Tax Matters: Timely CGT Analysis
We have recently distributed our 2018/19 Consolidated Tax Certificates to assist you with the completion of your clients’ tax returns. Digital versions are accessible now, by logging into the online portal. Paper copies will be delivered to clients within the next week.
These vouchers include an analysis of realised gains on taxable portfolios (GIAs). Of course, Capital Gains Tax (CGT) is not payable on gains in the Parmenion SIPP, ISA and offshore Bond wrappers. These are exempt and individuals also enjoy attractive CGT exemptions on their other assets with gains up to £12,000 a year (£11,700 for 2018/19) now free of tax. For larger GIAs and especially when large amounts are invested at higher risk levels, the possibility of gains is increased.
Supporting you with CGT
To assist you in monitoring this aspect of your clients’ finances, we give you the scope to download reports specifically designed to provide you with an immediate overview of the CGT position of your clients, on a realised and unrealised basis.
You can produce reports for both Unrealised gains at the specified valuation point and Realised gains over a defined period.
Here’s how to find them:
1. Navigate to your Client Dashboard
From your Adviser Dashboard, navigate to the dashboard of the client you would like to produce the Unrealised or Realised gains report for.
2. Click on Reports
Once you have clicked on Reports:
- select the GIA account that you would like to report on,
- choose Unrealised Gains or Realised Gains from the drop down menu,
- pick the time frame you would like to run the reports from,
- finally, click Download to produced your CGT report as a PDF.
Working with Advisers
We work closely with Advisers when looking at what developments to invest in.
To learn more about these reports, or to share your feedback on any ideas for future developments you would like to see, get in touch with your Regional sales representative today.
“The above article is intended to be a topical commentary and should not be construed as financial advice from either the author or Parmenion Capital Partners LLP. If a client wishes to obtain financial advice as to whether an investment is suitable for their needs, they should consult an authorised Financial Adviser. Past performance is not an indicator of future returns.”
Any news and/or views expressed within this document are intended as general information only and should not be viewed as a form of personal recommendation. All investment carries risk and it is important you understand this. If you are in any doubt about whether an investment is suitable for you, please contact your financial adviser.