TomLloyd_Read
Hi Stacey
The lady that co-ordinates the Qualification Mentoring Scheme is Gemma Warren - Gemma.Warren@cii.co.uk.
Good luck!
Tom
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This is the most thorough guide to all this I have read. Covers all asset types in SIPPs, onshore and offshore bonds. https://aberdeenadviser.com/library/investor-protection-guide.pdf
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Hi Dave If your CRM doesn't do this (ours is done via Xplan) then perhaps try Lists in MS365? No additional cost as far as I am aware, and data can be downloaded into Excel or Power BI if you need MI from it. We are using to monitor projects and…
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Les is right, financial underwriting can limit the amount of cover a person can have e.g. most mainstream providers won't let you take out a policy for £10m unless there is demonstrable need, even though you have unlimited insurable interest. Fin…
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Thanks Les. That's what I thought.
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Oh, and BTW, the HMRC correspondence was an email rather than anything more formal.
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Picking this up again having finally received something from the QROPS provider. Any thoughts would be appreciated! They have said. **Re PCLS - ** This PCLS request would be reviewed in line with the HMRC changes implemented in April 2024. In li…
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We have a client with a Standard Life EPP with a protected lump sum and today they said they will allow the balance of the fund, after taking cash, to be transferred elsewhere for drawdown. May change their minds on this of course!
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Threesixty had a heavily caveated note on this and linked it to https://gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm062701#Bringing-a-drawdown-pension-into-payment They said scheme managers used to rely on a permissive override (Finance A…
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The trust may be written is such a way as to permit capital to be distributed to the person with the life interest so maybe check that first as it would be the easiest thing to do. Not uncommon that the surviving spouse would be both life tenant and…
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Whilst I am sure someone can find a definitive FCA opinion on this, but I agree with you. We are just about to do the same with some of our models (to ensure there is enough cash more than anything). Our third party compliance advice says as long…
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Thanks for this Gus, very useful.
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We had a demo of Planner Pal and have another with Advisory AI shortly. Planner Pal certainly looked good. Anyone have any feedback either of them, or on Aveni which I am also looking at?
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In answer to the last question, the AIM shares don't use any of the £1m allowance (same as agricultural assets that do not qualify for 100% relief). For the first part I'm guessing but as the trust has an IIP then the £1m would cover both trust a…
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On the first question, not read anything specifically, but have run it all through a spreadsheet and for some clients, it works rather neatly. Referring to the second questions, yes you can use the exemption as far as I am aware. On the annuit…
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Maybe I am joining too many dots, but does it read like the return of funds will be treated as a contribution and subject to recycling rules? Otherwise I assume the pension provides will need to send the cash back to the member. Spoke with a SIPP…
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The adviser is right. You can write a policy on a JLSD basis with a decline on one life, meaning the premium is effectively based on a single life only. Still exactly the same terms as a normal JLSD policy, but more expensive. Just get a single life…
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Bit of a grey area so no wonder there are differences of opinion! Offshore bonds do not appear specifically in the VAT manual but they should fall under the definition of a retail investment product and therefore the initial advice should be exempt.…
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Already planned to send it over when I get it!
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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.
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Hi Cal Yes plenty of clients think the same it seems! We have reiterated the point to clients that any big changes like this have also largely included some new form of protection for benefits already accrued. Also, in June Labour said specifical…
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BB v PP (by the Official Solicitor as litigation friend) [2015] EWCOP 93 provides some indication of how the CoP view BR investments made by attorneys. Admittedly this was in conjunction with a gift of the donor's funds. Whilst it is difficult to fi…
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Thanks both, that's how we are now trying to proceed. Still haven't got a resolution but getting there.
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This may not work quite how you want it to, but the reverse tax calculator is always useful (you can change the tax code to account for the state pension). https:////uktaxcalculators.co.uk/tax-calculators/personal-tax-calculators/reverse-tax-calc…
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I would agree with the second paragraph above; I sat on a roundtable discussing this a few years ago and all advisers at the table recommended DFMs and only a couple said they charged VAT on their advice fees, which appears to be wholly incorrect. C…
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Yes, ReAssure issued broadly the same letter when we were trying to to transfer a PP into an existing SSAS. There wasn't even an intention to invest in property but we disclosed the SSAS held property. Weirdly SJP did not ask the client to attend a …
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The DFM specific HMRC legislation is here https://www.gov.uk/hmrc-internal-manuals/vat-finance-manual/vatfin5800 All of the legislation is here https://www.gov.uk/hmrc-internal-manuals/vat-finance-manual/vatfin5000 The MPS bit seems to b…
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I looked at Insignis a few years ago so not sure how much has changed, but that seemed a slightly more proactive service compared to Flagstone. It is also approved by some SIPP providers (Curtis Banks mentioned it). There was also certainly the opti…
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Having just sat through the fabulous (in case Les is reading!) M&G presentation, I don't think there will be a difference. If they had protection of some sort then under the proposed rules, they'd be better off waiting until next year as they wo…
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There is no rule you have to include it in a suitability letter, although clearly it will impact your advice. We have removed the old comparison tables from our reports but mention the comparison as either rationale for the transfer if cheaper, or …
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This has been in the news recently and HMRC are investigating. The scheme promoted by a number of tax advisers (doesn't) work where Mr A creates a new B share class in his company, which only contain rights to special dividends. Mr A sells the 1 B s…