CCH SecTAX 2022.1: Release Notes

Investment Schedule - Showing Gross Income by default

Previously the SecTAX investment schedule showed income as Net Income by default, but since almost all income is paid gross it is better to show it gross.

It is possible to change the default columns on the investment schedule by setting up an investment schedule profile in Activities > System Management > Layout and Formatting. This process has not changed.

Telekurs Software

There is a new release of the Telekurs software to accompany this version of SecTAX. This is because SIX Financial are changing their delivery mechanism from an FTP site to a more secure SFTP site.

ITS/59465 – Exshare feed - Some US interest payments were missing

This was because they have no ex-date. However they may have a record date (usually the last working date before the ex-date). So this fix takes the ex-date as being the same as the payment date if the record date is within a week of the payment date. An example of an affected bond is

SEDOL BYN9506 (ISIN US9128282Y56) United States - 2.125 % Treasury Notes 2017-30.09.24 Series Q.

This change probably only affects band P users. 

ITS/63962 – CGT Reports - Change HMIT Ref to HMRC Ref

This was requested by a user group.

ITS/11325 – CGT Consolidations may not work if there is a Sale of Rights

If there are two holdings of company X in fund 1 and fund 2 and a sale of rights occurred on the two holdings then a consolidated CGT computation is incorrect. The problem is that each sale of rights is being treated separately.

The fix has limitations but works as follows:

1. It merges together the two sale of rights transactions into a single transaction. So previously two Sale of Rights entries would appear on the CGT History, but now there is only one.
2. The fix only works if two funds with the same security both sell the rights on the same day. This is usually the case, but if only one sells then the system has no Market Value of the remainder for the other and the fix cannot work. There is no realistic way of avoiding this.
3. The fix only applies to partial disposal (D3) transactions dated after 05/04/20. D3 transactions cover sales of rights other transactions like TCO. This is to reduce any recalculation effect on earlier tax years.

ITS/66173 – Ownership of Securities Report - This report should require master account access rights

The Ownership of Securities Report shows data from multiple clients. Therefore master account access rights are now required to run it. This can be Master Account (Read only) access rights.

The same change was also made to:

• Global Movement Code report
• The multi-client CGT computation and What If report