FSL | Wealth Management & Private Banking Industry News

Autumn Budget 2024: Non-Dom Status Abolished

Back in July, the newly elected Labour government outlined its planned reforms to the taxation of non-domiciled (non-dom) individuals, saying it would end the “preferential” tax treatment of foreign income and gains (FIG) based on the “outdated” concept of domicile. Labour confirmed it would abolish the regime in the Autumn Budget on October 30 and […]

Tax Talk: Autumn Budget 2024

Tax Talk is a regular series written by FSL’s Tax Reporting Analyst, 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 […]

CGT support for advisers on platforms is influencing provider selection

91% of advisers are concerned about CGT Research published by Financial Software Ltd (FSL), shows that capital gains tax (CGT) functionality and support given to advisers via platforms is influencing their platform selection and due diligence. As speculation around changes to the CGT regime ramps up ahead of the budget, the majority (76%) of the […]

HMRC crack down on cryptoassets continues

Nudge letters HMRC sent a number of ‘nudge letters’ to those it suspects are failing to pay the correct tax on their crypto gains across August and September. The letter warned recipients that if an assessment concludes that there is additional capital gains or income tax to pay on previously undisclosed crypto gains, there may […]

How might Labour change capital gains tax?

During the run up to the 2024 General Election, Rachel Reeves said Labour had “no plans” to raise capital gains tax (CGT). However, the now chancellor has said that the government will “have to increase taxes” in the upcoming Autumn Budget due to a £22 billion “black hole” in the country’s finances. With Labour having […]

CGT a growing concern for advisers amid budget speculation

91% of advisers are concerned about CGT Capital gains tax (CGT) is gathering momentum as a concern among investors, with growing numbers seeking expert advice to protect their assets and avoid being brought into the scope. In a study commissioned by consultancy firm the lang cat, involving over 130 financial advisers, more than 91% of […]

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