In the Plan Settings screen, you will find that the settings for 'Liquidation Order', 'Savings Order' and 'Fees & Taxation' are predicated on one's assets falling into one of the following broad categories: taxable, tax-deferred and tax-free.
You may be wondering what types of accounts fall under these general categories. Here is a breakdown:
Taxable accounts include:
- Current/Savings Accounts
- Unwrapped (i.e. General) Investments
- Offshore Taxable
Tax Deferred accounts include:
- Money Purchase Pensions
- Onshore/Offshore Investment Bonds
- Other Trusts (Bare/Discretionary/DGT/Bypass)*
Tax Free accounts include:
- Venture Capital Trusts*
- Enterprise Investment Schemes (& SEIS)*
- Charitable Trusts*
- National Savings Certificates
*Note that the software will not attempt to take ad hoc withdrawals from these accounts.