les_cameron
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Comments
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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%.
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This is where an NRB trust in a will is wise - to use Cs NRB and A still has 2.
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Note, the AA applies whether or not you get tax relief.
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Yes. An example. You have a death pre 75 less than 2 years with a £2,073,100 fund. If taken as a lump sum then you have a £1m excess which would be taxed at marginal rate. If you put it into beneficiary drawdown then the following day you co…
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You are mostly correct. Yes the LSDBA is the value of uncrystallised rights as at 5th April 2024. Lump Sum Death benefits from uncrystallised rights up to the LSDBA can be paid as lump sums tax free - excess is beneficiary marginal rate. Righ…
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I'd say the too was better than good personally :-) We explain a bit in our SRIT article too - https://www.mandg.com/wealth/adviser-services/tech-matters/investments-and-taxation/income-tax-key-facts/scottish-rate-income-tax#interaction-with-othe…
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The calculation is the same whether there has been new contributions into the scheme or not. The ALSA part of the SSPTFC calculation effectively picks up 25% of all the new contributions. https://www.mandg.com/wealth/adviser-services/tech-matt…
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@Sam_T said: Technical stuff aside, the Social Care assessment is such a red herring - most clients would have assets way over the £23,250 threshold (£100k in Oct 2025), and would never want to put decisions about paying for their care (and what …
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To cause deprivation you have to have assets within scope that go out of scope. You don't have that scenario so I share your view. I believe that is the correct view but cannot point you to where it says that. In any event, you have substanti…
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@LLB said: Thank you! So for the TTFAC, would we just use the actual monetary amount of the tax-free cash taken? ie £18,897.54? Send the proof of benefits taken and you'll get the certificate back.
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My view is you should start moving the tax free cash when you know you are definitely using it for the family. Barring illness or accident most people live to after 75, so pre 75 tax free loss is only a potential downside and that can be explained …
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Agree completing the nomination could be seen as intent to confer, definitely if the nominee changes - arguable if they don't. And I'd be making sure they were fully aware of the potential IHT impact as a downside of my recommendation too.
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@benjaminfabi said: Hard to see how a transfer could be seen as anything other than to improve the position on death, regardless of any explicit reference. The intention is to avoid a default action at age 75 that would not provide value to the e…
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In the very early days there was a thought that you would only be able to get a certificate if you had used less than 100% of LTA. Maybe that is what rang a bell. That got changed fairly rapidly though - it was the 99.99% / 100% problem. Not fair.
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Better not be one of my technical team!!! You are correct they are wrong. What they have said is only correct where the tax free amounts paid was £268,75 or more.
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It is definitely a transfer of value - all transfers are. And will need reported to HMRC on deathwithin 2 years. What you need to decide is what the value of that transfer will be. I think you would be arguing that it was exempt under s10 as …
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162B(1) Subsection (2) applies if– (a)the whole or part of any value transferred by a transfer of value is to be treated as reduced, under section 104, by virtue of it being attributable to the value of relevant business property, and (b)the …
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Have a double check of the deed to make sure there is nothing strange going on.
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The attorney cannot gift without CofP Permission ( I assume it's a non Scottish case). The fact they have opted out of making financial decisions doesn't mean they can't make financial decisions and should not prevent them gifting if they still h…
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You need to ask the people paying but I would imagine it will almost certainly be interest. And if so personal allowance, starting rate and personal savings allowance all in play so no tax probably. If it is over £10k interest technically the …
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The niche stuff can be a bit but the majority it's all far simpler
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That's my conclusion too (haven't checked your sums though but your theory is solid)