Budget Changes 2016

Further to the Budget 2016 announcement and recent Mortgage Credit Directive implementation please note the following changes to ATEB suitability for your records.

Effective from midnight 21st March 2016

 – APR replaced with APRC for Mortgages;
 – APRC definition added to Mortgage Glossary of Terms.

Effective from midnight 1st April 2016

 – Update to Stamp Duty Land Tax definition in Glossary of Terms;
 – Update to Land & Building Transaction Tax definition in Glossary of Terms.

Effective from midnight 6th April 2016

Updated CGT rates in Investment Advice ‘Potential Disadvantages’.

Updated Death Benefit statements in Retirement Advice.

Revised definitions for the following Glossary of Terms:

Investment Advice

 – Capital Gains Tax (CGT);
 – Junior ISA;
 – New Individual Savings Accounts (NISA).

Retirement Advice

 – Annual Allowance (Limits and Charge);
 – Capital Protection (or Value Protection) Option;
 – Capped Drawdown Pension;
 – Flexi-access Drawdown;
 – Flexible Drawdown Pension;
 – Guaranteed Minimum Pension (GMP);
 – Lifetime Allowance;
 – Money Purchase Annual Allowance (MPAA);
 – State Pension;
 – ‘Trivial Commutation’ or ‘Trivial Lump Sum’.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

About the Author

Director - Having joined us directly from university, David quickly developed into an indispensable member of the team. As our IT Director he is responsible for ATEB’s technology strategies, security systems and platforms. He has been at the forefront of the development of ATEB Suitability and instrumental in ensuring that the complex regulatory requirements are catered for in an interactive and intuitive fashion. He would be delighted to discuss its capabilities with you in more detail.

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