Financial Risk Solutions launches Invest|Tax for non-resident capital gains tax on UK real estate

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

The new module on the Invest|ProTM 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, Invest|TaxTM 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:

• Comply with new tax rules and report CGT tax owed by non-UK residents for the 2019 - 2020 tax year and each year following this
• Realise efficiency gains by automating the process and calculation of CGT
• Reduce risk through automated processing and a robust audit trail
• Manage the corporate level CGT return

Frank Carr, Chief Marketing Officer at FRS, says: “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.”