Property Liquidation - Transfer the proceeds from the sale of a property into savings, an investment or pension

If you are using a particular event to schedule the liquidation of the property (and we recommend you do this), use the same event to schedule a one-off transfer into the pension and/or investments and savings.

Note: Annual contribution limits are enforced on ISA contributions. Annual contribution allowances are also enforced on money purchases, based on whether the individual has supporting earnings.

1. First, go to the Savings, Investments or Pensions > Money Purchase screen.

2. Select on the ledger (to the right side of the screen) the target account. This will be the account that will receive some or all of the proceeds from the sale of the property.

3. Expand Advanced Settings Transfers / Additional Contributions

4. Click the Transfer at Event drop-down and select the same event you are using to schedule the liquidation of the property. This will schedule the transfer in the same year as the liquidation.

5. Select “To this account”.

6. Leave the default Future Value selected, unless you want the amount of the future transfer to be inflated between now and the time of the transfer.

7. Amount [of transfer]: Either select All Available (all funds available in surplus) or select and specify the amount of the transfer.

8. From [source of transfer]: Select From “Surplus”.

Note: The proceeds from the sale of the property will sit in surplus until the very end of the planning year - after expenses are paid and transfers are made. At the end of the planning year, any funds remaining in surplus will be moved into the owner's (or owners') default cash account (e.g. John's Cash). In this case you want to move these funds from Surplus into savings, an investment or pension beforehand. This is likely the problem in your case. Select From “Surplus” and you should be able to move the funds.

9. Next, you may optionally tick “Transfer Before Paying Expenses” if you want to ensure that the full amount specified is to be transferred. Otherwise, some of the proceeds may be used first to fulfill expenses before being transferred into the target account.

10. Leave the Recur option unticked. This setting is used to schedule ongoing transfers between accounts - e.g. regular bed and ISA contributions.

11. Click OK

12. Click Update or Add to save your changes.