Accurate Capital Gains Tax reporting depends on one crucial detail: book cost. Yet when assets are transferred in-specie from a ceding scheme, that information isn't always provided, leaving gaps that can distort realised and unrealised gains, and ultimately, your client’s tax position.
Our new Update Book Costs tool is designed to quickly and easily solve this problem.
The tool allows advisers to add missing book costs where they are not supplied by the ceding scheme, helping to restore accuracy across CGT reporting. By updating book costs directly, you can make sure your clients’ realised and unrealised gains reports, as well as their tax packs, reflect a truer picture of their investments.
This added control not only improves reporting precision, it also reduces the risk of inconsistencies that can arise from incomplete historical data, giving you greater confidence when supporting clients through tax planning and reporting conversations.
To help you get the most from the tool, we’ve created a helpful guide outlining its benefits, key features, and important limitations. We recommend reading the guide in full before using the tool for the first time:
Read the full Update Book Costs guide here.
This tool was developed in direct response to adviser feedback, helping them navigate the increasing complexity of tax planning and giving greater confidence in managing CGT reporting. It’s just the first step in our CGT support – more tools are on the way to make reporting and planning even easier for advisers and their clients.
Mike Morrow
Chief Commercial Officer
Want to know more?
Download the Update Book Cost guide for a detailed look at how the tool works, its key benefits, and features.
See it in action
Get in touch to book a demo and see how the Update Book Costs tool can help you maintain accurate CGT reporting and feel confident in your clients’ tax information.
Looking ahead
More CGT modelling tools are coming soon – watch this space for updates that will make managing your clients’ tax reporting even easier.
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity. Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.
