richardgough
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We have done a handful (with WBR - was Rowanmoor). All v easy. The new processs with WBR is pretty good - mostly electronic. Scheme bank account gets set up with Metro and we invest via Transact. Requires HMRC approval, which is apparently tak…
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You dont lend segments. The trustees would need to surrender segments to raise cash (with the potential knock-on tax consequences) and then lend the cash to the beneficiary. However, before that is even considered, the first question to ask &…
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Get Weaslthime to send you a copy of their PSTR notification from HMRC and then end it to WTW and ask them if they have ever actually asked for it and if so, who and when.
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I think you are going to end up with GROB and muddy the waters as to who is the settlor(s) of the trust. If the children pay into the Trust, then you have created a Settlor interested arrangement with all the consequences of that.
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Demo booked.
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Can you build your own long-term portfolios and then make changes so they can track the long-term performance of a CIP?
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We've done a handful of 'gifting of (some or all) of the outstanding loan' within the existing trust structure. As Les has said, can't see why you would want to complicate things by taking money out and starting again.
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Grandparents cannot contribute to a JISA; funds would have to go through parents, and that isn't always what grandparents want. Given the amounts involved, why would a JISA be better anyway, especially as bare trust removes access control to age 18,…
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If the children are living there as main residence and contributing to running costs then this works, no need for rent and no GWR issues. Standard 7 year gift rules apply. However, for this to be effective long term, the children need to retain t…
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Yes, technically the rate is reduced for BR not the asset value, although mathematically it adds up to the same thing whichever way you do it!
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If you look through the IHT100d you will see that you deduct reliefs from relevant assets first and then later deduct any available NRB before you get to the calculation. So, yes, you can use both.
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..and also, if there is no right to capital, the bonds cannot be used for the surviving spouse.
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The trust( IPDI) comes into force from the date of death. Therefore, the bonds (if surrendered in tax year following the death of the owner) are subject to tax in the hands of the trustees. As @TomLloyd_Read has said, capital distribution to spou…
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You have said the four bonds are "jointly settled". Do you mean that they are jointly owned (by deceased & spouse) with multiple lifes assured? Or are the 4 bonds all single owned, multi life assured?
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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…