Capital gains tax (CGT) reporting tool guide

For intermediaries only

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The CGT reporting tool has seven sections:

  • Dashboard – this gives an overview of realised gain, unrealised gain and the current market value.
  • Valuation screen – provides a view of the profit status of each asset held.
  • Cost-Base Enquiry – drill down to see the basis for the gains/losses shown.
  • Reports – generate realised gain and unrealised gain reports.
  • Transfers (Aegon Platform only) – manage the taxable status of asset transfers between customers.
  • Scenarios – lets you analyse the impact of potential sales on your client's existing CGT position.
  • Historical Cost Base – lets you enter the original cost of re-registered investments onto the platform for an accurate view of gains/losses.

Please select one of the dropdowns below for more information on each.


What’s the cost base?

The cost base is the original investment value used when calculating profit and loss. It represents the original amount invested after relevant adjustments are accounted for.

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What’s a cost-base adjustment?

A cost-base adjustment maintains the accuracy of the profit and loss calculation. It does this by accounting for relevant changes to the original investment value following events such as:

  • The distribution of equalisation resulting in a cost-base reduction.
  • The distributions for accumulation funds resulting in a cost-base increase.
  • A corporate action such as conversions or mergers.

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What’s a realised gain?

Realised gains are cashed-in profits.

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What’s an unrealised gain?

Unrealised gains are profits yet to be cashed in.

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Is there a time-out facility?

Yes. For security reasons you’ll be automatically logged out after 30 minutes of inactivity.

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What are investor exceptions?

Investor exceptions normally indicate that the CGT reporting tool has insufficient information to accurately process an adjustment transaction. These exceptions (there are a number of causes) are monitored and updated on a daily basis.

The tool functionality is reduced for the impacted investment holding while it’s in an exceptions state. For example:

  • Gains or losses and investment costs don’t display.
  • Reports and cost-base enquiry functionality is deactivated.

Note that exception holdings are excluded from the total gain or loss positions until the exception is resolved.

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When I open the tool, the initial landing page view sometimes changes, why does it do that?

To ensure a consistent user experience, the tool retains the filtering you selected prior to launching it. This means the initial view when you launch the tool is determined by:

  • the user mode you were using - i.e. intermediary mode, paraplanners mode, or paraplanners acting on the behalf of an intermediary mode; or
  • the investor or investment account being viewed prior to launch.

If you hadn’t selected an investor or an investment account prior to landing, your dashboard will appear as shown in the next image, rather than the standard dashboard screen showing values and graphs. You can then search for an investor or an investment account to view the standard dashboard screen.

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How do I search for an investor or an investment account?

Just select an investor or investor account from the drop-down list. You can:

  • filter the list by entering either part, or all of the investor name or account; and/or
  • load further items into the drop down list, if more are available, by selecting Show more.

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How do I act on behalf of an intermediary?

Acting on behalf of an intermediary gives paraplanners identical access rights as the intermediary being ‘impersonated’. To act on behalf of an intermediary:

  • select the Act on behalf of button in the top right corner;
  • select an intermediary from the drop down list of intermediaries you’re linked to (you can filter the list by entering any part of the name or their ID); and
  • then select Switch user.

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How do I resume as a paraplanner after acting on behalf of an intermediary?

Select the Resume as button in the top right corner.

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How do I select the date range for realised gains?

Use the dropdown shown below to personalise the date range. 

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What do the historical gains graphs show?

These graphs show realised and unrealised profit or loss over an adjustable time period. You can use the calendar icon in the top right of each graph to personalise the date range.

Unrealised gains

This graph shows unrealised profit or loss for the date-range selected giving detail on:

  • market value movements (green line);
  • base cost value of the investments held (red line), and
  • profit or loss (shaded area - green for profit, red for loss).

Realised gains

This graph shows the investor’s actual profit or loss for the date-range selected. The shaded area is green for profit and red for loss.

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The valuation page gives the current valuation of all investments held in an investment account, or by an investor. If no investor or investment account is selected, then a prompt will appear to let the user select an investor or investment account.

Points to note:

  • Unit balances are normally updated daily using the closing position for the previous business day.

How do I include past holdings?

Past holdings are holdings the investor no longer holds and are excluded by default from the valuation shown. To add them in, select the Include Past Holdings check box at the top left of the table. Note that this will include past holdings in other tool pages too.


Understanding the valuation alert icons

Exception indicator (red warning triangle)  this investment has an exception that’s currently being reviewed. For more information, please refer to What are investor exceptions under Definitions and general functionality section above.

Warning indicator (amber warning triangle) – the historical cost base hasn’t been entered for this investment following an asset transfer.

Information indicator (green information icon) – the historical cost base was entered for this investment following an asset transfer.


What happens after entering a historical cost base for a transfer?

When you enter a historical cost base, this normally triggers an immediate cost-base recalculation which updates the costs and the unrealised profit or loss position. The market value of the assets isn’t impacted. An information icon confirming the update will then be displayed. 

To see how the revised cost base was calculated, select the asset name (this takes you to the Cost-base enquiry page).

What’s the cost base?

The cost base is the original investment value used when calculating profit and loss. It represents the original amount invested after relevant adjustments are accounted for.

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What’s a disposal cost-base enquiry?

A disposal enquiry shows you how the realised gains position was calculated.

Every disposal is matched according to regulatory rules. You can see the method used by looking at the Matching Method column in both Cost-Base Enquiry or a Realised Report. The total gain or loss for each disposal is then calculated as a sum of all gains or losses matched against each acquisition cost.

