News from FSL – April 2023

Precious Metals:

The ability to add and report interest received on physical precious metal commodities like Gold, Palladium, Platinum and Silver is now available in CGiX.

White Labelling:

We have assisted several of our clients in adding logos to their CGiX reports to help them produce a professional Tax Pack from CGiX for reporting Tax Year 2022/2023.

HMRC Update: Excluded Indexed Securities

On 22 March HMRC published Agent Update 106, which states that SA108, the individual self-assessment return form for capital gains, will be amended to include gains arising on the disposal of excluded indexed securities.

An excluded indexed security is a type of product where the amount payable on redemption depends upon the change in value of a chargeable asset or assets, or in an index of the value of a chargeable asset or assets.

CGiX does not currently have excluded indexed securities as a distinct asset classification. FSL are working to add a new classification to CGiX for excluded indexed securities, and for those clients who take our securities data we will carry out an exercise to review and reclassify any affected securities.

A technical note on the update will be provided to all clients when the new classification has been added to CGiX and an upgrade will be required for this new function to be available.

For any questions or further assistance, please contact our team here.

The Challenges of CGT:

Following an article published earlier this year in the FT, the FSL Tax team highlight the demands of the CGT regime on investors both individuals and institutions alike.

Tax Talk:

Dive into the tax implications of hybrid and distance working in our Tax Talk, written by our tax specialist Alex Ranahan, here.

ESG Data Analytics & Portfolio Modelling:

Discover how a robust ESG data analytics tool can transform ESG investments here and unveil 3 rewarding reasons to consider ESG portfolio modelling here.

Digitising Wealth Management:

Group CEO of ITL, Nuno Godinho, shares his views on what the wealth management industry can learn from the digitisation of healthcare.

Spring Budget:

Read an analysis of the Spring Budget, which includes pension changes and updates on pre-retirement savings and investment benefits, here.

Chain Mail:

Review how M&As are changing the face of the financial industry here.

FSL Conference Sponsorship:

Over the past year FSL has started to attend more conferences as an exhibitor and sponsor.  Most recently, we were proud to be one of the first sponsors at a new Private Banking & Wealth Management Conference that took place in March as a forum for discussion on the challenges and innovations within the industry. Look out for us at future industry events.

WealthTech 100

FSL are thrilled to be  included in the WealthTech100 list, recognising the world’s most innovative technology solution providers.

The annual hall of fame is prepared by FinTech Global, a specialist research platform for all things FinTech. The aim is to highlight wealth management tech companies that are supporting the industry’s digital transformation efforts. Finalists were selected from over 1,200 businesses based on their use of technology to solve an industry problem or their demonstrated ability to generate efficiency improvements across the investment value chain.

Systems in the City Awards

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

We would appreciate your vote via this year’s customer reference form.

We would like to invite you to an event co-hosted by FSL’s parent company, Industrial Thought Ltd, and our long-time data partner Exchange Data International.

We are delighted to be joined by Lord Andrew Tyrie, member of the House of Lords, ex-chair of both the Competition and Markets Authority and the Treasury Select Committee.  He will share fascinating insights drawing on over 20 years of experience on the changing face of the financial sector.  Hear about his time on the committees, his anecdotes on having an office next door to Boris Johnson, as well as the opportunity to ask your questions.

It would be fantastic if you were able to join us from 5:30pm on June 8th at the Eight Club, Moorgate, for an engaging evening followed by an opportunity to network with others from your industry.

Please RSVP to events@industrialthought.group