Genovo Suitability Report 2024-25 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 2024-25 tax year.

Thankfully for Genovo, there was little in the Spring Budget that we didn’t expect. We already knew about the changes from Jeremy Hunt’s Autumn Statement (CGT thresholds, dividend allowance, etc) and Budget ’23 (LTA changes). We also knew that most other allowances, tax rates and reliefs were frozen in the 2021 Budget, so unlike last year when the LTA abolition caught us all out, we didn’t have to burn too much midnight oil this year to make all the required changes!

There are still quite a few changes, as many of the measures of previous legislation only take full effect from this April (e.g. LTA, Lump Sum Allowance, Lump Sum Death Benefit Allowance, etc).

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.

Genovo v2 launch weekend

Whilst we’re on the subject of improvements and new features, just another quick reminder that Genovo v2 will be going live over the weekend of 27/28 April. You’ll find everything you need to know about launch weekend and beyond here.

Summary of updates

Here’s a summary of all the updates that have been applied to the Genovo suitability report app in readiness for the 2024-25 tax year.

Advice Options and Reasons Library

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

Section	Step	Update
Review of Your Existing Pension Plans	Key Disadvantages & Tax Implications	Deleted Advice Option related to lifetime allowance. Introduced new Advice Option detailing Lump Sum Allowance.
	Advice Reasons for the following Recommended Actions: Top up Top-up and switch the underlying investment of Top-up and switch the model portfolio of Top-up and rebalance the model portfolio of	Edited the Advice reason to show the new £60,000 threshold for the High Income Child Benefit Charge. Added a new Advice Reason for incomes between £60,000 and £80,000 for the High Income Child Benefit Charge. Added two new Advice Reasons for avoiding the ‘60% tax trap’
	Advice Reasons for ‘adjust the regular contribution of’	Added two new Advice Reasons for avoiding the ‘60% tax trap’
Review of Your Existing Retirement Income Plans	Key Disadvantages & Tax Implications	Deleted Advice Option related to lifetime allowance. Introduced new Advice Option detailing Lump Sum Allowance.
	Advice Reasons for the following Recommended Actions: Top up Top-up and switch the underlying investment of Top-up and switch the model portfolio of Top-up and rebalance the model portfolio of	Edited the Advice reason to show the new £60,000 threshold for the High Income Child Benefit Charge. Added a new Advice Reason for incomes between £60,000 and £80,000 for the High Income Child Benefit Charge. Added two new Advice Reasons for avoiding the ‘60% tax trap’
	Advice Reasons for ‘adjust the regular contribution of’	Added two new Advice Reasons for avoiding the ‘60% tax trap’
Drawing Benefits from your Pension Fund	Key Disadvantages & Tax Implications	Deleted Advice Option related to lifetime allowance. Introduced new Advice Option detailing Lump Sum Allowance.
New Pension Recommendation	Why Contribution	Edited 2 x ‘Top-Up’ Advice Options to show the new £60,000 threshold for the High Income Child Benefit Charge. Added two new Advice Reasons for avoiding the ‘60% tax trap’
Important Information	Next Steps (Suitability Report)	Added a new Advice Option covering application for a transitional tax-free amount certificate.
	Next Steps & Action Required (Review Report & Fund Switch Report)	Added a new Advice Option covering application for a transitional tax-free amount certificate.

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

Report Type(s)	Section(s)	Snippet Name	Update
Suitability Report Review Report 2.0 Top-up / Bed & ISA	Appendix - Product Information	Capped Drawdown Flexi Access Drawdown Guaranteed Drawdown Phased flexi-access Drawdown UFPLS QROPS 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 (Private Client) 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) 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.
Suitability Report	Appendix - Glossary of Terms	Lifetime Allowance Lump Sum Allowance Lump Sum Death Benefit Allowance Tax-free Lump Sum	The content has been reviewed and updated to cover the changes in legislation.
Suitability Report	DB Pension TVAS *Static Template*	Comparison of death benefits	Death benefit comparison has been amended to include Lump Sum Death Benefit Allowance.

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