Popular Frequently Asked Questions

See all of our FAQ help points

What does LifePlan mean by second home?

A second home (or more homes) are multiple residences that you own and live in. These do not include any Buy-To-Let properties that you own – these are dealt with in the Assets and Investments section.

What are 'Total Net Assets'

Total Net Assets in the Lifeplan Charts and in the Snapshot means 'All of your assets less any debts'.

Where do I enter details of my Premium Bonds and other National Savings investments.

Enter these details in the National Savings section within Assets and Investments.

What do I need to enter the amount of cash I have?

LifePlan calculates each year how much capital you need to use to provide your Desired Annual Income. The ‘capital take’ you need uses up your available cash first, by default, before using the capital from any other of your investments. It is possible to change the order in which LifePlan uses capital take – see ‘change the order’ adjacent to the chart selection tabs.

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.