Genovo Suitability Report October 2024 Budget Updates

Team Genovo

As you would no doubt expect, Genovo has already been updated to reflect the changes announced in the Budget, including:

• The changes to the rates of Capital Gains Tax.
• The announcement that pensions are to be included in the value of an individual’s estate for IHT purposes.
• The forthcoming changes to Business and Agricultural Relief.
• The forthcoming changes to the rate of Inheritance Tax relief on AIM investments.
• The changes to Stamp Duty Land Tax rates on second homes.

Having got off quite lightly at the turn of the tax year, we weren’t quite so lucky this time around. We’ll definitely need to put in an order for some more midnight oil as our stocks are running a bit low now!

Summary of updates

Here’s a summary of all the updates that have been applied to Genovo.

Steps / Advice Options & Reasons

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

Section	Step	Update
Investment Review	Key Disadvantages & Tax Implications	Updated the rates of CGT.
Retirement Income Review	Recommended Action	Removed all options relating to being able to pass pension funds on to beneficiaries free of IHT.
New Pension Recommendation Drawing Benefits from Your Pension Fund	Why Product Type	Removed all options relating to being able to pass pension funds on to beneficiaries free of IHT.
New Pension Recommendation Drawing Benefits from Your Pension Fund	Other Solutions	Removed all options relating to being able to pass pension funds on to beneficiaries free of IHT.
New Investment Recommendation	Why Product Type > AIM and BPR investments	Updated the options relating to IHT relief.

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

We have updated the content of the following snippets.

Section(s)	Snippet Name	Update
Mortgage Recommendation	Residential Property SDT (BTL & 2nd home)	Updated to reflect the changes to Stamp Duty Land Tax rates on second homes.
Risk Warnings	AIM Investment Business Relief IHT Scheme	Updated to reflect the changes to Business Relief.
Risk Warnings	Pensions Pensions (reviews) Defined Benefit Pension Transfer Pension Switching	Updated to reflect the fact that pensions are to be included in the value of an individual’s estate for IHT purposes from 6 April 2027.
Appendix - Product Information	Beneficiary Drawdown Capped Drawdown Flexi-access Drawdown Guaranteed Drawdown Phased Flexi-access Drawdown QROPS QNUPS	Updated to reflect the fact that pensions are to be included in the value of an individual’s estate for IHT purposes from 6 April 2027.
Appendix - Product Information	AIM Investment Business Relief IHT Scheme Enterprise Investment Scheme Seed Enterprise Investment Scheme	Updated to reflect the changes to Business Relief and effective IHT rate.
Appendix - Product Information	Direct Equity Investment Taxation (Private Client) Direct Equity Investment Taxation (Bare Trust) Direct Equity Investment Taxation (Interest in Possession Trust) Direct Equity Investment Taxation (Discretionary and Accumulation & Maintenance Trust) Discretionary Managed Portfolio Taxation (Private Client) Discretionary Managed Portfolio Taxation (Bare Trust) Discretionary Managed Portfolio Taxation (Interest in Possession Trust) Discretionary Managed Portfolio Taxation (Discretionary and Accumulation & Maintenance Trust) General Investment Account Taxation (Private Client) General Investment Account Taxation (Bare Trust) General Investment Account Taxation (Interest in Possession Trust) General Investment Account Taxation (Discretionary and Accumulation & Maintenance Trust) Investment Trust Taxation (Private Client) Investment Trust Taxation (Bare Trust) Investment Trust Taxation (Interest in Possession Trust) Investment Trust Taxation (Discretionary and Accumulation & Maintenance Trust) Structured Investment Product Taxation (Private Client) Structured Investment Product Taxation (Bare Trust) Structured Investment Product Taxation (Interest in Possession Trust) Structured Investment Product Taxation (Discretionary and Accumulation & Maintenance Trust) Unit Trust / OEIC Collective Investment Taxation (Private Client) Unit Trust / OEIC Collective Investment Taxation (Bare Trust) Unit Trust / OEIC Collective Investment Taxation (Interest in Possession Trust) Unit Trust / OEIC Collective Investment Taxation (Discretionary and Accumulation & Maintenance Trust)	Updated to reflect the change in CGT rates.
Appendix - Technical Information	Pensions Defined Benefit Pension Commercial Property Purchase via a Pension	Updated to reflect the fact that pensions are to be included in the value of an individual’s estate for IHT purposes from 6 April 2027.
Appendix - Technical Information	Inheritance Tax	Updated to reflect the changes to Business and Agricultural Relief.

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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