Genovo Suitability Report 2026-27 Tax Year Updates

Team Genovo

We’re delighted to announce that Genovo has already been updated to reflect all the changes to allowances, tax rates and reliefs in readiness for the 2026-27 tax year – so all you’re going to need to concern yourself with on your return from the Easter break is who’s going to eat the last Easter egg!

We’ve also taken the opportunity to refine all relevant content to reflect the fact that from 6 April 2027 most unused pension funds and death benefits will be included in the value of an individual’s estate for IHT purposes, and you are likely to be already implementing various planning techniques to minimise the impact this will have on your clients’ estates.

Whisper it quietly, but clearly other methods of creating suitability reports are available! However, the peace of mind that comes from knowing your reports include everything they need to, and the content is being automatically kept up to date for you in a timely fashion is one of many key features that continues to differentiate Genovo from the competition. Another is the range of features we keep adding to Genovo to save you time, keep you compliant and help you stand out from the crowd – please watch this space for more details of yet more new features in the coming weeks and months.

In the meantime, if you’ve got any ideas as to how we can make Genovo even better please do get in touch, we’d love to hear from you.  

Summary of updates

Here’s a summary of all the updates that have been applied to Genovo in readiness for the 2026-27 tax year.

Advice Options and Reasons Library

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

Section	Step	Update
Introduction	Client Objectives / Review of Client Objectives	New objective to support pension consolidation for ease of administration by executors.
Review of Your Existing Pension Plans	Recommended Action	New Advice Options for replacement-related Recommended Actions to support the IHT changes coming into effect from April 2027.
Review of Your Existing Retirement Income Plans	Recommended Action	New Advice Options for replacement-related Recommended Actions to support the IHT changes coming into effect from April 2027.
New Pension Recommendation	Why Provider / Plan	Three new Advice Options to support different SIPP types.
	Key Disadvantages & Tax Implications	Slightly simplified wording for Lump Sum Allowance.
Drawing Benefits from Your Pension Fund	Why Withdrawal Why Provider / Plan	New Advice Options to support the IHT changes coming into effect from April 2027.
	Key Disadvantages & Tax Implications	Slightly simplified wording for Lump Sum Allowance.
Important Information	Other Needs & Planning Considerations > Retirement Planning	Removal of the Advice Reason for Individual Protection 2016.

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 re-select (and edit it) again as required.

Report Content Manager

We have made changes to the following snippets in the following report sections:

Section(s)	Snippet Name	Update
Appendix - Product Information	SIPP	Content expanded to cover three SIPP types.
Appendix - Product Information	AIM Investment Business Relief IHT scheme Enterprise Investment Scheme Seed Enterprise Investment Scheme Venture Capital Trust	The content has been reviewed and updated to reflect changes in legislation.
Appendix - Product Information	Direct Equity Investment Taxation (Private Client) Direct Equity Investment Taxation (Interest in Possession Trust) Discretionary Managed Portfolio Taxation (Private Client) Discretionary Managed Portfolio Taxation (Interest in Possession Trust) General Investment Account Taxation (Private Client) General Investment Account Taxation (Interest in Possession Trust) Investment Trust Taxation (Private Client) Investment Trust Taxation (Interest in Possession Trust) Structured Investment Product Taxation (Interest in Possession Trust) Unit Trust / OEIC Collective Investment Taxation (Private Client) Unit Trust / OEIC Collective Investment Taxation (Interest in Possession Trust)	The content has been updated to reflect changes in dividend tax rates.
Appendix - Product Information	Beneficiary Drawdown Capped Drawdown Flexi-Access Drawdown Guaranteed Drawdown Phased Flexi-access Drawdown QNUPS QROPS Retirement Trust Scheme SSAS	The content has been updated to reflect the IHT treatment of unused pensions from 6 April 2027.
Appendix - Technical Notes	Pensions Pension Salary Sacrifice Auto Enrolment Inheritance Tax	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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