richardgough
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FCA COBS: SR requires you to State client objectives Set out your recommendation Explain how the recommendation meets objectives State disadvantages (risks) of recommendations I would suggest that is a good place to start. As a bonus ti…
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HMRC CGT Manual under CG18000 says "The AEA can be set off against gains in whatever way is most beneficial to the person concerned." This has not changed post budget which would imply you can use it against the post budget gain in full.
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On 18 March 2022, the OPG changed its guidance on this and stated that an LPA no longer required a specific reference to DFM. In a communication from STEP at the time, STEP said "We are delighted that the OPG has responded and confirmed that the …
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@Gustavo_Fring said: @richardgough said: Planner Pal What did you think? We found that it was lacking the detail of some of the others - the summary was too high level. We are just starting out on using it. We …
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Planner Pal
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Income: If mandated; yes fully taxable for life tenant and avoids the trust tax / tax credit step. Re-reading my 'book' I missed a heading - termination of a life interest as a precursor and looking to earlier in the section I revise my previous…
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Holdover relief (for non business / agriculture assets) is only available if the transfer is subject to lifetime IHT -i.e. it would need to be a chargeable lifetime transfer, not a PET. [The CLT just neds to 'exist'; it does not need to create an IH…
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Referring to my Financial Planning with Trusts book (Wooley/Banner) then an IPDi does create an IIP (for tax) - as we would expect. Assuming the trustees have not mandated the income then the trust is liable to 20% (savings) and 8.75% (dividend) wh…
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7 year clock on any gift starts only once the recipient is in full, unconstrained receipt.
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You can't put it into Trust; it is owned by the child; child can not create a trust and why would the child want to give it away? The decision to pay out of the trust looks wrong and action could have been taken to retain it in trust and (if nece…
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A charge disclosure is required where charges are made (obviously), so what EXTRA charges will be incurred as a result of a new contribution?
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Doesn't work. The £150k is a gift (PET); the legal agreement makes it a GWROB. Legal ownership, based on the legal agreement, makes it the donor's asset, so it is a taxable entity. An ISA cannot be owned by anyone other than the named person settin…
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To me, that looks like a transfer of value (which is where the potential IHT arises from) so could get caught if IHT 400 is required (and consequently IHT409).
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Have a full and detailed job description so you know what the role entails in your firm. Work out which of those activities need to be learned sooner rather than later. Identify which tasks your employee can already do, which they can do in part a…
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@benjaminfabi Thank you.
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I dont see why this is a problem? Are Phoenix 'rejecting'? If they are request their legal reasons for doing so. If the answer is 'we don't think this works' point out that your client has legal advice and 'think' is not an appropriate response to t…
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We can provide access to Cater Allen and have in place a support service for this if you are interested. Email me at richard.gough@createwealth.co.uk
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@Sean_Fernyhough In my experience, Phoenix won't be much help when it comes to Trusts. I am presuming you are looking for the necessary Deed to retire and appoint a trustee - is that right?
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@Sean_Fernyhough Which life office?
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@DanAtkinsonUK said: This would probably be an unauthorised payment and therefore wouldn't be permitted by the scheme. Member benefits can only be paid to members. I do understand the desire to avoid complexity in this though... Agree.
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If you are changing the trustees of an existing trust, you would have one deed that retires the current trustee and appoints the replacement(s). I have NEVER seen this done in successive days (where there is only one trustee to start with) and to…
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@parawhat Which options are you trialling for meeting note recording? We have a large number of historic voice recordings of meetings and I would (a) like to get them transcribed - & for now, not too fussed about it identifying different spea…
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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…