benjaminfabi
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> @Rcaisley said: > @arongunningham said: > £50-£55k in London --- decreasing as the radius increases. > > Maybe £30-35k in the North? > > In Reading, where I am, I would expect £45-50k to be offered…
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@richallum based on your comments would you say you have it because other people like to see that you have it, rather than because you think that you need it? In other words, is it easier simply to answer "yes" to the question 'Do you have PI c…
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I don't have any liability. The adviser cannot outsource the responsibility for the function I perform. They can end our working relationship if I'm rubbish! My tob obliges the firm contracting me to hold sufficient PI to cover any claims any …
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If he has earnings of £250k, then a personal contribution of £160k (£128k net) and his threshold income will be under £110k and tapered annual allowance won't apply.
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Taken from https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm088630 But any pension increase which is in some way personalised for the individual, for example it occurs on a birthday of the member, is unlikely to meet the conditions…
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Hi, Thanks for posting the outcome. I don't know about the scheme pays option where the new benefit is GMP. But, on the BCE3, I'm sure an increase because of a GMP step up would be assessed against LTA at age 65.
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that is my twitter handle! If they make a personal contribution of £160k does it bring threshold income below £110k? (ie avoiding the taper)
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Went through this on Twitter a few weeks ago. Answer is 100% yes you can. £120k of carry forward and, as Aron eludes to, no possibility of being tapered if there are no UK earnings. Obviously subject to all the usual rules in the year of the c…
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Hi, Q7 https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/discounted-gift-trust-qa/ It's never straightforward to end a DGT during the settlor's lifetime. If it was only set up six years ago I'd be looking at the suitabi…
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Hi Aron @Nathan is spot on. You should have a disengagement process as Nathan describes for clients like this. Especially if the reason is that the client does not want to do it.
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Hi Andy, I don't. My terms of business make it clear that I am not regulated and I have no regulatory liability for my work.
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When they have all the elements I do them manually Kim.
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Hi Jon, There are rules for suitability, in COBS 9, and also good practice on replacement business in FSA FG12-16. Compliance with them however is highly subjective. If you have a requirement for an O&M report on all business-as-usual pens…
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Yes you do have to complete a taper calculation for each year it's been in force. The fact that someone could have made contributions but didn't won't stop them being tapered if adjusted income was above £150,000. The maximum carry forwar…
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Yes. Potentially you need to go to current tax year minus 6 to work out carry forward availability. It can get complicated.
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Hi, PFS Fellowship is based on 350 credits. 290 of these must come from attainment of the advanced diploma. I did AF4 and while I was waiting for the results I took J10 and J12. 70 credits all for the same syllabus, plus as you say, J10 is a D…
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Hi, I produce estimated ex-post and ex-ante figures for EIS and VCT in the same way as I do for all other investments. I have my own methodology to produce these disclosures in a consistent format (even if platforms are sending out their own).…
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The rules on triage that came out of FCA PS 18/20 effectively killed that SL process (the document is still available in this thread). It was designed in a world where a recommendation to retain DB wasn't a personal recommendation. Looking at it now…
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Nice one thanks @richardgough
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Agree with @AndyRichards and @Suse1969. I have the following components in my SR table: Adviser initial Adviser ongoing Product initial Product ongoing Investment initial Investment ongoing Obviously they're not all re…
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"We have an adviser who wishes (for some reason) to transfer a clients single line equities onto a platform to be held alongside the funds we run for them." 'For some reason' isn't going to read well in the suitability report. Especially giv…
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I trialled it. I liked the way it described the output as a narrative. Very SR friendly. I felt it fell a way short of the functionality of cashcalc though and was nothing close to Voyant. One to watch but not there yet for me.
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Hi, You can't take more than 25% of the value of a DC fund as a PCLS (unless you have transitional protection). Some DB schemes have additional voluntary contributions (AVC) schemes (which are DC). Some of these DB schemes will allow a member …
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Check out the Just website. Loads of useful information to be found there. https://www.justadviser.com/
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Hi, I've stopped trying to get Voyant, or any cashflow, to calculate future service. I always now work it out/estimate it myself (or use TVC system) and give the future income value to Voyant at the relevant age. Here, you need to work out whi…
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That was my first thought if they were two distinct transactions without formal agreement. I presume Canada Life will decline to comment on the SDLT issue? Having looked again this morning it seems that if there is no mortgage at the time of the …
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Have their been two transfers? ie a gift of £500k from A to B, followed by a gift of £900k (in the form of a half share of the house) from B to A. If so, then these are possibly two separate PETs. Or, has there been one transaction? ie th…
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I feel like there should be a competition for the most ridiculous sentence in a report. Maybe not for a public forum though
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Hi Sarah The individual member won't have a tax liability on the income and gains in the UK as the assets are owned by the trustees of the RATS. If the RATS has UK and Guernsey approval (which is likely) then it should operate for tax relief in t…
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Ah perfect. Thanks for posting this.