10% of people in the UK have an offshore financial interest…
…and HMRC are clamping down on offshore investment taxation
HMRC renewed its “No Safe Havens” offshore strategy in 2019, with punitive penalties for offshore errors in tax returns.
Investigations by HMRC’s offshore unit have increased eight-fold between 2016/17 and 2019/20.
FSL Offshore Reporting Funds transforms the time-consuming and labour-intensive task of identifying funds and determining tax liabilities into a streamlined process.
FSL Offshore Reporting Funds (ORF) – A single trusted source
THE OFFSHORE REPORTING FUNDS SOLUTION
- Comprehensive proprietary database of Fund Manager contact details (including niche Hedge Funds)
- On many Fund Managers’ distribution lists for additions and updates
- Historical fund data
- Data available in reference spreadsheet format and CSV and XML import files
- Bespoke service tailored to client requirements providing the exact data required on specific fund universes
- Diverse client base including wealth management companies, private banks and outsourcers
- The service is competitively priced and not restricted to CGiX clients
FSL OFFSHORE REPORTING FUNDS SOLUTION IS:
Our dedicated Data Analysis team can support data queries and give you confidence in your reporting. We help you deliver accurate information from multiple sources.
INTEGRATION WITH FSL’S CGiX SOFTWARE
- CGT and income tax reports including identification of asset type for Income Tax, and classification for Capital Gains Tax
- Adjustments made to avoid double-taxation
- Identification of client eligibility based on reporting period and fund distribution dates
- Bespoke development of CGiX import file
OFFSHORE FUND DATA COVERAGE
- Excess Reportable Income (ERI)
- Distributions (Dividend/Interest)
- Relevant dates (Ex Date, Pay Date)
- Reporting Period
- Whether the fund remains a reporting fund
- Currency conversions as per HMRC guidance
“SEI have partnered with FSL since 2011. The CGiX software is an ideal utility for calculating and reporting accurately on UK Capital Gains Tax and Income liabilities, with the reporting being accurate, clear, informative and well presented.”
“I am very happy with the service FSL provide. The turnaround is quick and I have not received any criticisms of the quality of the data.”
“We have recently started working with FSL, after having heard of their comprehensive offshore reporting funds service. The onboarding process was flawless and overseen by Preya and Robert, who were very friendly and knowledgeable. What’s great is that the service can be used for small ad hoc requests, right up to large projects, with no long term commitment. This really suits our boutique practice.”
“In our experience, the range of funds covered appears unrivalled and the turnaround time for requests is fantastic, with the information usually returned by e-mail the same day, often even within the same hour.”