Joint or 2x single SRs?
Hello
We’ve a situation where a couple client require £20k. We will take £16k PCLS via FAD from party A and a £4k ISA withdrawal from party B. Would you compose one joint SR? Or prep two single SRs? I am also unsure if we have to include the other investments (GIA) and pensions and review them for completeness. Am looking forward to learning others’ thoughts.
Thanks
We’ve a situation where a couple client require £20k. We will take £16k PCLS via FAD from party A and a £4k ISA withdrawal from party B. Would you compose one joint SR? Or prep two single SRs? I am also unsure if we have to include the other investments (GIA) and pensions and review them for completeness. Am looking forward to learning others’ thoughts.
Thanks
Comments
I'd do one SR.
And if a client's objective is to raise £20k from their invested capital I wouldn't necessarily go into detail in the report about the other assets but on the file I would expect to see a full analysis of why the PCLS and ISA were considered the best options.
For example, if the clients have an IHT issue then taking assets from the GIA, or more from the ISA, might be better that using pension. If they are before State Pension age, or NRA of any other DB, you might want to save the PCLS for later years when the personal allowance is being used, etc.
There's also the factor of using tax-free now means potentially more tax later, and then maybe more tax overall.