Novia enhances the Capital Gains Calculator with “What if” scenarios

  • Author : Novia Financial
  • Date : 18 Dec 2020

With the ever increasing likelihood of the Chancellors spotlight focussing on CGT liabilities, Novia has launched their enhanced Capital Gains Calculator, built by their software partner, FinoComp.  As part of Novia’s ongoing commitment to provide Advisers with elegant software solutions, the CGT calculator has been enhanced with a modern user experience and additional functionality.

The new functionality enables the Adviser and paraplanners to model a range of ‘what if scenarios’ in order to assist their clients with managing their tax liabilities.

The ‘what if’ scenarios enable Advisers to include a client’s current CGT allowances, losses from previous years, realised gains or losses from assets held off platform and exclude assets from the calculation. The adviser can utilise the CGT tool’s inbuilt tax calculation engine to optimise either a targeted amount of gain or specific amount of tax free proceeds.

The CGT calculator allows the adviser to quickly and efficiently demonstrate the range of options available and the varying outcomes to help their clients make tax efficient choices.

Summary reports can be produced and downloaded in either Excel or PDF formats

Bill Vasilieff, CEO at Novia said:

“The effective management of capital gains tax is an important feature offered to our advisers. Having listened to adviser feedback we are delighted to be able to offer this innovative enhancement to our popular tool.  The new “what if” scenario tool will enable advisers to thoroughly assess potential trades on gains or losses before they hit the button, and will provide flexible and easy to use tax calculations targeting both gains and proceeds in an intuitive, integrated system”

Ray Tubman at FinoComp said:

“We think that this is an absolute game-changer for CGT tools and are delighted to be releasing this microservice on the Novia platform. We instigated a substantial research project with NextWealth and identified that the functionality of existing CGT tools offered in the market were quite simply, not fit for purpose. Capital Gains tax tools were identified as one of the most important tools that advisers seek from platform providers but many lack the basics. Our new Cobalt microservice combines a compliant, robust and scalable calculation engine, automated corporate action processing with a fresh, intuitive user interface and a suite of comprehensive scenarios and tax optimisation calculations. Of course, in the true spirit of Bravura and FinoComp microservices, Cobalt can be integrated to any back office system.”

Launching on the 18th December this enhanced functionality will be available to all advisers using the Novia platform.

For further information please contact:
Pippa Russell
Head of Corporate Communications
07740 933 120

Notes to editors:

Novia Financial plc launched to market in October 2008 to provide a comprehensive wealth management service or ‘full wrap platform’ for investment Advisers and their clients and now has approximately £7bn worth of assets under administration. Novia provides a transparent pricing structure as well as access to a wide range of product wrappers, an all-encompassing suite of portfolio management tools, and access to an extensive range of investments including direct equities, traditional authorised funds both onshore and offshore, exchange traded products such as ETFs and ETCs, Structured Products and an integral Cash Facility.

The core operating system is provided by Australian-based GBST that has been developing software solutions for fund administration and financial services since 1996, and for wrap solutions since 1999. GBST include more than 60 of the world’s leading banks, stockbrokers and fund managers on its systems. The comprehensive suite of portfolio management tools is powered by Financial Express that also provides the data for the platform.

The Novia team, based in Bath, is led by Bill Vasilieff – joint cofounder of Selestia. Novia, as an independent proposition, has substantial financial backing from a combination of private individuals and corporate organisations. The board is chaired by David Royds.  Other members include John Beaumont, non executive, who has held a number of non-executive roles in major public organisations and several technology start ups, Bill Vasilieff, Novia’s CEO, and Paul Parry, Novia’s CFO. Novia Financial plc is authorised and regulated by the Financial Conduct Authority (Reg. No. 481600).

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