Enterprise Investment Schemes  

CoInvestor launches EIS wallet service

CoInvestor launches EIS wallet service

Advisers can now manage their client's entire enterprise investment scheme portfolios and unlisted investments online, following a development from CoInvestor.

CoInvestor, the new alternative investments platform, has launched an internet- based service called EISWallet.com.

This aims to help investors and their advisers record and manage all of their enterprise investment schemes and unlisted investments digitally for the first time.

The service, which is free to use and currently in beta phase, aims to take the hassle out of managing income tax relief as well as any capital gains implications from investing in EIS and other unlisted investments.

There are plans to embed the functionality within the CoInvestor platform.

According to Charles Owen, founder of CoInvestor, the launch of the service means that, instead of trawling through paperwork as the self-assessment tax return looms, investors can store details of their investments and upload share and EIS certificates to the wallet throughout the year, allowing them to track the value of their tax savings in real time.

Users can enter information about their investments or products, link these directly to Companies House and add them to an overarching dashboard, which tracks the valuation, tax relief amount and the key EIS benefit expiry dates.

Mr Owen said: “Being in the business of alternative investments, many of which offer tax-efficient savings, we realised there was no standardised way for investors to record their unlisted product holdings, with paperwork in many cases still the main means of proof.

“Pairing this insight with the trend of growing demand from investors to access financial products, information and services online, we came up with the EIS Wallet – a digital solution aimed to make managing investments easier and take the pain out of completing tax returns.”

In January, Mr Owen told FTAdviser that pensions legislation, demographics and the need for technology-led solutions are driving the investment decisions made by advisers' clients. 

He said: "I can see three long-term trends forging new habits in consumers' behaviour. 

"These are the adoption of new technology, demographic changes with the Baby Boomer generation demanding different types of assets and the new pensions legislation, which has created a waterfall of funds seeking new asset types."