benjaminfabi
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I don't see an issue with charging ongoing for a VCT. It's in scope for mifid II reporting, so you need to do work on it each year. Just because there are tax consequences for selling it doesn't automatically rule out that option if your ongoing wor…
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@Wildparaplanner as I understand it there is no benefit to having taken that action last month. Although there isn't any detriment either - other than the work you've put int getting it done. @SA96 I think they are going to change that in a futur…
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@Wildparaplanner anyone who had a pre-commencement pension and no BCE between 04/2006 and 04/2024 won't have a TTFA, as there were no transitional events that would need to be included. When they have an RBCE now, the pre-commencement pension wil…
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What a ridiculous state of affairs @les_cameron have you ever known anything like it? Presumably next week's instalment will be a clarification that SSPTFC will count towards the LSA and therefore can't be taken at the end as a freebie. I reca…
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I asked Transact about this (as they are the platform for the first case I am dealing with). Here is the response: Previously HMRC confirmed that the TTAFC position for pre-commencement pensions would simply look at the TFC physically paid. As yo…
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Thanks Les. I'm glad I'm not going mad. I hadn't seen this in anything I had read from HMRC to this point. They even say in this section that it will be the actual amount paid. The way it reads is that it will also include a further 25% deduction…
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Yes, perfect! There was too much other stuff going on in that budget at the time! I knew I must have missed something!
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I'd do one SR. And if a client's objective is to raise £20k from their invested capital I wouldn't necessarily go into detail in the report about the other assets but on the file I would expect to see a full analysis of why the PCLS and ISA were …
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I wouldn't say it looks misleading if it is calculated correctly, the percentage might just be high. What matters is whether the client is getting value for what they are paying. The disclosure of the fee as £ and % doesn't determine this. I m…
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Thanks Les, In all the new rules whenever the term disqualifying pension credit gets used, it is invariably in relation to it being disregarded in calculating the amounts of lump sums available. I think it will be a nice surprise if this clien…
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Thanks Pippa, that's the source I was given that prompted this query - I should have linked it! I think that's wrong for the reasons I've set out above. In the case I have, they have enhanced protection and the effect of the credit has cost th…
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If it helps, only one of my clients charges VAT and they apply this depending on the advice being given to use bespoke DIM or not.
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Haha same! Institutional memory on these old schemes is getting rare these days!
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Thanks Les. Turns out that pre-aday, all funds of deceased SSAS members could, as one option, revert to the SSAS for reallocation between the remaining members. As the children were members who didn't need any lump sum death benefits, this was the c…
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Spot on @DC01 Level term assurance for £76,400 until the end of the seven years from when the gift was made. This will cover the additional amount of iht that the estate will pay, because £194,000 of the nrb will be used by that gift on d…
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Hi Jonny VAT is done incorrectly right across the financial intermediation sector in my experience. I have always assumed that it is a hornet's nest that HMRC doesn't want to kick. But I see lots of charging structures where it isn't…
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It sounds like you haven't given advice on Policy B. Therefore, if you take a fee from Policy B to pay a charge in relation to advice on Policy A I'd say that's unauthorised.
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Thanks, Les.
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@les_cameron said: Note your 2018 event has a transitional default tax free amount higher than the actual tax free amount paid. But if you asked for a certificate you'd be worse off (as the actual lump sums paid is higher than the transitional de…
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Hi Andy. Transfer to SSAS is auto amber flag in the (not so new anymore) regs. No ability to shortcut requirement to proceed to Moneyhelper call, which itself is then a box tick for the ceding scheme. Just give them the appointment reference numb…
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Thanks Les. I think I will suggest taking £180k of PCLS now, just to leave enough LSA for the SSPTFC in case it gets 'ironed out' when they resolve some other drafting errors! It would be a horrible situation to take the balance to £312.5 and the…
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@DC01 said: Thanks for the guidance! I appreciate it! I have now passed, AF1, J02, AF4 and J10 and am now working on AF8 i'm glad I didn't try and double them up... Excellent Dan, great to hear your success.
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Ah thanks. I don't do social media so not available to me then 😢
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Hi, In the webinar there was mention to lots of new tech content being up within a day. Is there a link to the updated articles?
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Is it also the case that if you are investing via a B-Corp certified DIM then you'd be okay? EG Tribe Impact Capital and EQ Investors are both B-Corp status DIMs, so it would be harsh if investing through their portfolios threatened your own stat…
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Prior to April 2024 includes all pre-commencement pensions though, eh? Everything pre-2006 was also pre-2024.
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Having just skimmed the draft legislation, I'm interested to know whether the "transitional tax-free amount certificate" mentioned in para 125 and then defined from para 127 onwards is intended for this situation? I don't have time to read it in…
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If she is only 57 you can also start to use PET via assignment as a strategy for reducing the estate. The segments are decent sizes for gifts
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You don't say how old she is. Mortality may play a role, although it doesn't seem like she will ever run out of money. Sounds like she needs c£90k pa from the bond. The 5% allowance on 500 segments is more than double what she needs, so I'd proba…
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Gilt portfolios are very good for short-term laddered liquidity, particularly for high earners, as almost all the return comes from capital gains, which aren't taxable.