Important notes

Tax Reliefs and Allowances

The tool does not apply reliefs as we do not have a full view of the end-investors tax profile. It also does not advise on allowances and capital gains rates to be used by the end-investor.

Book costs

Book costs are affected when a transaction is matched using the matching rules. These changes will be reflected throughout the system wherever the associated book costs are seen. Please bear this in mind when looking at assets outside the capital gains tab.

Growth

Growth figures are unaffected by the changes made to book costs. However, some corrections have been made to growth calculations as we move away from using book costs in the formula.

To improve accuracy, we have updated the growth calculations at the position level. Previously, these calculations were based on book costs, but with the recent implementation of matching rules, the book costs have been adjusted. To prevent these 'new' book costs from impacting growth calculations, we have revised the formula accordingly.

For inflows and outflows we are now using the transaction codes to determine which fields we should be using to calculate growth.

Old formula

growth = closingValue - opening value - bookValue

adjustedGrowth = closingValue - opening value - (transferValue + nonTransferBookValue)

New formula

growth = closingValue - openingValue - (outflows + inflows)

adjustedGrowth = closingValue - openingValue - (outflows + adjustedInflows)

These changes only affect position level growth. 

General disclaimers

Please note, calculations are for illustrative purposes only (solely for the use of financial advisers) and do not constitute tax advice or recommendations.

The report does not illustrate the full capital gains exposure, and clients should contact an appropriate tax expert for any advice or clarification on their tax position. Seccl Technology Limited and Seccl Custody Limited (and all group companies) accept no responsibility or liability for errors or inaccuracies.

The report is based on our current understanding of the relevant legislation in the United Kingdom and while we will endeavour to update our system in a timely manner where there are changes to such legislation (or its interpretation), there may be delay before such changes are made.  

The calculations have limitations, and we make key assumptions in producing these calculations. These assumptions and limitations include:- 

 That the asset holder is a UK resident individual. 

• The report is only relevant for the tax year selected and as such does not allow for any losses in previous tax years. 
• The reports and calculation do not account for assets not held in Seccl’s custody. 
• We do not have a complete transaction history for assets that transfer to Seccl, including, when the holdings were originally acquired or the original purchase/book cost.  Third parties may have provided such information and Seccl is unable to verify such information. 
• The calculator will only match purchases or disposals made on Seccl’s systems. It cannot account for any made prior to transferring to Seccl. 
• Transactions shown in the calculator may have been overridden by a client’s financial adviser, or other third party, and Seccl does not review such amendments. 
• Share class conversions that have not been performed by Seccl, may not be correctly captured by the report. 
• Corporate actions (changes to the underlying asset/share) may not be correctly captured by the report if they have not been actioned by the client’s financial adviser on Seccl’s systems.  
• Offshore reporting funds may generate notional distributions that Seccl is not advised of by the fund manager. As a result, these distributions are not accounted for when calculating acquisition costs in this report, but they should be taken into account when calculating any gains or losses. 
• When calculating the proposed capital gain or loss on an asset upon full or partial disposal, we use the asset's closing price from the previous working day and we do not include any associated dealing charges. When assets are actually disposed, the asset's unit price may be different and so the actual gain/loss position may be different once these dealing charges are taken into account.