paraplanning online
 

New Tax Year Updates

Issue Date: 6th April 2011

As part of our commitment to ensure Paraplanning Online remains current and compliant; and the leading and most innovative suitability report solution available on the market place today, we are pleased to announce the following updates have been applied to reflect the changes to taxation and legislation introduced at the turn of the new tax year.

Pension & Pension Switching Recommendation Sections

  • Updated to reflect new legislation particularly in relation to the fact that the effective requirement to buy an annuity at the age of 75 has been scrapped from 6th April 2011

Retirement Options Recommendation Section

  • The annuity recommendation has been updated to reflect that the tax charge on death of a protected annuity has increased to 55%
  • The drawdown pension and phased drawdown pension recommendations have been updated to reflect their new terminology, the new legislation regarding GAD rates and tax rates on death and the introduction of flexible and capped income

Mortgage Recommendation Section

  • Updated to reflect the fact that stamp duty will now be payable at 5% on properties over £1m

Financial Product Notes

  • The ISA notes have been updated to reflect that the annual allowance has increased to £10,680
  • The VCT and EIS notes have been updated to reflect announcements made in the recent Budget
  • All pension notes have been updated to reflect all changes in legislation including contribution limits and the removal of the age 75 rule
  • The drawdown pension and phased drawdown pension notes have been updated to reflect their new terminology, the new legislation regarding GAD rates and tax rates on death and the introduction of flexible and capped income

Technical Notes

  • The Technical Notes have been updated to reflect any new tax year changes in legislation and annual allowances etc
  • The IHT Technical Notes have been updated to reflect the announcement made in the recent Budget relating to charitable donations
  • The Pension Technical Notes have been updated to reflect all changes in legislation including the introduction of flexible and capped income

PPOL Docs

The following sections have been updated to reflect changes in taxation and legislation:

  • Bank and deposit based accounts
  • Structured product recommendation
  • Review of drawdown pension
  • Review of phased drawdown pension

Other

  • The Market Outlook continues to be updated on a monthly basis
  • The Property Outlook continues to be updated on a quarterly basis