benjaminfabi
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> @Wildparaplanner said: > Perhaps a phased approach (e.g. Phased Flexi-Access Drawdown) to meet their monthly outgoings would be less grey? That way, you have a direct link to spending, and presuming an income source will reappear once the …
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I'm confused. Isn't the current cashflow issue solved by pcls from existing pensions?
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@GolfPutt21 they have money in the existing pension now, which a pcls solves personal cashflow. They will have money in the company when the property is sold. They can take that money out of the company other than via a pension eg as a dividen…
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Without knowing anything other than what you've disclosed I would say that, based on the figures you're talking about, all the quantitative tests will show this is recycling. The remaining test is whether it was 'pre-planned'. It seems to be that…
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@Radnor I agree with this. Contributions can be added by anyone with the account number, but they can't open the account or control it. @GolfPutt21 There are a few very good reasons to stick with a GIA, including: * Contributions from grandp…
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Yeah thanks, that was my track, and that any additions he makes to the collection will be regular spending if it becomes a pattern.
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Basis of discretionary management agreement [DIM] will manage your investments on a discretionary managed basis. This means that your portfolio will be managed without the need to advise you every time an underlying change is made. The benefits a…
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Hi Not sure what you'd define as 'proper' reporting, but in my experience platforms aren't built for the information needs of corporate investors. When investing for corporates we try to use single asset funds, using income units. Keeps it cle…
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@GolfPutt21 It isn't a simple question and confusion is understandable. Employer pension contributions aren't limited - full stop. But to obtain corporation tax relief they must pass the 'wholly and exclusively...' test @PippaO mentioned. So a…
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@Jimbo no, it's not you in the cul-de-sac, it's the client. In this case, on the face of it at least, I think they are caught fully in the sights of the changes and they're not going to get away from the future liability to IHT on the pension fun…
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Hi, My advice is get professional advice. VAT is not simple in financial services. Interpretations of the VAT charging exemptions vary considerably in my experience.
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@Wildparaplanner you don't get the transferable NRB until/unless the executors apply for it on death i.e. you aren't entitled to it until you die so you can't use it in your lifetime.
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The calculation is (proceeds + withdrawals) - (amount/s invested + previous gain/s) The withdrawals component will include the £2,800, because it has been withdrawn. You can't ignore the withdrawal in the calculation. What changes is whether t…
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@Wildparaplanner I always think of it in terms of everything being a gift (or transfer of value), with the estate being the last gift you make. So when I do the IHT calculation I set out the amounts chronologically and this will default to the full …
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I'm finding many options are weirdly neutral. eg withdraw pension funds to create income to buy an exempt WOL - you're giving HMRC the income tax now instead of the IHT later. Certainly there are a lot of good and workable options - but are any o…
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Based on what @les_cameron said initially in this thread, I assume clarity was sought and received, and now it's all back to as it was?
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Aegon have also now confirmed the same.
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There's lots we don't know about the clients here, but based on what we have I don't think there is an ideal protection option. Best fit would probably be reviewable premium WoL for the current liability. They will get regular premium/cover level re…
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I hope no one can remember, Richard 😂😂😂 Although I was around back then, I don't know the answer. But intuitively I feel like it would have been linked to increases to the earnings cap rather than simple RPI. I'd use whole tax years between DOL …
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Thanks both - I think I was just having a senior moment!
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When you get the figure on the gov gateway it gives you several figures: * Headline amount is the forecast on your SPA. * Then a bit further down it tells you the current entitlement based on your record to the latest 5 April * Then below tha…
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Firstly don't tell people what you do. I don't tell people what I do. I say "I'm a technical consultant in financial services, which is even more boring than it sounds." Then I ask them a question and it never gets mentioned again! You are maybe …
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I have had conversations with a couple of other providers about this but I don't know if it is public so I won't name them. My view is that these are reinventions of the same products we've had going right back to Canada Life's Annuity Growth Acc…
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Hi, 'Safe' withdrawal rate is to be avoided at all costs. There is nothing inherently 'safe' about it, and your earlier use of the word sustainable is much preferred. Monte Carlo can be bolted into a cashflow model. It's a model that will run …
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I am already a member of both. I gave up my Chartered designation for a couple of years a few years ago because I didn't (and still don't) feel that it's fit for purpose. But I decided that I worked too hard for my FPFS to not be able to display it,…
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The study material has been available to members for a very long time. It was never well known though. I agree with @Wildparaplanner and for me this is a big reduction in membership value. It's not like 'Perks' is offering anything that a thousand o…
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I don't think it matters what he has taken if the scheme now paying tax-free cash is relying on the LTA percentage declaration from another scheme. 400000/1073100 = 0.3727 = 37.27% 1073100 * 37.27% * 25% = 99986.09 If they're taking the £30,0…
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@Wildparaplanner said: Yes I noticed it a few weeks ago and made a formal complaint. I'm not sure how people are gaining qualifications without having to enroll though. To be able to take the exam of the module you downloaded, you have to enroll.…
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I can't see any other practical reason for tightening up the guidance? There has to be a monetary incentive for HMRC to do it, and stopping an exploit to bypass the LSDBA is my logical conclusion based on thoughts above.
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Yes, I agree UFPLS is a far simpler mechanism. So here is my cynical take... Previous guidance was loose in relation to how a member can designate into drawdown. In essence, a member could request that funds be designated and then, without needin…