les_cameron
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@benjaminfabi said: I read the legislation draft and recently said this to another person... In 637U of the draft, paragraph 3 states that: If no relevant benefit crystallisation event has occurred in relation to the individual…
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Hello For an assignment to have no tax consequences it must be outright and unconditional. If you still effectively have access to that money then I believe it is caught by what's called the settlements legislation so the person that made the …
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Note there is ambiguity at present whether small pots tax free amounts use up your post April 24 allowances. I think as drafted the legislation says yes but think the intent is no. Time will tell.
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@les_cameron said: What @Wildparaplanner said. Small pots don't give PCLS - if they did it would be a BCE6. Small pots from uncrystallised pots have 25% taxed at 0% So no need to worry.
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What @Wildparaplanner said. Small pots don't give PCLS - if they did it would be a BCE6. Small pots from uncrystallised pots have 25% taxed at 0%
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In my view the extra £10k did not replace other property qualifying for business relief so I think that extra 10k doesnt; meet the ownership test so needs to be held for 2 years to get relief
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Quilter have a not bad webpage I look at from time to time - but we always confirm we're not SMEs and it's best checking with the relevant benefit provider. https://www.quilter.com/help-and-support/technical-insights/technical-insights-articles/how-…
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We do - Pru
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There's the small matter of how did they manage to get money back from the trust in the first place -assume it wasn't an IHT effective one? Or was it a DGT/Loan.
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SIPPs (and other UK registered pension schemes) can also access PruFund through a Pru Trustee Investment Plan ( which you'd need to cost check against the offshore bond)
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Post it here - the M&G Tech team may be on.... Or LinkedIn - M&G Wealth Technical Group
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Also https://www.gov.uk/hmrc-internal-manuals/trust-registration-service-manual/trsm70020 Re reviews - see ongoing monitoring. My view is at a minimum for any contact with a trust where there has been no discrepancy check done then it needs…
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Yes, you only get credit for that part of the gain which is outside personal allowance. And tax should be £0
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Hi https://www.mandg.com/pru/adviser/en-gb/insights-events/insights-library/inheritance-tax-annual-exemption 1) Yes 2) & 3) Paying a single £3,000 at start of tax year would mean that transfer of value got all the exemption. If it was…
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Whether there is a point or not will be dictate what their objectives are. The whole employer contribution will be excess (I'm assuming no carry forward). They'll be suffering marginal rate tax (the AA charge) then marginal rate tax on the balan…
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There is a retained amount i.e. the bit above LTA being used for income. That gets a 0% charge, so no pension reduction and all the income gets marginal rate tax. Not seen anything suggesting it would work any other way and that's how the law say…
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8 You can't just drop an overnighter you have to make a fiscal statement so I think you're safe. If your adviser thinks it isn't do it this tax year! With the downside of more growth to manage than if you delayed (if LTA reintroduced)
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7 My view is it may well be a way t mitigate the risk of a reintroduction of the LTA. But you need to consider any PCLS paid out if you need to take benefits to get at your excess.
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* The lower of 25% of 58.24 of the LTA and 25% of fund value.
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5 you'll need to come up with that I think. They could consider putting all the money in drawdown so that if the LTA returns you only need to deal with the growth. And they could contribute more before doing so. It's a hard one to answer.
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4 Whomever you spoke to at HMRC is wrong. If there is no TFC quoted on an enhanced protection certificate the max is 25% of available LTA based on a £1.5m LTA. I would check the protection was applied for correctly as lots of mistakes were made ar…
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* Quite wide ranging but they could transfer there pension out overseas in 23/24 - No LTA charge. 24/25 will need to see what HMRC are planning to do.
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2 Yes you can
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* Best post a fuller question but nothing ringing a bell here
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https://citywire.com/new-model-adviser/news/a-guide-to-the-new-25-tax-free-pension-lump-sum-rules/a2414254?re=108036&refea=268738
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It’s still linked, for 23/24 at least.
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It shouldn't. When she became a member in her own right she will have been told what her benefits would be and she'll still be entitled to them. PSO's create a clean break (that's one of the advantages of them). https://www.ppfmembers.org.uk/en/…
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Yes they can. The treated as happening at date of death is just there to ensure the equitable treatment where there are multi schemes/beneficiaries. The test is done when paid / designated. Importantly we may have moved away from the charge b…
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We run a webinar with these people - quite good I thought it sounded but not looked into it further https://thenbs.org/
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Death benefits get tested when they are paid/designated not when you die. There are serious holes in the finance bill that need addressed though especially after this yesterday - https://www.gov.uk/government/publications/lifetime-allowance-guidanc…