FRS launches platform to comply with new CGT rules

Written by Michael Griffiths

20/01/2020

Financial Risk Solutions (FRS), the provider of fund administration software to global life assurance and asset management companies, has announced the launch of Invest|Tax for fund managers to calculate and report capital gains tax (CGT) on real estate investments for non-UK residents.

Invest|Tax, the new module on the Invest|Pro platform, was developed in response to new tax rules introduced by HM Revenue and Customs in April 2019, that will see CGT applied to gains made by non-UK residents on their sales of UK real estate.

FRS suggested this includes non-UK resident investors who invest in UK-based funds that are at least 75% UK real estate invested.

The software provider revealed that its new platform, which will be available as a stand-alone module, will automate the process and calculation of CGT on property assets at an individual fund level, as well as corporate level.

FRS announced that Invest|Tax will comply with new tax rules, reporting CGT tax owed by non-UK residents for the 2019/2020 tax year and each year following.

The platform will also realise efficiency gains by automating the process and calculation of CGT, reduce risk through automated processing and a robust audit trail, as well as manage the corporate level CGT return.

FRS chief marketing officer, Frank Carr, commented: “With over twenty years in the business and our strong actuarial background in providing a solution for the UK’s ‘I-E’ tax calculations in life companies, we pride ourselves on being abreast of new and changing legislation.

“An agile approach allows us to respond with technology solutions that ensure our clients stay compliant without holding up their day-to-day operations.

“Invest|Tax has been welcomed by clients, and they are well-placed to comply with the new UK capital gains tax rules for non-residents, ahead of the reporting deadline.”

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