Genovo Suitability Report 2020-21 Tax Year Updates

Team Genovo

Here’s a summary of the updates we’ve applied to the Genovo suitability report app in readiness for the start of the 2020-21 tax year.

Report Content Manager

Report Type(s)	Section(s)	Snippet Name	Update / Enhancement
Suitability Report Top-up / Bed & ISA Review Report 1.0	Pension Review Investment Review	Cumulative Effect of Charges	This new snippet will be triggered when a top-up related recommended action is selected.
Suitability Report Review Report 2.0 Top-up / Bed & ISA Review Report 1.0	Pension Review Investment Review	Cancellation Notice (Top-up)	This new snippet will be triggered when a top-up related recommended action is selected.
Suitability Report Review Report 1.0	New Investment Recommendation	Cancellation Notice	The wording of this snippet has been updated.
Suitability Report Review Report 1.0	New Investment Recommendation	Cancellation Notice (VCT/EIS/AIM/BPR)	This new snippet will be triggered when a VCT, EIS, AIM or BPR investment is selected.
Suitability Report Review Report 1.0	New Pension Recommendation	Cancellation (SSAS)	This new snippet will be triggered when a SSAS is selected.
Suitability Report Review Report 2.0 Top-up / Bed & ISA Review Report 1.0	Appendix - Product Information	Enhanced Annuity Flexi-access Drawdown Guaranteed Lifetime Annuity Investment-linked Annuity Phased Flexi-access Drawdown Executive Pension Plan Group Stakeholder Pension Group Personal Pension NEST Occupational Money Purchase Pension Personal Pension Plan SIPP Small Self-administered Scheme Stakeholder Pension Deposit Account Direct Equity Investment Discretionary Managed Portfolio Endowment Plan Enterprise Investment Scheme Fixed Rate Bond General Investment Account Help to Buy ISA ISA Inheritance ISA Innovative Finance ISA Investment Trust Lifetime ISA National Savings and Investments Income Bonds NSI Guaranteed Growth Bonds NSI Guaranteed Income Bonds NS Premium Bonds Offshore Investment Bond Offshore Investment Bond Taxation (Private Client) Offshore Investment Bond Taxation (Trust Client) Onshore Investment Bond Taxation (Private Client) Onshore Investment Bond Taxation (Trust Client)	The wording of these snippets has been slightly updated.
Suitability Report Review Report 2.0 Top-up / Bed & ISA Review Report 1.0	Appendix - Product Information	Collective Investment Taxation (Private Client) Collective Investment Taxation (Bare Trust) Collective Investment Taxation (Interest in Possession Trust) Collective Investment Taxation (Discretionary and Accumulation & Maintenance Trust) 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 Product Taxation (Bare Trust) Structured Product Taxation (Interest in Possession Trust) Structured Product Taxation (Discretionary and Accumulation & Maintenance Trust)	These snippets have been updated to reflect the new annual CGT allowance.
Suitability Report Review Report 2.0 Top-up / Bed & ISA Review Report 1.0	Appendix - Product Information	Junior ISA	This snippet has been updated to reflect the new annual investment limit.
Suitability Report Review Report 2.0 Top-up / Bed & ISA Review Report 1.0	Appendix - Technical Notes	Pensions	This snippet has been updated to reflect the new limits for the tapered annual allowance, the new lifetime allowance and the new maximum basic state pension.
Suitability Report Review Report 2.0 Top-up / Bed & ISA Review Report 1.0	Appendix - Technical Notes	Inheritance Tax	This snippet has been updated to reflect the new tax year and the changes to the Residence Nil Rate Band.

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.  For more information about the Report Content Manager and updating of snippets check out this video tutorial or the section on the Report Content Manager in our Knowledge Base.

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