WTax & FSL partner to improve investment returns for high-net-worth investors

A partnership between Financial Software Limited (FSL) and WTax is set to boost the recovery of reclaimable withholding tax for high-net-worth investors with foreign, direct investments.

WTax, a foreign tax recovery specialist that provides wholly outsourced withholding tax recovery solutions, has partnered with FSL, a provider of specialist investment tax solutions, to maximize the withholding tax reclaim opportunity that lies across the wealth management industry in the UK, Europe, APAC and the US.

In recent years, as in-house capacity and resources have become stretched, the challenge to keep up with multi-jurisdictional tax legislation and the associated administrative burden has resulted in individual investors losing out on reclaimable withholding taxes, negatively impacting investment returns. With the ability to recover up to 5 years retrospectively, investment returns can be enhanced by up to 50 basis points.

WTax and FSL aim to fill this gap and increase the recovery of reclaimable withholding tax. Additionally, WTax’s unique business model means clients only pay for its service in the event of successful recovery. Utilizing WTax’s optimized withholding tax recovery process, FSL’s customers can offer their clients a streamlined and efficient outsourced recovery solution while expanding their suite of integrated services.

”FSL are pleased to partner with WTax and offer their services our customers.  The ability to manage their clients withholding tax needs has been an area that many of our customers have raised with us.  Our partnership with WTax means that our customers can receive expert advice and a specialist solution,” commented Ken Gillingham, Managing Director at FSL.

“Investors are often unaware of the additional basis points that are available to them in the form of unclaimed withholding tax incurred on foreign investments. With over 20 years of experience in the indirect tax recovery industry, our tenure has enabled us to be able to reclaim from over 30 jurisdictions, on behalf of more than 70 legal structures. WTax is excited to work with FSL and proactively address this client need, and to assist with the identification of the investors’ withholding tax position by leveraging off the FSL business model,” added Byron Roberts, Head of Private Wealth at WTax.

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