les_cameron
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Their LSA is £375,000 reduced by the amount of standard LSTA they used (based on a SLTA of £1.5m)
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Hi There is a general rule of thumb that if all your slice sits in the basic rate band then you have no tax to pay onshore and 20% to pay offshore. It is not however true to say there would be no tax caused by the gain as the full gain may make …
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Yes. The LSA is initially reduced by 25% of the LTA used at 5th April 2024. So they need to included all LTA used not just the LTA used by tax free amounts (though there are changes afoot to exclude the age 75 LTA usage.) Everything you nee…
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Note the attorney is investing someone else’s money, as essentially a trustee it’s almost never suitable to make high risk investments.
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And ask a solicitor whether court of protection approval should be sought regardless.
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I think attorneys doing IHT planning is a clear conflict of interest especially if they are estate beneficiaries. I dont think its safe to do so without court of protection say so.
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Forgot the OPG said no need anymore!
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The wording is in the PofA as attorneys are not allowed to delegate their decision making powers without it. There were issues many years ago where attorneys were using DFMs and they were not allowed to - so these clauses started springing up. That…
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Also read the deed and see if you are allowed to give capital to the life tenant - if so you can consider bonds. And non-income producing assets are easier to run in a trust - you can still have whatever OEICs are flavour of the month just have th…
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Read the deed for the premium paying trust and make sure it is allowed to settle money on other trusts and on what terms - and if it's all tickety boo crack on - if it's not see a solicitor.
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Appointing and assigning are two different things I think. Appointing maintains legal ownership and transfers beneficial ownership - so trustees can do everything. Assigning transfers legal and beneficial ownership. So beneficiary has to do every…
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Yes. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm42114 I assume you mean appointing to children if under 18 - assigning will be troublesome I think.
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The right to occupy the house is an interest in possession. And it usually follows through that if the house is turned into cash then the beneficiary will have an entitlement to income (unless the deed has something to the contrary. So you are b…
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Still outstanding. Consultation on amending regs deadline was today. Some of the issues are fixed but there are new issues (not major). With a bit of luck might be looking early october for legislation.
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If they have a % on their certificate for TFC then you'll lose some tax free cash - that's all I can think of.
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Technically you don't lose protection, you get to keep it but the allowances become £0. If there's nothing material that requires LSA/LSDBA then I can't see there is much of an issue. The draft regs to fix the issues have been issued, for comm…
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@benjaminfabi said: @les_cameron said: I don't believe there is an unauthorised payment risk as the current calc actually gives a higher amount than the intended one. If they pay based on intent there's not really any UP risk at …
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The transitional tax free amount for the LSA used is the actual PCLS paid.
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Correct - they need to get married/enter a civil partnership. 50% of the property value is chargeable. May get QSR though - https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm22041
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@PeterM said: @Wildparaplanner said: My opinion is that surely it wouldn't, as there is technically no safeguarded benefit being given up as they aren't entitled to any? I'm sure someone with more knowledge and understanding than me…
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Not necessarily. It's very complicated - you need to know the answer to the two questions - they
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They can do what they like but this explains what they are likely to do - it's a bit like an OEIC surrender as opposed to just running based on full surrender. https://www.gov.uk/hmrc-internal-manuals/insurance-policyholder-taxation-manual/iptm35…
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Who settled the trust - what was their position? Ws this a spanish compliant offshore bond that was purchased or an offshore bond that should have been only used for UK residents?
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No changes needed.
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Yes, the draft law was drafted and works. Election just got in the way. I don't believe there is an unauthorised payment risk as the current calc actually gives a higher amount than the intended one. If they pay based on intent there's not rea…
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You should ask the scheme if they will pay based on the intent, some will.
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No probs. Was bored on my sun lounger!
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If you look at the block transfer conditions it doesn't say both transferees have to meet the 12 month rule https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm062240 My view is you apply the rule to each individual and one would mee…
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Just noticed higher on exit! I would not move the ISA but would be happy paying in if I was using all my ISA allowance.
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The absence of tax free cash kills it mostly. But I think it works if you will drop a tax rate. If you are higher now and basic on exit you gain 20%.