Stand-alone module on the InvestPro™ platform helps wealth, life and asset managers comply with new tax rules.
Financial Risk Solutions (FRS), the award-winning provider of fund administration software to global life assurance and asset management companies, today announced the launch of InvestTax™ for fund managers to calculate and report capital gains tax (CGT) on real estate investments for non-UK residents.
The new module on the InvestPro™ platform was developed in response to new tax rules, introduced in April 2019 by HM Revenue and Customs (HMRC), that will see CGT applied to gains made by non-UK residents on their sales of UK real estate. This includes non-UK resident investors who invest in UK-based funds that are at least 75 per cent UK real estate invested.
Available as a stand-alone module, InvestTax™ automates the process and calculation of CGT on property assets at an individual fund level and at the corporate level. It helps wealth, asset managers and life companies to:
Frank Carr, Chief Marketing Officer at FRS, 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.”
“InvestTax™ 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.”
Download the InvestTax™ product sheet here - https://frsltd.com/Resources/FRS-InvestTax_for_Tax_Provisioning_In_Property_Assets.pdf