Genovo Suitability Report 2025-26 Tax Year Updates

Team Genovo

As always, Genovo has been updated to reflect all changes to allowances, tax rates and reliefs in readiness for the 2025-26 tax year.

Genovo’s first tax year end update under a non-Conservative government also coincides with a move from a Spring budget to Autumn. This in turn means that we’ve had a bit longer to consider the changes required to Genovo.

All the major changes announced in the new Chancellor’s first budget last October were addressed straight away (and covered in our Updates Blog).

Due to the continued freezing of many rates, threshold and allowances, there aren’t a lot of changes for the next tax year. Because it has been so quiet, we’ve taken the opportunity to add some non-tax year end related stuff too.

Let us know what you think

We hope you like what we’ve done. As always, if you’ve got any suggestions – no matter how big or small – as to how we can improve Genovo, or there’s a new feature or technical note you’d like to see added, we’d love to hear from you. Send us a message with your thoughts and we promise we’ll get back to you.

Summary of updates

Here’s a summary of all the updates that have been applied to the Genovo suitability report app in readiness for the 2025-26 tax year.

Advice Options and Reasons Library

We have made changes to Genovo Advice Options and Advice Reasons in the following sections / steps.

Section	Step	Update
Review of Your Existing Retirement Income Plans	Recommended Action	Four new Advice Reasons to support taking more income / capital than the client requires in order to assist with IHT mitigation.
Drawing Benefits from your Pension Fund	Why Withdrawal	New Advice Option to support taking more income / capital than the client requires in order to assist with IHT mitigation.
New Investment Recommendation	Why Provider Why Product Type	New Advice Option to explain the differences between approved and non-approved EISs. Two new Advice Reasons to support the extension of VCTs and EISs to 5/4/2035.
Recommended Investment Strategy	Why Investment Strategy	New Advice Reason to explain the CGT benefits of multi asset funds.

Please remember that although the wording of the above Advice Options or Advice Reasons will automatically update in your Advice Options & Reasons Library, they won’t automatically update in an existing report or report template where they have been selected (irrespective of who created the original template).

You should therefore be careful when using an existing report or a report template with preselected Advice Options or Advice Reasons as the basis for creating a new report. If you’re ever unsure whether you have the current version of a preselected Advice Option or Reason in a step, simply unselect it and it will automatically revert to the most up-to-date version, you can then select (and edit it) again as required.

Report Content Manager

Report Type(s)	Section(s)	Snippet Name	Update
Suitability Report	Mortgage Recommendation	Residential Property Stamp Duty, Residential Property SDT (BTL & 2nd home)	The content has been reviewed and updated to cover the changes in legislation.
Suitability Report, Review Report 2.0, Top-up / Bed & ISA Fund Switch Report	Risk Warnings	DFM / DIM	New snippet about non-UK domiciled funds.
Suitability Report, Review Report 2.0, Top-up / Bed & ISA	Appendix - Product Information	ISA	Content simplified.
Suitability Report, Review Report 2.0, Top-up / Bed & ISA	Appendix - Technical Notes	Pensions, Long Term Care Planning.	The content has been reviewed and updated to incorporate all legislation changes, plus updates to all rates allowances and thresholds.

Please remember the changes we make to the report template will only take effect in your reports automatically if the Genovo version of the snippet is selected as active in your Report Content Manager (it is by default).  The Custom Snippets view in the Report Content Manager will help you to quickly identify those snippets you will want to review and potentially update.

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