SA96
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Our client received the c£100k of TFC that I didn't think they were entitled to! The SIPP provider (Curtis Banks) were adamantant that LTA usage for EP clients with no protected lump sum is based off £1,073,100. We pushed back a few times…
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Amazing, thank you!
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Link doesn't seem to work for me?
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Domicile was replaced as a concept on 6th April 2025. The new test on whether somebody's estate is subject to UK IHT is residency-based. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm47020 Sounds like your clients would n…
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Pretty certain it remains at £10,000. Just because a gift survives 7 years, doesn't change the use of the annual gifting allowance. The annual gifting allowance is strictly used in chronological order. The only exception is when you make mu…
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I might be missing something, but why wouldn't you just assign the segments to the beneficiary? or appoint into a bare trust if they are under 18? That way, you avoid the trustee rate of tax completely, and it saves you having to file a trust tax…
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@benjaminfabi said: Hi, 'Safe' withdrawal rate is to be avoided at all costs. There is nothing inherently 'safe' about it, and your earlier use of the word sustainable is much preferred. Monte Carlo can be bolted into a cashflow mod…
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People were just purchasing the exam entry fee, and not the study material. I agree with the CII's decision to make a change.
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@benjaminfabi said: Doesn't UFPLS require either a rule change to the scheme or the use of the permissive override? And if they've implemented the former into the scheme to avoid using the latter, why wouldn't they have also implemented blink of …
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@benjaminfabi said: Okay thanks both. Does this mean that contracts that had used the permissive override (i.e. didn't implement a blink of the eye drawdown, or actual drawdown, in pre-a-day schemes are now going to be prevented from offer…
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Very insightful, many thanks.
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@les_cameron said: They key point is they are treated as having a standard LTA of £1.5m at 5 April 2024 and they have used it all. So used £375k. Thank you, I will let you know what the SIPP provider says.
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@les_cameron said: I agree with your analysis. Ask them to quote the legislation that shows they are correct. Thanks Les, I will definitely do that.
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"The rate of relief will reduce from 100% to 50% in all circumstances for shares traded on but not listed on the markets of recognised stock exchanges (see HMRC’s list of designated recognised stock exchanges), such as AIM. https://www.gov.uk/gove…
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Attorneys cannot gift (other than small gifts on special occasions like birthdays or Christmas). This is confirmed by Government guidance (https://www.gov.uk/government/publications/giving-gifts). If this is for IHT planning, the attorney will ne…
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This falls under GAAR for me.
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Hmmm, would be good to get the thoughts of Les. But my view is that there's no tax relief on the VCT. VCTs act as a tax reducer, so if there's no income tax liability to reduce, then they aren't effective.
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@Wildparaplanner said: Thanks Les. An adviser has got me thinking again, as they mentioned "natural yield" within the pension wrapper and then gifting that yield away. However, is this even relevant if you are able to just establish a regu…
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You don't need a qualification to write a DB report. The only person who needs AF7 is the adviser providing the advice.
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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…