Wildparaplanner
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Thanks Les - given the whole scheme value is considered protected then, if the plan were to facilitate transfers in, is there a logic to try and transfer in to the scheme to benefit from higher PCLS? For example: Protected Scheme with SSPTFC =…
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@les_cameron said: Hi I believe there needs to be an "audit trail" i.e. a tangible link between the two investments. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm25311 I think you should get tax advice …
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I'm going to bring my original thread back as I have a new question which relates. Does there need to be a direct journey from the sale proceeds of a qualifying investment into a new qualifying investment for it to qualify? I have a case where…
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Those Innovative Finance ISA numbers really do strike home how terrible a solution it is!
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I'm finding the initial "rules" for Cash ISAs from the recent HMRC newsletter somewhat concerning given the added complexity: https://www.gov.uk/government/publications/tax-free-savings-newsletter-19/tax-free-savings-newsletter-19-november-2025 …
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So essentially, the answer is no protection due to the fact the investment is made as "an insurance undertaking"?: "Investments in UK based deposit accounts including the bank account held at bond level are not covered by the FSCS if the UK based…
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After recently learning about this, my understanding is that the BCE is still relevant, but there is a disregard applied. The disregard is not as straight forward as just ignoring the event. Instead, you have to calculate it based on the standard…
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I think I found an example online which almost mirrors what I have going on. I also spoke to someone in a well known tech team, who corroborates the same: https://professionalparaplanner.co.uk/technicalzone/transitional-calculations-for-pre-comme…
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Hi Les, Thanks, I understand the BCE 5B gets ignored, but what I am not sure about is whether the capped drawdown plan, which would have been tested as a result in 2019, has an associated LTA % used as at 2019 or not, for the purposes of reportin…
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To put some figures to it, I think there are only one of two outcomes here: Scenario 1 - pre-2006 drawdown plan was tested in February 2019 at age 75 as a result of the age 75 test (a relevant BCE 5B at the time) being done on the uncrystallised …
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A friend of mine who was in a senior paraplanning position (fully chartered/fellow STEP and SOLLA qualified) a few years ago left that firm to try advising at this one. After a few years, he realised it wasn't for him for similar reasons you quoted.…
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Thanks Les, It's a hybrid scheme: • Cash Section (Contracted In DB Scheme) • Income Section (Contracted In Money Purchase Scheme) • 2011 Section (Contracted In Money Purchase Scheme)
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Perhaps a phased approach (e.g. Phased Flexi-Access Drawdown) to meet their monthly outgoings would be less grey? That way, you have a direct link to spending, and presuming an income source will reappear once the property is sold, you would have co…
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@benjaminfabi said: @Wildparaplanner you don't get the transferable NRB until/unless the executors apply for it on death i.e. you aren't entitled to it until you die so you can't use it in your lifetime. Yes you're right, I missed that cr…
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Can you make more than the £325k to a discretionary trust without incurring the 20% IHT charge by using unused NRB from the deceased spouse or not possible?
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I don't know about others, but I'm finding IHT planning far more engaging from a planning point of view since the pension changes. The variety of solution combinations and the vast majority of cases having a unique outcome is far more rewardin…
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@benjaminfabi said: Aegon have also now confirmed the same. so have Aegon U-turned on their initial approach? Have they explained why they now feel they are in a position to be able to do it again given what has been discussed?
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@Paraplanner717 said: Just separate to this, can the small gifting exemption of £250 be used for trusts, or does this have to be outright gifts to individuals? Essentially, could you set up 10 loan trusts on subsequent days, and then waive £25…
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Has anyone heard from other providers on this matter since this original post? Do we need to assume now that the drawdown to drawdown option is now dead in the water?
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Also, if you are assuming "no exemption from the previous year" (i.e. 2017/18), then you would have to assume it comes back if you go down the "drop off" calculation for the 2018/19 allowance, meaning it would be £4,000 and not £7,000.
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Fairly sure a projection generated now is based on the current state pension amount for the tax year it is generated. For example, if you are entitled to the maximum basic state pension (but in say 10 years time at your state pension age), the proje…
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Does you firm have any commercial arrangements with other providers which could potentially satisfy the sub £500k point? If so, that could be one option.
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Why would you need to? A gad review is done by the scheme, not by an adviser. If a client is taking the maximum gad, then the adviser may need to review their income at a gad review as this may go up or down and it may impact the client.
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Perhaps it needs a separate thread, but it ties into this post somewhat so will post it here for now. Is anyone aware of any other "lifetime annuity within drawdown" products on the market at the moment? I know Canada Life had one but it's clo…
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@benjaminfabi do you think it's worth considering the option of switching from the CII/PFS to the CISI or do you think it would it be too much of an ordeal?
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@SA96 said: People were just purchasing the exam entry fee, and not the study material. I agree with the CII's decision to make a change. But you couldn't just purchase the exam entry fee with no accompanying study text. You had …
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Yes I noticed it a few weeks ago and made a formal complaint. I'm not sure how people are gaining qualifications without having to enroll though. To be able to take the exam of the module you downloaded, you have to enroll... Unless people are using…
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I didn't realise schemes were doing this on death to bypass the now LSDBA so that the beneficiary could gain access to a beneficiary drawdown contract where (on paper) they couldn't normally?
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@benjaminfabi said: Doesn't UFPLS require either a rule change to the scheme or the use of the permissive override? And if they've implemented the former into the scheme to avoid using the latter, why wouldn't they have also implemented blink of …
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For those that are interested or not seen it, the differences in the PTM manual before and after: Before: https://web.archive.org/web/20220531203553/https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm062701#Bringing-a-drawdown-pensio…