SA96
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- SA96
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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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We charge VAT for our ongoing advice fees.
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Not a lot of options, Metro Bank is probably the easiest one to open. I probably wouldn't keep more than £85,000 in the account though!
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Congratulations on the new role. A lot of this depends on the new firm and their advice model, but I would expect there to be a lot more structure and for roles to be clearly designated. During my time at a smaller IFA, I often found myself doing…
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You are in the right, it would breach HMRC's rules regarding adviser charging for pensions. https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm143200#IDANGJMD "Also unauthorised member payments would be created if the payment was …
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Chartered with 4 years of Paraplanning experience. The salary is £50,000, London-based though, but I am able to work from home 3 days a week.
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Not really. The majority of business financial planning is normally left to accountants and that's why I think the demand for AF2 was so low. What didn't help AF2 was that it was such a difficult exam, lots of people chose the easier coursework rout…
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Hi Dale, Below is from the CII's Chartered application form. Five years professional experience must include at least three years employed full-time in the industry. For the purposes of this application, employment can include self-employm…
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Some companies do expect too much from you, I've been in similar instances and I'm also not the kind of person who wants to deliver a second rate report to clients. The labour market is running very hot at the moment, a Paraplanner shouldn't have…
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@Sam_T said: Ha, ha...so if it sounded fancier it would be worth it? I just think the title Chartered Financial Planner is more respected. It's the same with the LIBF, the term 'Chartered ALIBF' does not sound as respectable as 'Chartered…
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Chartered Fellow (Financial Planning) does not sound as prestigious as Chartered Financial Planner.
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I would also add that discretionary spending and non-discretionary spending plays a huge part. If a client has a defined benefit pension that covers all essential expenditure, their capacity for loss could be deemed as high.
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APFS requires hard work and dedication. AF1, AF4 and AF7 are all difficult papers.
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I used Brand for my recent exam, they were very helpful with the formulas.
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Probably AF7, it gives you the title of Pension Transfer Specialist. Even if your company doesn't do DB transfers, it's still handy for dealing with clients who have guaranteed benefits. AF4 and AF1 would then be next on my list. In my opinion…
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I believe WAY Investment Services offer a Flexible Inheritor plan, I think they're the only one outside Canada Life and Quilter. However, I think they offer an FRT based on a collective investment, not an offshore bond. Persoanlly, I would stick …
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No. If the pension gets paid out to a discretionary trust after 75, income tax at 45% would be payable.
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My understanding is below, if somebody else wishes to correct me, please do so. * Trust property belongs to the beneficiary(ies) (grandchildren), this would not be included in the client's estate. The value of the trust is irrelevant. * The …
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Absolutely fine, a lot of people do the same. R02, R03, R04 & R05 are the exams that really matter, as they provide you with the technical knowledge.
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Thank you for that, you learn something new every day!
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Could it be that you could have a scenario where a client has two plans, one has risen by £40,000, but the other has fallen by £50,000. According to that article, he still has to pay the LTA charge on the plan that has grown by £40,000. Whereas i…
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Why would you need to risk profile all of your existing clients again? The risk assessment would have been carried out at the time of the recommendation. It's not like Defaqto's risk system was broken, the recommendations are still fit for purpose. …
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@FD1995 said: @SA96 and I should say, well done! Thank you. I got the pass mark from the article below. https://www.moneymarketing.co.uk/news/over-half-of-the-level-6-candidates-pass-their-exam-in-the-latest-round/
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I sat this paper in October and thankfully passed. I'd prepared thoroughly and thought the paper went really well, and that I had passed with relative ease. However, I only scraped over the line by 5 marks. Later on, I found out that the pass …
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Whether a fund is income or accumulation doesn't affect the taxation. What matters is whether the fund pays dividends or interest. Even if you accumulated any dividends paid out, these would still be subject to tax. If the funds are paying divide…
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A VCT investment is fairly high-risk so wouldn't personally recommend that, also the 30% income tax relief claw back is for individuals, not companies. I would carry out a risk profile excercise and recommend a suitable multi-asset fund. …