Our report writing software has been fully updated on 6th April 2024 to accommodate changes to allowances, rates and reliefs for the 2024/25 tax year.
Full details can be found below:
Pensions
- Existing ‘Lifetime Allowance’ wording removed and replaced with new ‘Lump Sum Allowance (LSA)’ and ‘Lump Sum and Death Benefit Allowance (LSDBA)’ wording.
- In addition, new ‘Lump Sum Allowance (LSA)’ section added to the ‘Important Information’ page. This section will assist users to (a) introduce the new LSA to the client (b) confirm the current LSA amount available to them, and (c) for recommendations pertaining to tax-free cash/PCLS, outline the amount of LSA used up as a result of the recommendation.
Investments
- ‘Dividend Allowance’ amount updated to £500.00
- ‘Annual Exempt Amount’ updated to £3,000.00.
- New ‘Reasons for Recommendation’ added, and ‘Glossary’ item updated, with regard to new multiple subscriptions and partial transfer ISA rules.
N.B. – For recommendations pertaining to ‘New’ or ‘Existing’ annuity plans, we have also added a new question page to the wizard providing users the option to remove the ‘Investment Strategy Recommendation’ page.
Interested in exploring our key features and benefits? Click the link below:
Please don’t forget we have a collection of ‘how to’ guides, articles and hints/tips via our FAQs which are available on our Help & Support Portal.
Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have support@atebsuitability.co.uk / 0191 338 8177.
Pension Transfers – considering a workplace pension
Alistair MacDougall Compliance Defined Benefit, FCA, Pension, Pension Transfer, PI, Switch, transfer
We recently reviewed a pension transfer report where the client was recommended to transfer out of the defined benefit scheme into the client’s pre-existing SIPP. We considered that the recommendation to transfer appeared to be appropriate. However, the client had what the FCA calls an ‘available qualifying scheme’, more commonly referred to as a […]