:
FSL Blog Update
Predictions for 2021:
After a year that no one could have foreseen, we offer a round up of expert predictions for the financial services sector for 2021.
Client Portal Update:
A summary of the most recent additions to the Help sheets, Guides and CGiX version releases.
New ESG Regulations:
This article provides an update of the changes to EU legislation for sustainable investing.
FSL Chain Mail:
Our regular blog article contains links focused on industry feedback of the Office of Tax Simplification’s interim report on their review of CGT.
Ken’s Tales of Flora & Fauna:
Our Managing Director, Ken Gillingham, continues to share his monthly updates of tales from his garden.
These includes the autumn foliage in October and flying lollipops in November.
FSL Office News
FSL moved quickly at the start of the pandemic to safeguard the health of our employees and follow government guidelines to enable staff to work from home. As the year progressed we adapted our technology and processes to ensure we could maintain the level of service our clients expect whilst ensuring the safety of our employees.
Like other companies, we have come to realise that the ‘old’ office model no longer suits our needs. We have decided to make the bold move of changing our working practices and relocating to more suitable offices that allow for greater creativity and collaboration whilst giving staff the ability to continue to work from home on a regular basis.
We plan to vacate our current offices by March and will provide more details of our new location in the Spring. In the meantime, we will continue working from home.
If you have any queries then please contact FSL at: