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Octopus offers tax planning product on Novia platform


Octopus Investments is to offer its Octopus Inheritance Tax Service (Octopus ITS) on Novia’s wrap platform.

This is the first Octopus tax planning product to be made available on the platform.
The new service has been launched on the back of an increase in the number of advisers looking to manage their clients’ portfolios on platform and in response to growing investor demand for ways to mitigate inheritance tax as it becomes a more mainstream planning requirement.
Octopus ITS aims to deliver inheritance tax relief after just two years while allowing investors to keep control of and access to their money through investment in companies that qualify for Business Property Relief (BPR), a government relief which helps to encourage investment into smaller companies. It is the first BPR based solution to be offered on platform.
Neil Buckland, head of sales at Octopus, says: “Octopus wants to help advisers and their clients manage their investments as effectively as possible which is why we are so excited to be able to offer the Octopus Inheritance Tax Service on platform. Novia is well known for its excellent customer service and adviser support, making it the perfect partner of choice. It’s an exciting and important development for Octopus. Demand for our IHT products is stronger than ever – not only does this service help to meet the needs of our advisers but ultimately, this service will provide more investors with access to the attractive benefits offered through a BPR-based solution.”
Paul Boston, director of sales at Novia, says: “We are continually focused on supporting Advisers, helping them to achieve the best possible investment outcome for their clients.  An important part of this process is ensuring clients make the most of the tax allowances made available to them, including the use of gross nominee and capital gains tax relief.  One area that up until now has not been possible via platforms is Business Property Relief, and its use in IHT planning.  We are delighted to be able to offer this service with the addition of Octopus investment services.”
Octopus has also appointed Shaun Sandiford as head of platform distribution. He will be responsible for liaising with platforms in order to open the number of channels through which financial advisers and their clients can access Octopus’ range of products. He joins Octopus from Axa Wealth, where he was business development director for Elevate, an adviser-facing platform, for four years.

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