SA96
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- SA96
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@TomLloyd_Read said: Maybe I am joining too many dots, but does it read like the return of funds will be treated as a contribution and subject to recycling rules? Otherwise I assume the pension provides will need to send the cash back to t…
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Gutted I missed this webinar, look forward to hearing about it later. One platform (Elevate) have placed a pause on BCEs for over 75s. They have told us that they are waiting to hear back from HMRC on the new legislation. I hope it's not anoth…
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It is possible, but would require a lot of sacrifice. I guess it depends on how close were you to passing AF1? If all you need to do is brush up on your knowledge, then you should have scope for both. But if you're learning large parts of AF1…
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@Wildparaplanner said: AIM Pension Portfolio Services? Similar to AIM ISA portfolios? Feels like it would become a thing... I don't think that would work. My understanding is that with a pension, the pension trustee owns the underlying…
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I believe James Hay are open to non-UK residents, as long as they are not US residents/US citizens.
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@benjaminfabi said: 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 avera…
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@Wildparaplanner said: According to the ONS, in 2022, there were 167,266 registered deaths for all under 75s, with 395,906 deaths for over 75. Source: https://ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/deaths/articles/deathr…
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@Wildparaplanner said: > @les_cameron said: > Pensions are not exempt from IHT they are treated the same as any other assets using general IHT principles. > > The settlement is specifically exempt from entry, periodic …
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If they're going to tinker about with death benefits for pensions, they are surely going to remove the IHT exemption on pension funds. I would be shocked if the IHT exemption remains in place after the Budget.
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Using cancellation rights for the PCLS as a hedge against the Budget doesn't seem to be in the spirit of tax law. What do HMRC say about tax avoidance? Artificial transactions designed to obtain a tax advantage fall under the general anti-abuse …
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To gain access to the STEP Diploma, you probably need to do the entry level certificate first, and you then move onto the 4 advanced certificates. So you're talking about 5 exams, which will probably take c2-3 years. STEP is really useful if y…
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@les_cameron said: Their LSA is £375,000 reduced by the amount of standard LSTA they used (based on a SLTA of £1.5m) Thanks Les!
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I've just found out that benefits for these clients would have been tested against the standard LTA at the time of the BCE. So my client is definitely going to benefit from a certificate, as he had a DB scheme.
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@les_cameron said: As an aside, this is why attorneys really should steer clear of business relief without court permission. That's an interesting view. As far as I am aware, I believe most advice firms will provide advice to an attor…
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@richardgough said: 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 respon…
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* I would definitely say paraplanning is a good career choice. As a wider industry, financial planning is very attractive as lots of advisers are close to retiring. This means more paraplanners are stepping into advising roles, which in turn reduces…
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Those instructions in the LPA are merely a preference and are included because most DFM managers won't manage assets for a donor, unless the LPA has that specific wording. If the LPA feels cash is a more suitable holding than investing, that is p…
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@les_cameron said: Read the deed for the premium paying trust and make sure it is allowed to settle money on other trusts and on what terms - and if it's all tickety boo crack on - if it's not see a solicitor. Thanks Les, that's really he…
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Thank you everyone for your comments. It has been a massive help!
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Based on HMRC's newsletters, if your client has enhanced protection and you transfer a pension to another scheme, your client's lump sum goes to nil. In the newsletter, they are talking about resolving this. But what a complete and utter shambles.
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@benjaminfabi said: @SA96 where is that reference? I haven't seen that age 75 affects LSA availability. https://www.quilter.com/help-and-support/technical-insights/technical-insights-articles/transitional-tax-free-amount-certificate-ttfac…
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The news that over 75s who haven't taken their tax-free cash are going to be worse off does not make sense to me. Why is the age 75 test suddenly a factor in determining a client's Lump Sum Allowance (LSA)? HMRC have really messed up here. If a c…
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I think you will struggle to find a pension provider that allows over 75s to contribute into a pension. Pension providers introduced a ban on over 75s contributing as it was a clear tactic to dodge inheritance tax.
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@les_cameron said: Hi Yes that wasn't clear enough in hindsight, the point being made was there is no permitted maximum. There's two things at play here. Yes you need a £1 to be able to pay it. But the lump sum does not have …
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@les_cameron said: No - both now and in the future it will use £130,000 of LSA. SSPTFC only uses LSA of 25% of the amount crystallised. The difference after April is it would use £196,000 of LSDBA but before April it would only use £130,000. …
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@les_cameron said: I don't believe tax relief is the test. The main test is were they started prior to April 2006 and have remained unchanged. And if so it's OK. Thanks again, your help is appreciated.
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@les_cameron said: It depends - see here - https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm093510 Thanks, I have spent a bit of time reading the manual and it appears that "protected policies" are the ones that cause the i…
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@les_cameron said: Simply, the criteria for getting a certificate is you have had a BCE and ask for it with evidence before your first RBCE. If your tax free amounts of PCLS and UFPLS are less than 25% x LTA used x £1,073,100 you'll get mo…
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Does anyone know if these transitional rules benefit individuals who previously transferred benefits out of the UK via a QROPS transfer? My client transferred a pension to Malta and then took a PCLS from his Malta scheme. As he used all of his LT…
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