richardgough
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TSEM5930 - Trusts for particular purposes: trusts administered by the Official Solicitor and Public Trustee: Criminal Injuries Compensation Authority trusts https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem5930
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Investment Bonds are reported on IHT 410. You add the amount received by the estate (or rather the amount that would be received by the estate once probate is granted) i.e the surrender value. In the IHT400, you deal with estate debts, including …
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It will simply because the life office has either not read the Trust Deed or you are talking to someone who doesn't know what a trust is. I have constant battles with life offices over trust administration. Never believe what a life office says ab…
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General rules are here: https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm12121 Statutory trusts are until age of majority, or marriage if earlier. https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/t…
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We too will always look to provide advice BEFORE application / contribution / investment and give time for thinking / checking understanding. 'In good time'. Always a bit of a judgement call. Clearly, the day the transfer app is signed is not goi…
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I would agree that the first £10k distributed and subsequently re-invested meets the requirements under IHTM25311 - Business relief: Replacement property: Conditions to get immediate IHT relief. However, (unlike for Business Asset Roll Over) ther…
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I would arrange to make the payments direct to the mortgage lender.
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The payment to the school by the company would be treated as earned income so subject to income tax and NIC for employer and director. In theory a share class for the child could be created and a div paid to them (well direct to school). The sha…
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You do not need to own a property to claim. QRI would be Nil where no property owned on death with the original property being sold qualifying for a QFRI. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm46061 GWR can not ap…
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You don't need to add in asset class assumptions into Voyant. If you do, then you only need to do this once for all plans if you are going down that route (which I don't as its way too complicated and, in my view, totally pointless, unless you are …
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What is the reasoning to say downsizing relief won't apply?
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Interesting Q. In looking into this the starting point would be to refer to the trust deed to see if powers are explicitly given. (For example, Aviva has a flexible trust written under the Act with trustees having powers to alter beneficiaries.) …
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GIAs - SIPP has no tax liability on gains / income. Bond in a SIPP - onshore bond taxed internally and non reclaimable. Bonds - encashment; no tax charge within the SIPP. So, onshore bond in a SIPP is a really bad idea. GIA v Offshore Bond wou…
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Due Diligence section https://www.mandg.com/pru/adviser/en-gb/insights-events/insights-library/trust-registration-service-trs
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I believe that (in simple terms) you can not have a tax credit against income which is not taxable. As the PA is being used here in full you don't get the tax credit on that amount. (As an aside, the £345 tax liability is before top slicing relie…
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Alltrust. Used them for a number of years for SIPP, Group SIPP and SSAS. Highly recommended. Well priced. Good service A can do attitude Very flexible. We get online access (read only) to the bank account (Metro Bank) to help with our valuatio…
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As has been highlighted, this does not work. Reportable on IHT 409 by executors. IHT Manual gives guidance and HMRC look out for contributions which are not of a normal pattern, or are unusual in size made when member knows they are in ill health …
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Or just use the tools on Pru Tech site
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@Gustavo_Fring In answer to your question, yes using doc templates in XP; Yes can code to pull through doc notes and Yes, it plays havoc with some formatting so you are not alone! The formatting problem primarily stems from the document running…
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Used Cascade on a number of occasions. V happy. (Us and clients)
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You are correct. A life assured categorically has no rights to a policy under any circumstances. It's all down to ownership.
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To my mind I think the process needs breaking down into 3 parts: Fact Find - mostly hard data - send this to client for completion. Rick Profiling - send risk q to client for completion; then do whatever initial assessment process you have. Lifes…
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XP User Group (Unofficial) on Facebook https://www.facebook.com/groups/5599100380127040
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I have to say I'm amazed the firm ever signs up a new client. Looks to me that the entire client process needs an overhaul.
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If memory serves me, the Pru calculator can do this: it's a really good piece of kt.
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We moved from AO to XP last year. We were using VC with AO for storage of documents but never used any of VC ability. We ditched VC when moved to XP; struggle to see why it would be helpful or enhance what XP gives in respect of record storage, a…
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Nope. Your way is, in my view, correct. CV for current scheme; TV for new scheme. If compliance say CV for both ask them what they would say if TV was less than CV.
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Amelia From what you have written it looks as though there is no IIP and it is just a straightforward discretionary (not IPDI) trust with all taxes falling on the trustees at trust rates. When it comes to capital distributions then (depending on…
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If you have not got a copy of the Trust / Will creating the trust then it is impossible for you to make any comment as everything hinges on the exact wording of the trust. However, if it is really an IPDI (along with flexible powers of appointmen…
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Do you have a copy of the Trust Deed?