  • An information indicator informs users if a disposal is non-taxable.
  • You can search for a specific transaction by using the search box on the right.
  • Selecting a specific disposal transaction displays all matched acquisitions for that disposal (see the image below).

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What’s an acquisition cost-base enquiry?

An acquisition enquiry shows you how the unrealised gains position was calculated.

The acquisitions tab provides a breakdown of the unrealised gain or loss to see how it was calculated. You can drill further into acquisitions by clicking on an individual row to view the history of disposals matched against the acquisition and the cost-base adjustments. (See the screen below.) This information should provide a full audit of how the current unrealised position is calculated.

What reports are available?

You can generate realised and unrealised gains reports in either Excel or PDF format. Reports can be run at investment account level.

You can also generate reports on simulated sell down scenarios. Please see the Scenarios section below.


How do I run a report?

Make sure the correct investment account is selected then either select an Unrealised-Gain Report or a Realised-Gain Report where you can select the tax year or specified time period.

What does the Transfer page let you do?

An Inter-person Asset Transfer (IPAT) occurs when an assets ownership has been transferred from one investor to another. The transfers page lets you view details of an IPAT and here you can add and view how these should be treated, primarily whether they're taxable or non-taxable:

  • Taxable: the transaction is registered as a realised gain (or loss) on the source account.
  • Non-Taxable: the transaction is registered as a transfer where no gain or loss is attributed on the source account.

You may also need to override the market value which is also covered in this section.


Why would you need to change the tax treatment of a transfer between accounts on the platform?

By default, the tool treats Inter-person Asset Transfers as taxable transactions. However, depending on the scenario these can be overridden by using the Add Treatment functionality to ensure the tool reports correctly.

Some examples:

  • Transfer between spouses/registered civil partners. This is not taxable.
  • Transfer between unrelated investors/trust and beneficiary. This is normally taxable.
  • Transfer from deceased to beneficiary. This is not normally taxable.

Why would I need to change the market value of a transfer between accounts on the platform?

By default, if the transfer is taxable, the tool will use market value as at date of transfer. This will be used on the source account when calculating the realised gain (or loss) and will be used as the cost base on the destination account. However, depending on the scenario the market value can be overridden by using the Add Treatment functionality to make sure the tool reports correctly.

Example:

  • Transfers between deceased and beneficiary should be overridden with market value as at date of death.

How do I edit the treatment of tax status and/or market value?

To edit the taxable treatment and/or market value of a transferred asset:

  • Select the Add on the far-right column of the Inter-person Asset Transfers table.
  • Untick the Taxable box, amend Market Value if required, and select Add Treatment.
  • A confirmation message will be displayed once the cost-base recalculation is complete.

Some points to note:

  • Changing the taxable treatment and market value within Transfers can only be performed from the source account of the IPAT but it will update on both outgoing and incoming transactions.
  • If the treatment has already been changed then a view button is displayed in the Treatments column.
  • If you need to change a previously added treatment you must remove and then add a new treatment.

What does the Scenarios page let you do?

This page allows you to analyse the impact of potential sales on a customer's existing CGT position. By simulating sales you can view the resulting realised gains and its impact on a customer's current CGT position.

If a customer has multiple accounts these can all be selected within Scenarios to give a complete view of a customer's position.

View our video to see the CGT scenario planner in action, or take a look at our our CGT tool - scenario planner guide for more information.

The following video is about Using CGT scenario planner on Aegon Retirement Choices and Aegon Platform and has a transcript (see below).


What is the difference between the disinvestment options?

The following three options are available when selecting the disinvestment method:

  • Manually Disinvest – this allows you to input sale amounts on each available asset in the selected account(s).
  • Target a Gain – this will automatically target a capital-gain position. You can select to either sell proportionally or sell towards desired proceeds. If selecting desired proceeds this allows you to either specify to Maximise Proceeds, Minimise Proceeds or enter a Specific Amount. You can also choose which assets to include.
  • Target Proceeds – this will automatically target a proceeds amount. You can select to either sell proportionally or selling towards a desired CGT position. If selecting desired gain this allows you to either specify to Maximise Gain, Minimise Gain or enter a Specific Amount. You can also choose which assets to include.

How do I run a Scenario?

To run a scenario planning session:

  • Enter the Scenarios page and select the customer's account(s) you wish to run the simulation against.
  • Input details on the CGT Position page such as off-platform realised/unrealised gains and any losses that can be carried forward from previous years if known. Now select Simulate Asset Sales.
  • Select from the three disinvestment options the one you would like to simulate. If required, you can exclude assets in the table underneath. Now select Generate Summary.
  • Review the summary and then generate a report on the scenario in either PDF or Excel format. If you want to make changes, select Back to Asset Sales to amend the disinvestment options.

Some points to note:

  • Suspended funds will have to be manually deselected on the asset sales screen.
  • More information on the disinvestment methodology can be seen in the footnote of the Scenario reports.

What does the historical cost-base page let you do?

The historical cost-base page lets you enter the cost base of assets transferred onto the platform.

This option will only be available if an account has transferred assets on it. Note that the specific account containing transferred assets has to be selected to view the in-specie transfers if you’re viewing an investor with multiple investment accounts.


Why do I need to add historical costs after an asset transfer?

Asset transfers are added to the platform at market value as cost bases are not available when transfers are received. You can then enter the original costs to get accurate gains and losses.


How do I edit the historical cost base?

To edit the historical cost base of a transferred asset:

  • Select the Edit icon on the far-right column of the asset transferred table.
  • Use the Edit historical cost-base pop-up to enter the total cost required.
  • A confirmation message will be displayed once the cost-base recalculation is complete.