benjaminfabi
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- benjaminfabi
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I would be tempted to build this in excel and create a chart from the output. It shouldn't be too difficult. I'm not aware of any calculators that will model this, as most will assume phased DD is using 100% of what's taken from the accrual pot.
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Nice, thank you. Hadn't noticed that slip into the rules.
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It's a classic CFP 'reasoned and reasonable' approach to the estimate. HMRC will want to see that meaningful efforts have been made. When we've done these previously it's a case of tracking back as far as possible. I always assume that HMRC must …
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@SA96 thanks, I tend to agree. Problem with GAAR is that it really isn't a simple test, and it comes down to whether it's abusive and this devilish 'double reasonableness' test. For me, it's not worth the risk to save a few hundred quid in tax wh…
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No, as is often the case.
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Making a £60k gross pension contribution means that Step 1 is £60,000 (salary) and Step 2 is minus £60,000 (gross relievable pension contribution). Steps 3-7 are redundant once you make a member pension contribution (to any type of scheme) that i…
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HS281 states: You’re chargeable to Capital Gains Tax if you dispose of an asset held in your name, unless you’re holding it on behalf of another person, such as your spouse or civil partner. If you’re holding an asset on behalf of your spouse or …
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I don't think so. If he isn't not a director of Company B then I think Company B is in scope for both minimum wage and auto-enrolment. Begs the question why isn't he a director of company B?
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Yes it's a tax-reducer at 30% of the amount invested against the current year income tax liability. If there is no income tax liability, there is nothing to reduce.
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This is excellent @JonHallSWP - great resource. Many thanks
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COBS 19.2.2 When a firm prepares a suitability report it must: (1) (in the case of a personal pension scheme), explain why it considers the personal pension scheme to be at least as suitable as a stakeholder pension scheme; Doesn't matter w…
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yes @les_cameron you could/should do a techy Thursday entirely on the subject of... Why multi-asset funds are bad for businesses, and why acc units are nearly always worse than inc for any taxable account! I am constantly fighting against the …
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I would say that you reduce the work involved for accountants if you use a portfolio that a) distributes income i.e. is NOT accumulation units and b) don't use mixed asset funds. This keeps dividends separate from interest and income separate fro…
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If the business is a micro entity then it can use FRS105. This is considered to be "better" for bonds, as it avoids being taxed on the increases in annual values when no asset sales are taking place. M&G has a decent article on the tax differenc…
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Well in theory there's simplicity for the surviving spouse as there is the IFA who can immediately step in and support with minimal fuss from date of death. So it isn't without value. Plus it is better to have a fully advised proposition than a half…
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Thanks @les_cameron My initial reply to the adviser was along the lines of looking and sounding like a duck etc. My main concern is that even if it can be argued, it introduces the possibility for HMRC to be getting into the argument at a time wh…
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@les_cameron Is it correct that his RNRB will still be tapered though? eg if his estate is worth £3m on death then the amount of RNRB is tapered to nil and nothing can be inherited by the spouse?
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I'm happy to be corrected here but there is no entitlement to RNRB until you die. Unlike the NRB, which can be used in lifetime with CLTs, the availability of the RNRB is established on death. And, if there is no qualifying home or other conditio…
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"Deliberate deprivation of assets means you have intentionally decreased your overall assets, in order to reduce how much you are required to pay towards your needs for care and support." Investment losses on assets you own aren't in scope for th…
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Presumably you are talking about putting the money into a trust arrangement that gives the donor the right to return of capital via the withdrawals? Otherwise, they will still own the asset and there's no deprivation?
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I work with an adviser who pays for them and the output is decent and worth the price. Sadly they can't/won't license them to me, otherwise I'd be paying for them !
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Hi, I've tried all of these. My general rule has always been - if MS365 gives me a solution, try that first as I'm already paying for it. Planner is okay, but I don't use it. You should try it though. MS has a 'launch early, fail fast' approach w…
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As @SA96 says, you don't need a qualification to write a report. The firm needs to have the specific FCA authorisation and the adviser needs to have the relevant qualifications and be signed off as competent in the firm's T&C to act as a pens…
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As someone who has previously recruited into paraplanning teams, I like this test. It gives you insight into the grasp of essential skills of maths and English, plus you can see how good they are at formatting and structuring documents. It also i…
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@les_cameron said: An OMO is not a transfer so transfer rules should not apply - I'd check with your PI. At the end of the day the high risk is you are giving up guaranteed benefits for unknown future benefits. If you are annuitising you are giv…
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An annuity purchased through the OMO process isn't a flexible benefit and it isn't a safeguarded benefit under a non-occupational pension scheme. Let's say you have a £100k fund and £90k is needed to fund the GMP. The provider doesn't offer annui…
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Yes but they can be waived on death either through the Will or letter of wishes or amendment to the loan docs.
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If it is a loan, and identifiable as such, then it's a PET on the date it's waived. If the Will or loan agreement doesn't expressly cover what happens to the loan on death of the lender, it's an asset of the estate on death and technically needs to …
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@les_cameron said: I'm too busty to check the DB policy statements but I seem to remember transfer for IVPP was not PTS required as long as it was at scheme NRD. PI rules though anyway regardless of what the regs say! IIRC this was…
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Pension transfer is defined by the FCA as: a transaction, resulting from the decision of a retail client who is an individual, to require a transfer payment in respect of any safeguarded benefits: (a) from any pension scheme with a view to obt…