les_cameron
About
- Username
- les_cameron
- Joined
- Visits
- 881
- Last Active
- Roles
- Member
Comments
-
Yes chronological usage unless simultaneous gifting (which is complicated, technically if you bank transfer / cheque it's in the order of keying / clearing at the other end etc) Your first gift wasn't a PET it was exempt.
-
Triple lock I belieev so whatever this years uprating was
-
You basically tax the CE as if the underlying beneficiary is liable so TSR is available.
-
I think you are at cross purposes, the GAD review is just a reassessment of maximum income allowed, it may not even coincide with the drawdown review. The drawdown review is essentially an advice point going over whether it is still suitable. It's …
-
The loan has already been waived on death so writing the letter of wishes along the lines of I have written off the loan when I die it is my wish that the value of the outstanding loan is split between x,y and z seems to be feasible. ( And check th…
-
Gift £1,000,000 Relief £500,000 NRB £325,000 2 yrs AEA £6,000 Taxable £169,000 x 20%. Die within 7 yrs - revisit and run sums on 40% tax with credit for the tax paid (assuming the trust still owns the asset or else re run the sums without rel…
-
Examples in here - fairly horrific https://www.gov.uk/government/consultations/reforms-to-inheritance-tax-reliefs-consultation-on-property-settled-into-trust/reforms-to-inheritance-tax-agricultural-property-relief-and-business-property-relief-applic…
-
The rate is not reduced the value is reduced before applying the rate (you get to the same place)
-
Here they are Loan Trusts are next months webinar - https://www.mandg.com/wealth/adviser-services/tech-matters/events-and-cpd/loan-trusts-unlocked And... The waiving of the loan is a gift on death. It is a chargeable gift as it's not an exempt …
-
I think Gift £2,000,000 * Relief £1,000,000 * NRB £325,000 * 2 yrs AEA £6,000 * Taxable £669,000 x 20%. Die within 7 yrs - revisit and run sums on 40% tax with credit for the tax paid (assuming the trust still owns the asset or else re …
-
It didn't matter if your scheme rules had drawdown written into them or you had to use permissive override to do it.
-
And the tax is 6%!
-
There has been no legislative change implemented. HMRC updated their PTM guidance at that point to explain what needed to happen for a drawdown designation to have taken place. HMRC suggested "blink of an eye drawdown" back in the early days o…
-
The percentages on certificates doesn't matter - they key point is that the allowance usage is correct. You could get different answers re the % : a) the pre a day was a deemed BCE not an actual one so shouldn't be on there b) the TTFAC % shou…
-
Yes, it's a pension commencement lump sum, the monetary amount gets deducted from their LSA and LSDBA. Nothing fancy - that's it.
-
I don't think the tool will deal with that scenario - want to send me a screen print?
-
They key point is they are treated as having a standard LTA of £1.5m at 5 April 2024 and they have used it all. So used £375k.
-
I agree with your analysis. Ask them to quote the legislation that shows they are correct.
-
@SA96 said: Attorneys cannot gift (other than small gifts on special occasions like birthdays or Christmas). This is confirmed by Government guidance (https://www.gov.uk/government/publications/giving-gifts). If this is for IHT planning, t…
-
Just gift/spend more and have a term policy instead?
-
Last years segments don't exist so don't have an impact on the surrender of this years segments.
-
@benjaminfabi said: Surely that are going to run out of money before they run into IHT? Hold the capital in their name and buy a WoL plan in trust with a £3k annual premium. What do you do when they can't afford the WOL premiums an…
-
You're not looking in the right places then!!! Your answer is no. You'll not find much telling you what doesn't trigger the MPAA as the law tells you what does. So if it's not something that does it doesn't. Here's the triggers (followed by so…
-
@JonHallSWP Can a non paraplanner (just one in spirit) ask a question please? Where the employee leaves the cover ceases as there ceases to be insurable interest. Is this a particular feature of business protection as my general understanding…
-
I think there's several things at play here * it's an absolute nightmare running income in a discretionary trust, tax pools, settlor interested issues, double tax returns, capital accounts and income accounts so running a non income producing …
-
@GarethM said: @les_cameron said: @GarethM said: Thanks both. That was my understanding but the fact that the donee may not have mental capacity is what made me pause. I think that's a problem…
-
@GarethM said: Thanks both. That was my understanding but the fact that the donee may not have mental capacity is what made me pause. I think that's a problem for the gifting as opposed to the receiving.
-
GAAR says all OK.
-
Potentially, but unlikely. If it can only vary in a way that was allowed prior to pension freedoms then it's not an MPAA trigger. Not sure I've seen a post freedoms annuity that varies in a way that was not allowed pre freedoms but there mus…
-
The OTA starting level is reduced by the amount of LTA used, so with no protections and 99.25% of the LTA left the OTA will be 0.75% = £8,048.25. This seems a bit unfair as someone taking benefits for the first time in the new regime will have £1…