benjaminfabi
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Yes I understand that was always the case. The question I was asking was more about the ability to give ufpls in the first place requiring the same augmentation as the one they use for a drawdown. It's all a mess just now, as I guess it always …
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Doesn't UFPLS require either a rule change to the scheme or the use of the permissive override? And if they've implemented the former into the scheme to avoid using the latter, why wouldn't they have also implemented blink of an eye FAD at the same …
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Okay thanks both. Does this mean that contracts that had used the permissive override (i.e. didn't implement a blink of the eye drawdown, or actual drawdown, in pre-a-day schemes are now going to be prevented from offering any retirement benefits…
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You will need to search the Decision Makers' Guidance and the associated Memos on the Gov site to see if there have been any entries relating to this issue. From experience, it's hard going! I'm not sure the age 55/57 issue is relevant for a bene…
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Tough to decide if this is good or bad. If what they’re looking to do is create an AI agent to replace the human who’s ticking the boxes in ATEB’s compiler, fair enough. But: * Risk of negative feedback loop is massive. Generally, as an enti…
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Hi Amy, I'm not entirely sure what the query is... I think you're asking if a client will get cancellation rights on the transfer of assets into an existing ISA to use the APS? The APS is separate to the assets in the ISA. A client with an ISA…
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* Yes if it goes from his pension to his bank and to his kids, it can't be from anyone other than him. But 'not necessarily' if it goes from his pension to joint bank account and then to his kids, as it legally (although not necessarily for IHT scru…
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Automatic/mechanical rebalancing of an advisory portfolio is perfectly fine without DIM permissions so long as it is carried out according to the strict methodologies set out by the firm in its original suitability report.
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Hi Obviously there's the online assemblies in this website. Financial Assess is the paid for corporate CPD solution of the CII/PFS. If you want supervision and development plans for each member of staff this is a good tool, also links directly…
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@les_cameron tell them they don't need it as they won't have an IHT problem at that point?
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Surely that are going to run out of money before they run into IHT? Hold the capital in their name and buy a WoL plan in trust with a £3k annual premium.
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It sounds like the sort of thing that wouldn't be okay, but the GAAR guidance said this was acceptable, which is odd but there you go...
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10/10 for the Trust section on that service. Very clear for due dil. But no Android app means it doesn't pass my friction test 😢
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Different options depending on where I am and what it's for... * when out and about I record into Samsung voice recorder on my phone. This gives me a transcription. I copy the transcription to chatgpt app then give it the communication type and…
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@Nath said: @Gustavo_Fring I haven't spoke to them on this yet. We are early adopters but keeping a close eye on developments via the Saturn community feed that we have a login for. If its up to scratch we would consider this but I feel it could …
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The car is a capital purchase. If there is enough capital within investments /cash to buy the car, it doesn't use any surplus income.
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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…