Popular Frequently Asked Questions

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What are 'Liquid Assets'

In Lifeplan 'Liquid Assets' are Cash, Current Accounts, Deposits and those assets that can be encashed in small amounts at short notice e.g. National Savings, ISAs, Shares, Unit Trusts, Investment Funds. They exclude assets which can only be sold whole or where encashment rights are limited e.g. Home, Pension Fund, Property and Business Investments.

What does LifePlan mean by SSAS?

A SSAS is a Small Self Administered Scheme.

I am taking a tax-free income from my investment (insurance) bond, where do I enter this in my LifePlan?

As you are receiving tax-free income, you should enter this bond in the Assets and Other Tax-Free Savings section.

Why do I need to make an allowance for Capital Gains Tax (CGT) on the sale of some assets e.g. home

Capital Gains Tax (CGT) could be a significant tax liability on the sale or disposal of an asset so we provide the facility for you to model such a liability in your LifePlan. However, the application of CGT is complex so we ask you to input a notional rate of CGT  based on the sale value of the asset. If you know the approximate CGT liability on the future sale of a specific asset you can select the most appropriate rate using the slider.

Do I enter dividends before or after tax.

Please enter dividends net of income tax.