Novia unveils capital gains tax reporting tool

Wrap provider Novia is set to launch a capital gains tax (CGT) reporting tool for advisers.

The tool, set for launch within the next two weeks, will allow advisers to input the acquisition costs of re-registered assets and will calculate realised and unrealised gains.

Bill Vasilieff (pictured), Novia chief executive, said:  ‘There’s a huge demand from IFAs and we’ve spent a lot of time getting it just right because some tools out there aren’t that good.’

Novia user Nigel Barker-Smith, managing director of Leeds-based NBS Financial Planning, said capital gains tax tools helped when advisers are giving presentations to clients and saved advisers time that could be better spent on client relationships.

‘Anything that keeps you up to date with tax changes and saves time is good,’ he said.

‘With these tools it also looks more professional, rather just being on a spread sheet. The sums might be the same but it looks better to clients.’