Spring Budget Updates
AUTUMN STATEMENT 2012 & SPRING BUDGET 2013
Changes to PPOL Software
Changes with effect from 26th March 2013
- Retirement Options wording has been changed to reflect the Capped Drawdown income withdrawal GAD limit increase from 100% to 120% of prevailing annuity rates.
- Retirement Options wording has been changed to reflect changes to income review calculations for Pre 6th April 2011 drawdown to drawdown transfers.
Changes with effect from 1st April 2013
- Reference to the Financial Services Authority (FSA) has been changed to The Financial Conduct Authority (FCA).
Changes with effect from 6th April 2013
- Junior ISA allowance wording reflects the increased 2013/14 limit of £3,720
- Annual ISA allowance wording reflects the increased 2013/14 limit of £11,520 and Cash ISA limit of £5,760.
- All areas of the software will update to reflect the reduction in the additional rate of income tax from 50% to 45%.
- All areas of the software will update to reflect the changes in the personal allowance and basic and higher rate tax bands.
- Capital Gains Tax (CGT) wording reflects the increased 2013/14 limit of £10,900.
- CGT exempt assets wording will update to reflect ‘Employee Shareholding’ disposal legislation with effect from 1st September 2013.
- Age allowance wording reflects the increased 2013/14 limit of £26,100.
- Enhanced Personal allowance restriction wording for individuals reaching age 65 (post 5th April 2013) will be included.
- IHT nil rate band wording reflects the increased limits for a non-domiciled spouse from £55k to £325k.
- Additional wording included within taxation section of ‘Notes on Financial Products’ for UT/OEIC, General Investment Account, ETF and Investment Trust regarding the taxation of investment platform rebates.
Other Changes
- Minor changes made to the VCT and EIS ‘Notes on Financial Products’ wording.
- Additional wording included within ‘Risk Warnings’ for Friendly Society plans, Maximum Investment plans and Unit Linked Whole of Life plans, to reflect the changes in legislation to ‘qualifying’ life assurance rules, premiums and chargeable events for new plans post 5th April 2013 and existing plans pre 6th April 2013 which are amended.
- Additional ‘Qualifying’ policy rules and recent changes wording added to ‘Notes on Financial Products’ for Friendly Society plans, Maximum Investment plans and Unit Linked Whole of Life plans.
- IHT nil rate band wording changed to reflect the extension of the threshold freeze of £325k until 2017 / 2018.
- Minor changes made to Pension Technical Notes’ on state retirement age wording and additional wording added regarding pension triviality.
- Minor changes made to ‘Notes on Financial Products’ wording for Pension Term Assurance.