CGiX Legislation
CGiX contains the correct interpretation of every piece of securities Capital Gains Tax legislation from 1965. Our definitions of CGT rules now extend beyond basic securities and cover private individuals, companies and life funds.
CGiX Integration
- CGiX includes the rules for monitoring short positions with respect to Capital Gains identification rules
- Clients with pre-1982 holdings are catered for whether they have elected for 1982 values or not, by means of a simple screen which determines the election of each client
- CGiX can cater for inter-account transfers, such as those between spouses, by allowing shares to be transferred between separate accounts whilst maintaining the underlying acquisition history
- CGiX automatically carries forward accrued Indexation Allowance with a security where there is an entitlement to a new security. For example, name changes, demergers, take-overs and changes in SEDOL codes
- CGiX caters for "temporary securities" arising from entitlements such as rights issues. Once taken up, the line is transferred to the parent security. This is fully documented and audited
History of Capital Gains Tax
CGT Calculations
- Accurate CGT calculations require consideration to every legislative factor since the date of first acquisition within clients' portfolios.
- Identification rules affect the treatment of underlying holdings, and are particularly relevant within front office modeling, where taper relief and brought forward losses can be offset within these pools.
- The nature of CGT requires an innate flexibility to legislative change; a need identified and satisfied by the CGiX solution as all rules are held in a relational database so they can be changed as the need arises.