Genovo Suitability Report 2023-24 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 2023-24 tax year.

Up until Jeremy Hunt’s budget on 15 March, we thought we’d got away quite lightly this year for changes to Genovo. We already knew about the changes from his Autumn Statement (CGT thresholds, dividend allowance, Stamp Duty, etc). We also knew that most other allowances, tax rates and reliefs were frozen in the 2021 Budget, so we were anticipating an evening in front of the telly on 5 April, rather than burning the midnight oil making hundreds of changes to Genovo content.

As is often the case with budgets, there were some fairly confident predictions (i.e. leaks…) that something might be done about annual allowance and lifetime allowance. Along with the majority of the financial services profession, we were stunned by the announcement of the abolition of the lifetime allowance, which was followed quite quickly by a realisation that we would be slaving over a hot PC screen on 5 April, rather than nodding off to Eastenders!

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 and enhancements

Here’s a summary of all the updates that have been applied to the Genovo suitability report app in readiness for the 2023-24 tax year.

Section Wizards

Section(s)	Step(s)	Update / Enhancement
Introduction	Review of Client Objectives	Deleted objectives related to lifetime allowance.
Review of Your Existing Pension Plans	Recommended Action	Deleted Advice Options related to lifetime allowance.
	Key Disadvantages & Tax Implications	Deleted Advice Options related to lifetime allowance. Amended Advice Options that showed £4,000 MPAA.
Review of Your Existing Retirement Income Plans	Recommended Action	Amended Advice Options that showed £4,000 MPAA.
	Key Disadvantages & Tax Implications	Amended or deleted Advice Options related to lifetime allowance. Amended Advice Option that showed £4,000 MPAA.
New Pension Recommendation	Why Contribution	Amended Advice Option that showed £4,000 MPAA.
Drawing Benefits from your Pension Fund	Why Product Type Why Withdrawal Key Disadvantages & Tax Implications Other Solutions	Amended Advice Options that showed £4,000 MPAA.
Important Information	Other Needs & Planning Considerations	Deleted Advice Options related to lifetime allowance.

Please remember that although the wording of the above Advice Options or Advice Reasons will automatically update in your Advice Options & Reasons Library, they wont 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 you 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 / Enhancement
Suitability Report	Review of Your Existing Pension Plans	Defined Pension Benefits	Removed reference to lifetime allowance.
Suitability Report	DB Pension TVAS *Static Template*	Critical Yield; Comparison of death benefits.	Removed references to lifetime allowance.
Suitability Report	Appendix - Glossary of Terms	Pensions	The content has been reviewed and updated to cover the changes in legislation.
Suitability Report Review Report 2.0 Top-up / Bed & ISA	Appendix - Product Information	Flexi Access Drawdown; Guaranteed Drawdown; Phased flexi-access drawdown; UFPLS; Group Life; Relevant Life; 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 A&M 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 A&M 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 A&M trust); Investment Trust Taxation (Private Client); Investment Trust Taxation (Bare Trust); Investment Trust Taxation (interest in possession trust); Investment Trust Taxation (Discretionary and A&M trust); Seed Enterprise Investment Scheme; 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 A&M trust); Unit Trust / Collective Investment Taxation (private client); Unit Trust / Collective Investment Taxation (bare trust); Unit Trust / Collective Investment Taxation (interest in possession trust); Unit Trust / Collective Investment Taxation (Discretionary and A&M trust).	The content has been reviewed and updated to incorporate all legislation changes, plus updates to all rates allowances and thresholds.
Suitability Report Review Report 2.0 Top-up / Bed & ISA	Appendix - Technical Notes	Pensions; Defined Benefit Pension; Pension Benefits; 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).  For more information about the Report Content Manager and updating of snippets check out this video tutorial.

Share this post

< Back to latest news