les_cameron
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- les_cameron
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Comments
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Ignore above - wee error in scenario 7
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Build a spreadsheet!!! Here's out at 20% with 20% beneficiary
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@arongunningham said: Great presentation @les_cameron thank you. Just to confirm the powerful slide about taking £100k from a pension and placing it somwhere else. I guess that theory only works on PCLS from a pension, otherwise £100k woul…
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Q4 if you mean in the pension scheme then it's not clear you would qualify for BR in the pension. I think it needs a change of law for pension schemes to claim it. So that's a wait and see. In principle it is a change to pension intended to confer…
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Q3 - not sure what is being asked. But single people will have potential IHT issues with their pension the same way they would with there non pension assets - it's kind of business as usual maybe? With a different tax outcome.
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Q2 - there has definitely been a lot of interest in this and an exempt gift for IHT purposes is always better than a potentially exempt one. Note for the NEOOI exemption to apply there has to be an established pattern and that has to be at least 3 …
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Q1 - the intent is that IHT will be paid then the balance will go through the pension tax system as we know it. Being paid a lump sum or an income will not change it, it's just the lump sum will have all the income tax hit in one go. I know there…
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You need to ask the SIPP what hey are willing to do. They can just take it back and reinvest it. It's definitely not a contribution, it's inside the pension system and hasn't left it. If it ends up with the person it will be an unauthorised paym…
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@SA96 said: @Wildparaplanner said: Thanks Les. An adviser has got me thinking again, as they mentioned "natural yield" within the pension wrapper and then gifting that yield away. However, is this even relevant if you are…
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@benjaminfabi said: 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 c…
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A drawdown is still a personal pension (just one that has been varied to allow withdrawals). Are there actually stakeholders that allow drawdown? That should be easy enough to discount!
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@Wildparaplanner said: Thanks both, Forgive my ignorance, but why would the dividends be subject to corporation tax? I thought dividends within a life bond are exempt from tax and only interest and capital gains are taxed at corporation ta…
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Our view is this is a purley investment decision not a tax decision. If you can get what you want from a GIA then that works - a lot of work for an accountant mind you. Bonds aren't the best as you turn tax exempt dividends into dividends subject…
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You can offset everything you want offset against AEA, losses and Basic rate band use in the way that's most beneficial.
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Beneficial ordering applies to CGT. was one of our TYE technical treats - https://www.mandg.com/wealth/adviser-services/tech-matters/tax-year-end/tye-thursday-treats
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And 1 Yes - according to Abrdn Techzone HMRC confirmed it was income 2 No - capital 3 Interest and Dividend if withdrawn and gifted 4 These are shares so it's capital. If they throw off any divis the divis count 5 Interest only 6 Rental inco…
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@Wildparaplanner said: Hi, Does anyone have any good links to information around the gifts out of surplus income rule for IHT? Preferably with details about what definitely does and doesn't qualify. We have a client where we are looking to…
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@Wildparaplanner said: On a side note - what is there to stop a large beneficiary drawdown pot (say £1,000,000) which is completely tax free, but the owner is now over 75 (therefore passing it on will have income tax consequences on the beneficia…
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@Nathan said: @les_cameron Aegon are saying that because the whole fund was crystallised to pay the £268,275, rather than just £1,073,100, they can't do anything. Is that correct? It is correct unless they get a TTFAC and then they are wr…
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@benjaminfabi said: 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 int…
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A good question. The answer is yes and no. Legally it's not a transfer and HMRC guidance refers to transfers between schemes which doesn't apply here https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm17072. So I agree with AJ B…
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You would only ever know post death if it went to a tax tribunal and they examined the full circumstances and decided. It does sound at face value that there is no gratuitous intent. I assume the nomination in the new scheme will be the same as t…
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@Nathan said: @les_cameron I owe you many beers, thank you See you at the BIg Day Out in September ;-)
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I can. You are allowed the lower of "25% of your fund" , your available LSA and your available LSDBA. And you will need a TTFAC if you want the full tax free amount as they have inadequate LSA to cover it on the default rules.
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@BryceClark22 said: @les_cameron Thank you for clearing that up, I was unaware RNRB was available regardless, as I thought they had to have a qualifying interest post 2015? For the example used, is that still the case as on her death the h…
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https://www.mandg.com/wealth/adviser-services/tech-matters/iht-and-estate-planning/nil-rate-bands/residence-nil-rate-band-facts
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@BryceClark22 agree with @benjaminfabi said. People overthink this a lot. Calm your mind, clear your thoughts and ask yourself one question. Everyone has an RNRB regardless. The question is will he use RNRB when he dies? That would requ…
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@Neil_TPIO said: If there is a power of attorney in place then you could use a trust anyway as attorneys can only gift if it is habitual (doesn't sound like it) and specifically mentioned in the PoA document, which is unusual. If the client is…
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https://journal.step.org/step-journal-september-2010/simple-statement
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@Nathan @Nath I just read this again - they could get more TFC if they are still eligible for a TTFAC. The LSA usage on the default basis would be £312,500 (as over 100% LTA usage) but they only got £268,275 meaning a TTFAC is in scope.