les_cameron
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- les_cameron
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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…
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@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…
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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 …
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@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…
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@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.
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GAAR says all OK.
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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…
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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…
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Also it is normal expenditure that is assessed the occasional purchase of a car is not normal expenditure. If you bought a new car every year you would need to take it into account.
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Try this https://www.mandg.com/wealth/adviser-services/tech-matters/tools-and-calculators/lsa-lsdba-modeller
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You are correct - full surrenders of individual segments are always back to commencement.
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The details of the April 2013 change are here in this table - https://www.mandg.com/wealth/adviser-services/tech-matters/investments-and-taxation/top-slicing-relief/top-slicing-relief-facts#how-spreading-works You always go back to commencement w…
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@Wildparaplanner said: Reeve's Revenue Resistor Nice Taming Tax Tool
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Yes, we need to rename it I think - any suggestions?
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Maybe Stick the info in here and behold the tax sums with full top slicing sums https://www.mandg.com/wealth/adviser-services/tech-matters/tools-and-calculators/tax-relief-modeller
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I'm pondering whether I'm right at the moment. Will be back when I've decided!
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* Yes you would need to take the TFC if you wanted it. TFC is only authorised when it's linked to an arising entitlement to pension. Or buy the £150k annuity and accept the loss of £37,500 PCLS. * Only if the annuity varies in a way that wasn't all…
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I agree with @benjaminfabi if it is a net pay contribution or relief on making a claim. A net pay cont reduces total income at Step 1 A making a claim cont is on Step 2. Both leave no Step 5 liability. A RAS cont the contribution is…
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@benjaminfabi said: HS281 states: You’re chargeable to Capital Gains Tax if you dispose of an asset held in your name, unless you’re holding it on behalf of another person, such as your spouse or civil partner. If you’re holding an asset o…
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We need to see the imminent draft legislation. They did suggest for trusts holding BR assets prior to the budget each trust would have its own £1m limit (and trusts set up after would get the limit split between them)
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I hope tax counsel read the big tent... In the meantime have a swizz at D19 which suggest an alternate analysis may be achievable https://assets.publishing.service.gov.uk/media/5f5a2734d3bf7f723c19cab3/gaar-part-d-2017.pdf My guess I suspe…
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@benjaminfabi said: Yes it's a tax-reducer at 30% of the amount invested against the current year income tax liability. If there is no income tax liability, there is nothing to reduce. Yes but with the RAS method you do have a liability t…
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Hi I've had a good look again at this and still come to the same conclusion. VCT relief is a step 6 tax reducer. You can only reduce your tax by the amount of your tax liability at Step 5. Your person does have a step 5 liability. I can…
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Ignore above - wee error in scenario 7
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Build a spreadsheet!!! Here's out at 20% with 20% beneficiary
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@arongunningham said: Great presentation @les_cameron thank you. Just to confirm the powerful slide about taking £100k from a pension and placing it somwhere else. I guess that theory only works on PCLS from a pension, otherwise £100k woul…
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Q4 if you mean in the pension scheme then it's not clear you would qualify for BR in the pension. I think it needs a change of law for pension schemes to claim it. So that's a wait and see. In principle it is a change to pension intended to confer…
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Q3 - not sure what is being asked. But single people will have potential IHT issues with their pension the same way they would with there non pension assets - it's kind of business as usual maybe? With a different tax outcome.
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Q2 - there has definitely been a lot of interest in this and an exempt gift for IHT purposes is always better than a potentially exempt one. Note for the NEOOI exemption to apply there has to be an established pattern and that has to be at least 3 …
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Q1 - the intent is that IHT will be paid then the balance will go through the pension tax system as we know it. Being paid a lump sum or an income will not change it, it's just the lump sum will have all the income tax hit in one go. I know there…