benjaminfabi
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- benjaminfabi
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yes @les_cameron you could/should do a techy Thursday entirely on the subject of... Why multi-asset funds are bad for businesses, and why acc units are nearly always worse than inc for any taxable account! I am constantly fighting against the …
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I would say that you reduce the work involved for accountants if you use a portfolio that a) distributes income i.e. is NOT accumulation units and b) don't use mixed asset funds. This keeps dividends separate from interest and income separate fro…
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If the business is a micro entity then it can use FRS105. This is considered to be "better" for bonds, as it avoids being taxed on the increases in annual values when no asset sales are taking place. M&G has a decent article on the tax differenc…
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Well in theory there's simplicity for the surviving spouse as there is the IFA who can immediately step in and support with minimal fuss from date of death. So it isn't without value. Plus it is better to have a fully advised proposition than a half…
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Thanks @les_cameron My initial reply to the adviser was along the lines of looking and sounding like a duck etc. My main concern is that even if it can be argued, it introduces the possibility for HMRC to be getting into the argument at a time wh…
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@les_cameron Is it correct that his RNRB will still be tapered though? eg if his estate is worth £3m on death then the amount of RNRB is tapered to nil and nothing can be inherited by the spouse?
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I'm happy to be corrected here but there is no entitlement to RNRB until you die. Unlike the NRB, which can be used in lifetime with CLTs, the availability of the RNRB is established on death. And, if there is no qualifying home or other conditio…
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"Deliberate deprivation of assets means you have intentionally decreased your overall assets, in order to reduce how much you are required to pay towards your needs for care and support." Investment losses on assets you own aren't in scope for th…
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Presumably you are talking about putting the money into a trust arrangement that gives the donor the right to return of capital via the withdrawals? Otherwise, they will still own the asset and there's no deprivation?
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I work with an adviser who pays for them and the output is decent and worth the price. Sadly they can't/won't license them to me, otherwise I'd be paying for them !
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Hi, I've tried all of these. My general rule has always been - if MS365 gives me a solution, try that first as I'm already paying for it. Planner is okay, but I don't use it. You should try it though. MS has a 'launch early, fail fast' approach w…
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As @SA96 says, you don't need a qualification to write a report. The firm needs to have the specific FCA authorisation and the adviser needs to have the relevant qualifications and be signed off as competent in the firm's T&C to act as a pens…
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As someone who has previously recruited into paraplanning teams, I like this test. It gives you insight into the grasp of essential skills of maths and English, plus you can see how good they are at formatting and structuring documents. It also i…
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@les_cameron said: 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 giv…
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An annuity purchased through the OMO process isn't a flexible benefit and it isn't a safeguarded benefit under a non-occupational pension scheme. Let's say you have a £100k fund and £90k is needed to fund the GMP. The provider doesn't offer annui…
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Yes but they can be waived on death either through the Will or letter of wishes or amendment to the loan docs.
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If it is a loan, and identifiable as such, then it's a PET on the date it's waived. If the Will or loan agreement doesn't expressly cover what happens to the loan on death of the lender, it's an asset of the estate on death and technically needs to …
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@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 what the regs say! IIRC this was…
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Pension transfer is defined by the FCA as: a transaction, resulting from the decision of a retail client who is an individual, to require a transfer payment in respect of any safeguarded benefits: (a) from any pension scheme with a view to obt…
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In the COBS rules (15 Annex 1 1.5R), there is a specific requirement about adding a time period to replace the lack of cancellation rights. But if a firm does this, they simply hold the application form for that period, and it wouldn't have resu…
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Transitional period is in place for a couple of years
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@smith yes you can realise £3k of gains between now and 5 April 2025 and use the AEA against those gains, with the pre 30 October 2024 gains then being charged, at the lower rate. AF1 test this opportunity occasionally, typically using residentia…
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@les_cameron and co are literally doing a webinar as I type. I'm sure the link will be up later and his write up will have all the content.
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Last week's budget introduced changes in the kind of technical things that get tested in AF1 for high marks (like residency and domicile). If I were you I would want to pass AF1 before those changes feed into the testing regime if you've already got…
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Yes. I did the training several years ago and it was very helpful and good value for the cost at the time, which was either £125 or £150, I can't recall now. The exam was straightforward and the practical application f what had been learnt. An…
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Yes Les I am in complete agreement. There is no need to create this outcome via a direct plug in to the IHT regime. It is needlessly complicated and doesn't actually reverse what 2015 did. But this proposed way does give us knock-ons that raise m…
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Okay I see there is now a consultation: https://www.gov.uk/government/consultations/inheritance-tax-on-pensions-liability-reporting-and-payment/technical-consultation-inheritance-tax-on-pensions-liability-reporting-and-payment This is way too …
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Thanks, appreciate the response.
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Hi @les_cameron Latest pension scheme newsletter contained this statement: for scheme specific lump sums, changes that will: provide for a charge to tax where the payment exceeds an individual’s allowances Given that it also says these ame…
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By negative affirmation do you mean you will write the above personalised document to all the clients and move them en masse, assuming a lack of response is to be treated as an instruction to act? If so, I think this is a bad idea. Unless your fi…