benjaminfabi
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£2+£1 = £3 £1/£3 = 33.33% EDIT - just to expand on this a bit. The amount of the increased salary and the amount of the reduced contribution have to sum to 100% of what they are. They can't not. The way that the second of those two figures is de…
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Because the employer contribution also tapers the AA
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https://www.financial-ombudsman.org.uk/publications/technical_notes/execution-only.htm I'd ask your compliance service provider what it has, or knock something up based on the guidelines in the link above.
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Completely agree with these two responses. My experience of using Genovo was one of frustration. Ultimately I found it took longer than simply producing my own report and keeping the relevant sections as my own standard text for future use.
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This is a paragraph taken from https://www.taxation.co.uk/Articles/2017/05/09/336381/inheritance-tax-transfer-pension-plans Section 3(3) The other matter the tribunal had to deal with was the omission to exercise a right. Before looking at the a…
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Which provider?
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Is that the only fee though? I'm sure they'll have additional ongoing admin fees? Most offshore bonds have at least 3 different charging structures to 'choose' from (read ' be confused by'!) and they nearly always include a quarterly £ fee and …
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Hi Jamie Although it seems like recently, I sat J10 in May/June last year. Best advice is to stick to the weightings in the syllabus as the exams tend to stay tight to the expectations. I'd recommend the Brand resources, and I'd also suggest t…
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Thanks Richard, and I apologise for doing it again but I have it in my head that the 'omission to act' situation is no longer available to hmrc. I'll have a look later and provide a better reference than my dim recollection of a case I did earlier i…
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The spouse's exemption doesn't apply. It is a transfer to a pension scheme with discretionary power over who can benefit. Therefore, it will eat into the NRB and potentially create a retrospective tax charge if the value of the loss to the estate (w…
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Hi, There is a really good article on this at Pru adviser: https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/enhanced-protection/#section-7
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Hi Patrick I find it easier to start with the onshore bond, which is lower cost, and find reasons to use a more expensive offshore alternative. These include: Greater tax efficiency for nil and starting rate taxpayers Gross roll u…
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But if you're paying off a mortgage, then setting up the trust for the proceeds of the life policy has no value. In the very remote case where they die together, the probate process will settle the debt, and the asset that needs dealing with, throug…
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That was sort of my point. The evidence threshold for doing this in favour of single life policies would be very high in my book. As a retrofit trust for clients who come into the office with an existing contract, then fine (assuming it can be…
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Hi Neil I think it's great that there is diversity of solutions and you should definitely use what works best for you. I really don't see the cost of Microsoft as an issue and it would actually cost me a lot more not to use it. I pay £12 pm fo…
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Can I ask the obvious questions: What is the purpose of the protection? Why aren't you recommending two single life plans in individual trusts? "Whilst a policy in the Survivor’s Discretionary Trust will not usually form part of your estate f…
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I hold data from my 'dead' enquiries until end of the tax year following the tax year of the enquiry.
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Hi I think if you are recommending that the client cancels a pure protection policy, then it would be very sensible to document that advice and issue the justification to the client prior to the cancellation. But I don't see that it's a require…
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If you provide advice to a client that recommends they retain their DB rights, and you charge them for it, that is not an exempt supply. You haven't satisfied step 5 above, until you are able to: "contact the product provider(s) on their behalf a…
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Cheers John, glad you enjoyed it. Thanks for your valuable input throughout the day.
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TVC will be matched to the scheme pension and be like for like. APTA needn't include a spouse's pension if there isn't a spouse or if the spouse won't be reliant on the income. It doesn't need to include an annuity comparison at all in my opin…
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Hi Hazel Welcome to the forum. Lurk no more, get involved! I think the concensus among everyone I talk to about this is that it is going to be very fluid for a while. We were recently treated to 7IM plans for reporting mifid costs next ye…
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Hi Sean You're a directly authorised firm and you have an adviser who wants to keep reports minimal - WINNER!!! Compliance firm reports are always going to be word heavy. But they don't need to be. Here's a SR for an ISA switch for an existing…
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Jona, Challenge them! What you refer to as 'letter of the law' is nothing more than their interpretation of what needs to be included in the main body of a suitability report to meet the requirements of COBS 9.4.7, which is three sentences! …
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First off get rid of the bottom two bullet points! If you were at the Manchester howwow you'll have seen the example that Rory Percival went through. If it's good enough for him it's good enough for me (nothing Dodgy about it!) The other …
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_"50(5) The obligation to provide in good time a full ex-ante disclosure of information about the aggregated costs and charges related to the financial instrument and to the investment or ancillary service provided shall apply to investment firms in…
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Here is the one page protection report I wrote after last year's report writing howwow. As I said on Thursday, it was more an exercise in the possible than the practical. But it is definitely possible to extend the principles here to get you to a fo…
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"APTA could pretty much be described as "do proper financial planning"" Love this
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Hi Jenny, I've not read Rory's guide, so I don't know the context of that quote, but you certainly don't have to use cash flow tools for an APTA and I don't see an issue with continuing to use one if you do. In my opinion, if you've seen the kind…
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It will basically depend on whether the units being switched between are part of the same sub-fund. If they are, then there won't be a disposal. this is a conversion If they aren't, there will be a disposal. this is a switch Take a look at …