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Prudential relaunches Tax Relief Modeller with ‘Technical Shorts’ on tax calculation

16 July 2020

Prudential has relaunched its online Tax Relief Modeller, alongside related technical video shorts.

Les Cameron, head of Technical at Prudential (pictured), says: “I’m a happy chappy this week. I no longer need to answer the question ‘when will the tax relief modeller be back?’ with ‘soon’, now the answer is ‘it is!’. Like a phoenix from the flames, our tax relief modelling tool is back online.

“I can tell you, doing 700+ tax sums using paper, pencil and a calculator, for scenarios with multiple income types, multiple bond gains, gift aid, child benefit issues and pensions contributions (and then doing them again on Scottish rates) gets a little bit dull after the first 400 or so…

“But things brightened up when the team decided it was working as intended. If you want a tour then contact your account manager or you can access via the link.”

The tool estimates a client’s tax liability based on the information used. Based on income and existing pension contributions, paraplanners can see the impact of further pension contributions on:

• Tax liability
• Personal allowance loss
• High Income Child Benefit charge
• Chargeable gains from investment bonds including top slicing

To support the tool, Prudential has produced new pension tax planning themed ‘Technical Shorts‘, which can be found on the company’s website. In addition, technical expert Graeme Robb has produced a ‘short steps’ video, covering the 7 steps of the UK income tax computation.

Cameron says: “It’s the foundation of so much in the financial planning world and well worth a watch.”

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