Wildparaplanner
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In this case then, given they had used 100% of the LTA pre-April 2024, there's no impact essentially?
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Not sure, but would having an execution only process in place be appropriate? That way, you give the client the choice: 1) Do you let us advise you on the best place for a withdrawal, which may take a bit more time, but may benefit you in the …
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https://www.cii.co.uk/learning/support/cii-study-texts/ If you go here and log in to your account, you have access to all CII text books (albeit it will be the 2024-25 edition now)
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@richardgough said: 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…
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As it says "after allowances and deductions", i would presume this means after the personal allowance and maybe the personal savings allowance has been considered, meaning he is over the higher rate tax threshold. Therefore whole gain of £7,500 is t…
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My opinion is that surely it wouldn't, as there is technically no safeguarded benefit being given up as they aren't entitled to any? I'm sure someone with more knowledge and understanding than me will set the record straight though...
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Wouldn't TAR only apply back to the point they actually owned the bond? i.e. from 16/02/2021? Or does the fact it is a pre-2013 contract mean different rules?
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Unless there is the ability to reverse the winding up of the previous trust (unlikely), then looks like it won't be possible. Not sure if a child can contribute to their own Junior ISA? I've only ever dealt with cases of the parents/other family …
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Agree with the above comments, only use it as a filler for going to chartered, by which point your career might have taken a new angle
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The main annoyance we have found is the fact that KIIDs don't show MIFID II charges and just the OCF, but illustrations from platforms will generally show MIFID II charges, with a large amount of time, the OCF element not matching the KIIDs. You …
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my understanding is there aren't any currently - think they've fallen out of favour with providers given their cost to run and overall complexity
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what was the answer out of interest?
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With mine - i laid out some assumptions in the appendix, including tax year assumptions as well as legislation assumptions. I passed so i never got any direct feedback on whether this was appropriate or not. For example, at the time, I said that …
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Just watched the assembly link. Good stuff. Few questions I've got and hopefully the guests will come back: Jonny - what do advisers do in face to face meetings, are they taking a voice recorder in to the meeting with them? I take it the softw…
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thanks both, will take a look
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How are those AI programs helping you work?
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think it's random and based on marker capacity. When I submitted assignment 1 just before Christmas 2021, i had a mark back in 2 weeks, the other assignments in early to mid 2022 took the full 8-9 weeks.
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Assuming the scheme will in fact annuitise half of the drawdown pot. Once that lifetime annuity is established, could you then fully transfer the remaining drawdown pot to a fixed term annuity contract?
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Thanks - I did read this as well From the practical point of view then - The client we are looking at has a Royal London flexi-access drawdown fund - we want to use half of this fund to purchase a lifetime annuity (which when comparing at the tim…
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Sorry, for some reason my mind completely phased over this part! No it would just be 25% of the amount crystallised (i.e. £125,000 if they crystallise in full) - which is still better than £0!
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My understanding is this is correct, and they would also have £1,250,000 LSDBA available also. However my word has less weight than others on here!
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@benjaminfabi said: @Wildparaplanner anyone who had a pre-commencement pension and no BCE between 04/2006 and 04/2024 won't have a TTFA, as there were no transitional events that would need to be included. When they have an RBCE now, the p…
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Does this mean that anyone with a pre-2006 pension in payment who didn't do a BCE between 2006-2024 will now have a new deemed BCE within the TTFAC or only those that did a BCE in that time period?
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Sorry to hijack the thread, but if a client has no LSA remaining, what happens with regards to accessing a scheme which has scheme-specific tax-free cash? How does the tax treatment of accessing the benefits work?
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Thanks Les, that clears that up. In this case, we have an ex-military pilot who went on to be a commercial pilot and accumulated a big DC pot in that time but is looking to retire later this year.
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Thanks Les, have been watching some techy thursday stuff on the matter this morning (01/02/24 around 30-35 min mark) As it's a pre-commencement pension and there was no such thing as PCLS/UFPLS at that time in 2001, is the tax-free cash (£21,000)…
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Thanks Les. Assuming the TFC was £21,000, they can prove it, do a BCE and then get a TTFAC, I take it there is no kind of revaluation calculation and this amount is what would come off their LSA post April 2024? LSA = £268,275 - £21,000 = £247…
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perfect, thanks Les as always
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Thanks les, would a large personal contributions of say £120,000 to utilise carry forward count to reduce this issue or would only the relevant part that uses this years annual allowance count?
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