What's new in our early September release
We are pleased to announce our latest update of Voyant Adviser. Among a variety of enhancements and improvements, our early September release includes the latest rules from the 2015 Summer Budget. A list of highlights follows.
Summer Budget 2015 updates
The amount of income tax relief that landlords can receive on the finance costs for residential properties, such as the interest on mortgages, will be restricted to the basic rate of tax. Read more >>
An additional inheritance allowance is being introduced atop the current nil rate band of £325,000. Once fully phased in, this extension of the nil rate band will allow couples to pass on their family home tax free for up to a value of £1,000,000. Read more >>
The inheritance tax nil rate band will be frozen at £325,000 until 6 April 2021. Read more >>
The tax relief on pension contributions will be reduced for those with income in excess of £150,000 a year. Read more >>
From 6 April 2016 there will no longer be a notional tax credit associated with dividends received. Currently, dividends paid to basic-rate taxpayers are regarded as having been already taxed within the corporate tax system so there is no further tax to pay on them. Under the new rules only the first £5,000 a year of dividend income will remain exempt. Read more >>
The personal allowance is scheduled to increase from £10,600 in 2015/16 to: £11,000 in 2016/17, £11,200 in 2017/18. The 40% higher rate threshold is also to increase from £42,385 in 2015/16 to: £43,000 in 2016/17, £43,600 in 2017/18. Read more >>
Bonds / Life Funds
Bond taxation improvements have been made that will better illustrate the differences in tax treatments between onshore and offshore bonds. Updates include a new setting which allows users to specify the internal tax rate on onshore bonds both individually and as a system default. Read more >>
Bonds also have two new withdrawal options, "always withdraw excess" and "always encash segments". These options can be used to better control how ad hoc withdrawals are taken from segmented bonds to fulfill expenses. Read more >>
The new '0% rate of income tax will be applied on the first £5,000 of savings income (for people with less than £15,000 taxable earnings) to income from bonds as well as savings.
New investment product - Seed EIS. Read more >>
New preference level setting - Reinvest yield. Read more >>
Other Fixes and Improvements
Pensions - change employer matching contributions to base the contribution on the individual gross contribution including tax relief at source if the pension provides tax relief at source
Corrected ISA special allowance contributions allowance usage when contributions are made in the form of a recurring contribution from a taxable investment account.
Other Income - Step Up/Step Down, properly set growth rate from preferences
Added monthly/yearly option for Employment in step up step down detail
Fact Find Verification report, corrected real property ownership issue
Added the most recent assumptions updates to reports (nil rate band, LTA, default tax table)
Various partner integration updates
How to get the update
You should receive the latest release of Voyant Adviser automatically the next time you open the software, provided that you currently subscribe to Voyant or are trialing the software.
If you have trialed Voyant in the past and would like to have another look, registration can be found on our website or contact our support team and request to have your former trial account reactivated for a limited time.
First Published 02 September 2015, Release 4.0.19