Novia adds “What if” scenarios to Capital Gains Calculator

20 December 2020

Novia has enhanced the user experience and added functionality to its Capital Gains Calculator. 

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

The scenarios can include a client’s current CGT allowances, losses from previous years, realised gains or losses from assets held off platform, as well as exclude assets from the calculation.

Then the CGT tool’s inbuilt tax calculation engine can be used to optimise either a targeted amount of gain or specific amount of tax free proceeds.

This allows for a quick and efficient demonstration of 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 (pictured) said the new “what if” scenario tool will enable the thorough assessment of potential trades on gains or losses before transacting, and will provide “flexible and easy to use tax calculations targeting both gains and proceeds in an intuitive, integrated system.”

The enhancement has been built by Novia’s software partner FinoComp.

Ray Tubman at Fino Comp said: “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.”

The new CGT launched on 18 December and is available to advice firm users of the Novia platform.

Professional Paraplanner