benjaminfabi
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I haven't read the output in detail, but I made the attached with Claude.ai (professional plan) in about 2 minutes using this prompt: Here is a forum question: We currently charge a per case basis for paraplanning work and a new client has ask…
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Hi Sam, It's the same from me. Drawdown is more complex. In terms of wording, I would be very tempted to reply with a question on why they think it should cost the same!! But if you're not that way inclined, you can discuss issues around the F…
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I don't think you'd need to worry about that last point. Most accumulated family wealth doesn't last beyond three generations anyway, because it gets diluted and spent by future beneficiaries, thereby finding its way back into the economy. I thin…
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@SA96 said: The people who die under 75 are predominantly poorer and less likely to have sizeable pension pots. This is not accurate information and I want to take a moment to give the proper context to who owns pension wealth. The ONS…
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There is a huge potential to tax pension on death. We had it at 55% / 25% above LTA for nearly 20 years. Eliminating that to marginal rate above LSDBA has surely made a negative contribution to future revenue? The average pension fund for people …
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Hi Qualifying IIP means: Income belongs to the life tenant. If mandated to the life tenant directly it is taxed in their hands - no tax return for trustees. Growth belongs to the remaindermen. Capital gains are taxed on the trustees. If you…
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fireflies.ai
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I think the plan is to appoint to the child, via the assignment of segments, who then surrenders the policy and provides the trustees with the amount needed for the tax liability. That way each beneficiary pays their own way with taxes due. [edit…
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Hi At a high level, you should be aware of any expected withdrawals in a review cycle (and arguably already have identified where that cash will come from ahead of the date it's needed), and there should be an emergency fund in place for anything…
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Is that a CII specimen question or a third party training provider?
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@Wildparaplanner I see no issue with a parent trustee moving capital from a child's bank account to a JISA. The only minor sticking point is the loss of access. In all other aspects it is materially the same as the bare trust, with the benefits of h…
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@les_cameron said: 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 really any UP risk at all. Unless client has FP/…
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Hi, The answer is £1,500 and there is no top slicing calculation needed. If "Russell’s other taxable income for the tax year, after allowances and deductions, is £50,270, which includes £1,000 of interest." is taken as written, we can conclude…
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Hi Providers definitely will accept it. A relief at source scheme will claim the 20% tax-relief and it will be for the taxpayer to declare the AA tax charge on their self-assessment. There aren't many reasons to do it. If you think of it in te…
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Hi, You can never inherit more than 100% of the NRB in the year you die. In your example, A gets all this from B. Nothing that happens afterwards matters for A's estate, which if A had died yesterday, would have £650,000 NRB (assuming no other…
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Depends on the tax rate now. Assume £10k is in the ISA. In 15 years at 5% net that's worth £19,800 and costs nothing to take out. Net result - £19,800 Assume £10k to a SIPP. That's £12,500 after RAS if they're BRT. In 15 years at 5% net that's…
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Hi, As I understand it, BR status is only retained on assets that have qualified. But I don't have a link to an HMRC source for that!
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Sounds like you have your priorities exactly right!
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There are different disclosure rules for different types of product, along with different acronyms for what the bundled charges figures are (AMC, OCF, TER etc) and these are used incorrectly all the time. I don't think any of the various rules permi…
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Based on receiving the outputs from several planners using various AI over the past few months, ChatGPT is hands down the best tool for putting together meeting notes summaries. I have a client who uses Fireflies.ai to get a transcript and then load…
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But wouldn't the completion of a nomination form in the new plan constitute the intent on some other person/s. Even if you don't change the existing beneficiaries, they cease to have a right to benefit in the current plan at age 75. The OP has sa…
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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 estate. This is the grat…
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Hi @Gustavo_Fring The TR said that: Firms are required to establish and maintain such systems and controls as are appropriate to their business. Where firms use CFM tools, they should ensure these are appropriate and reviewed regularly. And…
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@MothiusManius I never do independent software charges calculations on any switch case. I have a simple (ish) spreadsheet that does the same calculations and this goes into a table in the report. You can't avoid a cost comparison of some sort in …
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@richardgough just get stuck in to the tools and start consuming video tutorials on how to use them. Like anything, the more you do it the better you'll be. I'd start by having it help you with writing tasks. I get lots of value by simply having it …
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No. Building a GPT is creating a specific GPT and requires a paid solution. In ChatGPT it's really intuitive with natural language, in CoPilot it needs some deeper grounding in software (using CoPilot Studio), which I don't have! I have built GPT…
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Check out the assembly I did a couple of weeks ago with Richard and Jonny Stubbs. TL:DR Hyper-charged research assistant and analyst.
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Microsoft - CoPilot for Microsoft 365 (within my existing 365 environment) Anthropic - Claude Pro (not for personal data and not planning to be) OpenAI - ChatGPT Teams (not for personal data and annoyingly I have now identified a shortcoming in th…
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Hi, I see lots of different approaches to this. The one I suggest for clients who are already receiving an ongoing service is to simply write a short letter bringing it into the existing solution (already suitable), with the rudimentary suitab…
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Thanks. I did just check my sums and I think the last bullet is wrong, as the TTFAC will only restore the LSDBA by the amount of the LSA not taken. In this case, if the BCE8 used up 50% of the LTA, the TTFAC restores 12.5% of the standard LSDBA to b…