871M legislation – the difference that Tax Manager is already making


In our previous post, we highlighted the key advantages of Tax Manager from Meritsoft in handling 871m compliance. As we pointed out, we have an excellent pedigree, with leading players already trusting Meritsoft when it comes to compliance for FTT, WHT and 305C. Now, with record keeping a requirement since the beginning of the year and potential payments due at the end of this month, we look at how our Tax Manager solution is working with a Top 5 global institution.

Our clients initially requested us to provide a single system for 871m processing across multiple unspecified divisions. We found that we need to provide solutions to three banks divisions Funds, Custody and Prime Service. The requirement was for a single system accessible by different users across multiple divisions and countries, each with their own business and process nuances.

This involves handling multiple interfaces and feeding systems, but the complexity has not proved to be an issue. In each case, all requirements of 871m and associated processes are seamlessly handled within Tax Manager

Fast deployment – and unexpected benefits

Our initial client engagements were from September 2016. Although tax tracking began on January 1st, the tight timeline has not been a problem. Deployment has been swift, with minimal input necessary from the client’s in-house IT teams. The delivered real time processing and tax calculation processing means users are now able to focus on exceptions management, without having to waste time on non value added items.

Tax Manager is also proving useful in areas which many might not have even considered. For example, the allocation and apportionment of dividends to investors at the appropriate times – between a dividend announcement and its payment, much can change, not least the actual beneficiaries. With Tax Manager, we maintain a full stock record for the derivative constituents, all correctly allocated, recorded and visible, with a complete audit trail.

No longer is it a case of waiting for end of month or end of quarter figures; everything is done and is fully viewable real time, with full analytic capability right across the process.

As we approach the first reporting date of March 31st, our clients are very satisfied. Their experience has potential positive implications for you too. It’s still early days for 871m, but our early successes can serve as an accelerator for deployment within other organisations – including yours. To find out how, please contact Daniel Carpenter: email Capitalmarkets@meritsoft.com or call +44 203 865 4641.