September 2018 Update

September 2018 Update

September 2018 Update

New Inheritance Tax (IHT)/Trust Planning Advice & APTA/TVC Options

 Friday, 21st September 2018

We have completed the latest upgrade to ATEB suitability on 21st September 2018.

It’s a feature packed update, the details of which can be found in the tables below, but the key highlights are:

New Inheritance Tax (IHT)/Trust Planning Advice

The suitability report generator now includes a simple, comprehensive and compliant approach to producing a range of IHT/Trust planning led recommendations.

ATEB suitability users can now:

Outline the client’s Current IHT Position

A client’s net estate value for IHT purposes and potential tax liability on death can be calculated using our new fully automated IHT calculation table.  This area is supported by a range of ATEB suggested text introducing both the concept of inheritance tax to the client and the two main approaches to its mitigation.

Recommend a suitable Whole of Life or Term Assurance (Gift Inter-Vivos) Plan

The existing Whole of Life & Term Assurance (Gift Inter-Vivos) plan recommendation areas have been improved to support IHT planning led recommendations designed to insure against a client’s IHT liability on death.

Make Discounted Gift Trust and Loan Trust Plan Recommendations

We have added the ability to recommend a suitable Discounted Gift Trust or Loan Trust plan in order to reduce the value of a client’s estate for IHT purposes.  To support these new plans a range of functionality upgrades have been made, including a new ‘Plan Description’ tab, outlining the workings of both the Bond and the Trust with a new suite of supporting Reasons, Disadvantages and Risk Warning text.

Make IHT (Non-Product led) Recommendations

The new IHT (Non-Product led) advice area provides simple ATEB standardised text to recommend the client utilises their available IHT exemptions (with an overview of the main IHT exemptions currently available) and the option to personalise those recommendations further using a range of ATEB suggested text and/or your own free text.

Outline the client’s Resulting IHT Position

Whether you have insured against the IHT liability and/or undertaken Investment Planning to reduce it, you now have the ability to outline the resulting IHT position of a client using a range of ATEB suggested text or your own free text.

Include an IHT Glossary

An optional IHT glossary can be drawn through to the final report depending upon the IHT/Trust Planning advice being provided and recommendations made.

New APTA/TVC functionality added for Defined Benefit Transfers

In response to FCA Policy Statement PS 18/6 – ‘Advising on Pension Transfers’ and in readiness for the rules which come into effect 1st October 2018 we have added a new ‘Transfer Value Comparator’ section for Defined Benefit Transfer recommendations.

Users now have the ability to show a comparison of the Cash Equivalent Transfer Value (CETV) and the estimated cost of acquiring the same promised income from an insurer, with the option to display those figures in graphical form.  The new section has been designed to meet the prescribed format of both the main providers of Pension Transfer Analysis software.

The existing Pension Transfer TVAS Yield section will remain in situ to allow firms the flexibility to build critical yield and/or TVC into their advice process should they so wish.

Major Suitability Report Enhancements

Change at a glance

Location

Detail

Newly added Current IHT Position tab.

Report Builder → Introduction to Advice → Current IHT Position

Output text will be presented in the report under the heading Current Inheritance Tax Position.

 

It is now possible to outline a client’s net estate value for IHT purposes and potential tax liability on death via our fully automated IHT calculation table.

New Estate Planning Objective

Report Builder → Introduction to Advice → Agreed Objectives & Priorities

Output text will be presented in the report under the heading Agreed Objectives & Priorities

 

A new high level client objective has been provided to enable you to expand further on a client's possible concerns around Estate Planning.

As always, we suggest the key to a good suitability report is personalisation and therefore we would encourage you to complete the sentence 'This objective is important to you...' in this scenario.

Discounted Gift Trust and Loan Trust Plans added as new product types to the Investment Advice area.

Report Builder → Investment Advice → Recommended Plan → Plan Builder → Select Product Type

Output text will be presented in the report under the heading New Investment Product Advice.

 

As part of our IHT/Trust Planning upgrade, we have made a number of enhancements to the suitability report generator, this includes the ability to make Disc. Gift Trust and Loan Trust plan recommendations with supporting functionality and suggested text found under the Plan Description, Plan Details, Recommendation Reasons and Potential Disadvantages tabs.

Changes have been made to our WoL and Gift Inter-Vivos recommendations.

Report Builder → Protection Advice → Recommended Plan → Plan Builder → Select Product Type

Output text will be presented in the report under the heading Protection Advice – Product Recommendation.

 

We have reviewed and revised the suggested text for those users recommending Whole of Life and Gift Inter-Vivos plans for IHT mitigation purposes.

IHT (Non-Product led) advice area added to Report Builder.

Report Builder → Recommendations → IHT Advice (Non-Product led)

Output text will be presented in the report under the heading IHT Advice (Non-Product led).

 

Users now have the ability to make a range of recommendations in respect of a client’s available IHT exemptions/reliefs by using a range of ATEB suggested text and/or your own free text.

Newly added Resulting IHT Position page.

On answering ‘Yes’ to the question ‘Will you be making any recommendations to address the client’s potential tax liability?’ from the Current IHT Position tab a Resulting IHT Position page will automatically generate directly after the recommendation area(s) of the report.

Output text will be presented in the report under the heading Resulting Inheritance Tax Position.

 

Whether you have recommended the client(s) insure against their IHT liability and/or undertake investment planning to reduce, you will have the ability to confirm whether the potential tax liability of the client has been addressed in full or in part, by outlining the resulting IHT position of the client using a range of ATEB suggested text or your own free text.

Newly added IHT Glossary.

Report Builder → Glossary of Terms

Output text will be presented in the report under the heading Glossary - Inheritance Tax (IHT) Advice.

 

Logic ensures an Inheritance Tax glossary will automatically draw through to the final report relevant to the options selected within the wizard and the product recommendations made.

Product Type - Retirement

Change at a glance

Location

Detail

New Pension Transfer TVC section added for Defined Benefit Transfer recommendations.

Report Builder → Retirement Advice → Recommended Plan → Plan Builder → Existing Defined Benefit Scheme → Select areas you wish to include at plan level → Pension Transfer TVC

Following the replacement of Critical Yield with the new Transfer Value Comparator (TVC) a new ‘Pension Transfer TVC’ tab has been added to the Plan Builder page for Defined Benefit Transfer recommendations.

Please also see our collection of 'how to' guides, articles and hints/tips via an FAQ which is available now 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.

Many thanks

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