Genovo Suitability Report 2021-22 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 2021-22 tax year.

Report Content Manager

Report Type(s)	Section(s)	Snippet Name	Update / Enhancement
Suitability Report	Appendix - Glossary of Terms	Pensions	A new term 'Defined Contribution Pension' has been added.
Suitability Report Review Report 2.0 Top-up / Bed & ISA	Appendix - Product Information	Guaranteed Annuity Investment Linked Annuity Uncrystallised Funds Pension Lump Sum NEST QNUPS QROPS RTS Section 32 SIPP SSAS Collective Investment Taxation (private client) Collective Investment Taxation (bare trust) Collective Investment Taxation (interest in possession trust) Direct Equity Investment Taxation (private client) Direct Equity Investment Taxation (bare trust) Direct Equity Investment Taxation (interest in possession trust) Discretionary Managed Portfolio Taxation (Private Client) Discretionary Managed Portfolio Taxation (Bare trust) Discretionary Managed Portfolio Taxation (interest in possession trust) General Investment Account Taxation (Private Client) General Investment Account Taxation (Bare trust) General Investment Account Taxation (Private Client) Investment Trust Taxation (Private Client) Investment Trust Taxation (Bare Trust) Investment Trust Taxation (interest in possession trust) Lifetime ISA Offshore Investment Bond Taxation (Trust Client) Onshore Investment Bond Taxation (Private Client) Onshore Investment Bond Taxation (Trust Client) Structured Investment Product Taxation (Private Client) Structured Product Taxation (Bare Trust) Group Income Protection Key Person Term Assurance Equity Release	The content of these snippets has been reviewed and updated to reflect any new allowances and thresholds, as well as any other changes that have come into effect at the turn of the tax year.
Suitability Report Review Report 2.0 Top-up / Bed & ISA	Appendix - Technical Notes	Pensions Defined Benefit Pension Pension switching Auto Enrolment Pensions - Property Purchase Inheritance Tax Lasting Power of Attorney Long Term Care	The content of these snippets has been reviewed and updated to reflect any new allowances and thresholds, as well as any other changes that have come into effect at the turn of the tax year.

Section Wizards

Section(s)	Step(s)	Update / Enhancement
Review of Your Existing Pension Plans New Pension Recommendation	Key Disadvantages & Tax Implications	A new advice reason has been added to each section to reflect the fact that the increase in the NMPA from 55 to 57 on 6 April 2028 is likely to apply to new pensions started or transferred after 10 February 2021.

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.

Let us know what you think

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 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.

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