Composer clients get the new capabilities automatically for the new tax year.
London, 19 April 2013 – GBST (ASX:GBT), the ASX-listed global provider of technology solutions to the financial services industry, announces today that its Composer platform system is able to deal with the calculation of taxation on rebates and payments of tax to HMRC, with effect from 6 April 2013.
Composer is a highly flexible system which has an unparalleled ability to deal with change via a configuration process rather than requiring redevelopment. This means that changes – such as the introduction of rebate taxation – can often be actioned in weeks or even days, when other systems may require far longer to redevelop their core architecture.
In the case of the taxation of rebates in a net General Investment Account, the system is able to create a new ‘business’rule which calculates and identifies the tax to be paid. It also creates a new ‘payment’ rule which remits the taxation to HMRC. The effect is that Composer will calculate, record and pay the tax due on net GIA accounts without the need for intervention from the platform operator.
All transactions of this type will be recorded in the system and will be available for reconciliations and MI reporting; GBST will consider a specific solution for HMRC reporting once the final rules on the format of that report are released.
This functionality is available to all Composer clients.
Commenting, Rob DeDominicis, CEO of GBST Wealth Management said, “We often talk about the flexible nature of Composer and how our clients enjoy a much more responsive system than many others in the market. Here is a case in point, where we’re able to deal with regulatory change by relatively simple configuration of the system, which does not require development while many of our competitors – and their clients – are facing big developments.”
Composer offers a single fully integrated system to administer retirement and savings products, managed funds and structured products. This client-centric solution has delivered cost savings to product and platform providers alike and its track record within the UK financial services sector has generated sound levels of success in this demanding market.
Platform operators using Composer in the UK include Aegon, AJ Bell, Fidelity, Novia and Barnett Waddingham.