les_cameron
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@Nathan @Nath I just read this again - they could get more TFC if they are still eligible for a TTFAC. The LSA usage on the default basis would be £312,500 (as over 100% LTA usage) but they only got £268,275 meaning a TTFAC is in scope.
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The correspondence suggest they crystallised the full £1.28m - if that's the case then they used 100% of the protected LTA. So no more TFC. If they only crystallised £1,073,100 then the scheme is talking mince they should be treated as only havi…
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Just got the registration link! https://events.mandg.com/pensions-death-tax
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Yes - we do a technical webinar the third thursday of every month at 10 am. It's for paraplanners or advisers or any other financial planning professionals. Registration will be open later on this afternoon. You can sign up and view recordings a…
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An OMO is not a transfer so transfer rules should not apply - I'd check with your PI. At the end of the day the high risk is you are giving up guaranteed benefits for unknown future benefits. If you are annuitising you are giving up guaranteed bene…
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Go to go quiz starts in halfan hour!
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Have running the numbers on the to do list as doing a webinar third Thursday in January on all this malarkey. Gifting will work too for some lump sum and NEOOI. I had a read of the back to back stuff the other day - unless annuity providers with …
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@benjaminfabi said: @les_cameron said: I'm too busty to check the DB policy statements but I seem to remember transfer for IVPP was not PTS required as long as it was at scheme NRD. PI rules though anyway regardless of wh…
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I'm too busty to check the DB policy statements but I seem to remember transfer for IVPP was not PTS required as long as it was at scheme NRD. PI rules though anyway regardless of what the regs say!
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You only need to go to QROPS on the way out of UK. Any overseas pension scheme can be transferred in.
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I do - it has.
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Hi You don't need any LSA at all to pay SSPTFC now - you just need LSDBA. And the bit over LSDBA is taxed. Near the end - maybe 50 minute in https://mandg-podcast.videomarketingplatform.co/secret/106657705/99ab91b873f023e92ee962ee178cdf83 r…
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@SA96 said: @Wildparaplanner said: AIM Pension Portfolio Services? Similar to AIM ISA portfolios? Feels like it would become a thing... I don't think that would work. My understanding is that with a pension, the…
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Crazy stuff. They are fixing something that was not caused by an IHT in 2015 with an IHT change in 2027. One that will slow down benefits being set up, complicate administration for schemes , estates and HMRC, making them reliant on each othe…
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Hi No. The Regs to fix them have gone through committee and will go live on 18th November. Haven't seen if anything was changed from the draft they issued late July. The draft regs are still wrong for certain cohorts but people with FP2016 …
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If you actually got a tax free payment over the allowances it is an unauthorised payment and that would need reported by the member on self assessment (as well as the scheme reporting it if they found out about it)
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The scheme has to notify HMRC when they pay money to anyone that is over their available allowances, or if you pay them tax free over the allowance and you could only do so when they had protection. Amongst other things!
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Note the first two are at least as suitable and the DB one is more suitable.
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I suspect / logic dictates that you'll need to contact HMRC to sort out a suitable gain figure every time there is an event. But not had that definitively from anywhere
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Assuming you are using it for IHT effectiveness then the answer is no unless you use it as a mechanism to directly or indirectly benefit the settlor. Some standard templates allow you to exclude spouse so they do not become a beneficiary until th…
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Thanks HI, did they give any indication of what the procedure would be for future gains on the policy?
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Or qualified to advise on gifting to non resident UK nationals!
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Is the adviser authorised to advise Turkish Resident UK Nationals?
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@TomLloyd_Read said: Thanks Les, as I thought. They said they have correspondence from HMRC on the matter which clients could request. I have asked if they could send this to me. I'd like to see that too. Suitably redacted of course!
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I don't believe any of that is right. Yu are right they cannot apply for a TTFAC from the ceding scheme as they are not a member. Unless I've missed something there is no interaction between the QROPS benefits and UK benefits (other than in establi…
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Pensions are not exempt from IHT they are treated the same as any other assets using general IHT principles. The settlement is specifically exempt from entry, periodic and exit charges. That’s the only exemption. https://www.ftadviser.com/pe…
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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.