CGT Reports & Tax Packs Update 30.8.23

Dear Client,

We have been experiencing issues with the CGT reporting function on the Adviser Portal and have also identified some discrepancies on the recently issued annual tax packs.

CGT reports on the Portal

It is possible you have experienced a document error when trying to run the CGT reports on the portal. This was due to a configuration error causing the CGT program to classify most instruments as exempt; which causes retrieval to fail completely.

Next steps

A change to the program for the calculation of CGT values was made last night.  This has been reviewed this morning and we can confirm all is working as expected.

We will respond on the individual tickets raised by partners querying the CGT reports today.

Annual Tax Packs

We have identified that the total loss and total gain figure on the first CGT page does not reflect the underlying transactions. 

The largest variation identified is less than £100 for all the packs we have produced. The total gain or loss is correct and the detailed transactions are also accurate it is simply the total which is incorrect.

c2200 of the c5000 produced in total across all clients are thought to be impacted.

In addition, there are some issues around funds that have invested exclusively in gilts, which are exempt from CGT. These funds originally were included in the calculations when in fact they should have been omitted.

Next steps

There is work being undertaken to identify impacted clients, which will take us through this week. Our current target resolution point is the week of the 4th September.

This will allow us to investigate any potential contagion in relation impacted clients and sign off any fixes we may need to implement before re-running the annual packs.

We intend on running all packs at this point, not only those that were incorrect.

We will look to share details of the incorrect clients at this stage.

It is important to note that documents provided to date (either produced ad-hoc via the portal or as part of the annual tax pack) may be incorrect.

Apologies for any inconvenience caused to you & your clients. 

Kind regards,

Douglas Boyce

Managing Director