Tax efficient investments dashboard launched

Tax efficient investments dashboard launched

Specialist investment service the Wealth Club has launched a portal which allows investors to view their tax efficient investments in one place.

The Wealth Club Portal provides up-to-date valuations of their venture capital trusts (VCTs), enterprise investment schemes (EIS), seed enterprise investment schemes (SEIS), and inheritance tax.

It also aims to make it easy for investors to find contract notes, tax certificates, and EIS forms.

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Alex Davies, chief executive of the Wealth Club, claimed this is the first service of its kind in the UK, and it is designed to combat “disappointing” levels of online reporting when it comes to tax efficient schemes.

The new service will make these “opaque” investments more transparent, accessible and easy to manage, he said.

Cuts to the annual and lifetime allowances for pension savings, and concerns about further pension restrictions, are expected to trigger unprecedented inflows into these types of schemes, as high earners switch their retirement savings into VCT, EIS and SEIS.

The Wealth Club recently appointed Hargreaves Lansdown’s former head of development Chris Bowles to build the new free service.

Mr Bowles, who helped create Hargreaves’ online trading platform, said: “The investment world has undergone a digital revolution in the last decade, but tax-efficient investments have lagged behind.”

He said the Wealth Club’s online valuation portal is the first step towards addressing this.

Tony Catt, compliance officer and adviser at TC Compliance Services, said: “The portal is a clever and useful idea, and I think it will appeal to many people who have holdings in VCTs and EISs.

“It will be useful for people to be able to see a consolidated statement of their various investments in one place.”

He also said the store of various documents is also an interesting proposition and would also be useful for investors.