les_cameron
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This is complicated but the answer is maybe with special rules for indexed linked gilts. Gilts come under the loan relaionship rules - https://www.gov.uk/hmrc-internal-manuals/corporate-finance-manual/cfm37120 There used to be a good summary f…
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@benjaminfabi said: @les_cameron does that mean you don't need LSDBA to pay tax-free cash with an EP certificate? That's my understanding yes but only where you have actual EP tax free cash protection i.e. the certificate has a percentage…
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I have answered on Tech Matters too! I assume the certificate says 25%. It's the lower of 25% of your fund and 25% of the amount payable at April 2023 minus what youve had since then. Under the EP PCLS modifications LSDBA is excluded from t…
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@benjaminfabi said: How is this entire cash ISA limit not clear and obvious age discrimination? Objective justification...I had the same thought! PS got AI to dig out the old S&S investment rules and my friendly ISA expert concurre…
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Tax Reief Modeller shows you the sums
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Yes Your relevant earnings dictate how much you can put in but your tax relief is dictated by what type of income you put into a lower tax band.
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Thank you - we try our best!
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@benjaminfabi said: My understanding is that: * You need LSDBA to receive a SALS. * It will use up LSDBA 1:1 and LSA at 0.25:1 * But you don't need LSA to receive a SALS. * What would happen is if you had, say a £25…
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https://www.mandg.com/wealth/adviser-services/tech-matters/pensions/lump-sum-options/standalone-lump-sums#tax-free-limit
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@benjaminfabi said: To give HMRC its due, the annuity probate calculator does state: _This calculator will estimate the open market value of the guaranteed annuity payments which are to be paid to the estate in straightforward cases. HMRC…
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What Benjamin said. Note that there is no change to the IHT treatment for most guarantee period or value protection. They are currently in the estate, other than the rare ones where they were paid at the annuity providers discretion, which will now…
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Their references don't categorically support their position. You could say that the transaction in question is the transfer in itself, the means to getting to the request for the transaction doesn't matter. Hello what do you want? I want you to t…
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@benjaminfabi said: Thanks, and noted on terminology! I'd used them synonymously but I suppose there is a technical difference. In theory, however, HMRC still assume someone is not in poor health if they survive two years from the annuity …
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PS I'd talk about exempt and non exempt beneficiaries when talking about pensions and IHT. Qualifying and non qualifying is related to income tax on pensions when I first seen the post I assumed it was a question of guarantee periods being paid t…
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Transfer of value when buying an annuity in good health will have no value as you were not intending to confer a gratuitous benefit on someone else, not because there was discretion etc If not in good health then there will be transfer of value f…
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I don't think you'll find anything crystal clear it's - just first principles. "do this when I die" - so transfer happens on death. Your estate isn't going down when you nominate someone so no transfer of value. The purchase of the annuity …
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No update that I have seen as yet.
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My understanding is only courts create precedents. Ombudsman decisions only apply to the particular complaint. You don't have a statutory right to a buddy transfer so if the scheme aren't playing ball there's not much you can do other than compla…
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The ARIES thing is a good read. The issue described are possibly going to be fixed in the new regs at the start of next year. As it stands (and how it should stand when the potential fix goes in) for your scenario is that as long as no lump sums …
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Never heard of it
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Investment = no, adviser = yes
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It depends on the agreement made with the bond provider. Is it an investment management agreement or an adviser charge agreement.
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A crystallised arrangement must be transferred to another crystallised arrangement that has nothing in it. So not possible. Some providers/schemes might do a smoke and mirrors job suggesting there is only one arrangement but there will be wheels …
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@amarshall said: This has been a very useful thread for me today. The two remaining questions I have are, if TFC recycling is deemed to have occurred and the PCLS taken becomes an unauthorised payment, what happens to their LSA and the now…
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You only add the shares if they are a component of their total income at step 1 of the UK income tax computation. The starting point for taper calcs is the income after step 2.
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If the scheme rules allow yes you could take under small pots rules. If you do then the tax free amount doesn't use LSA or LSDBA. If you consolidate you will not be able to use small pots rules and will need LSA to pay the PCLS. If you take the…
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Note - the quirky age 75 bit is subject to change when we get the latest LTA regs in Q1 2026
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I think scenario 1 is correct. You should ask the scheme paying the benefits how much LSA they think the person has.
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Mr Fabi is correct in what he says. For the purposes of LSA as there was no post 75 lump sums then the age 75 BCEs get ignored. Your LSa will be £268,275 less 25% of the current value of the pre a day income
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@PippaO said: Thanks Les for forewarning Mr McPhillips, he covered the query in depth, so that’s much appreciated. Basically the PTM rules are ambiguous but his interpretation is more along the lines of mine I.e the permitted maximum is sim…