les_cameron
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Cool - must be related to the DB section then.
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If this is one of the new pension commencement excess lump sums then I don't believe they are legal in money purchase schemes (as an UFPLS could be paid instead)and if they have an option of staying invested i.e. drawdown it must be a money purchase…
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If it's not a trigger event listed then it doesn't trigger MPAA https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm056520. Taxable income isn't in itself a trigger event.
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The chargeable event happens immediately prior to uncles death then. He was alive and UK resident then so he is liable. His estate should be reporting the bond gain and paying tax. The estate can reclaim the tax from the trustees. As he is …
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Did the bond end on the death of the uncle?
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Ultimately you have to ask yourself would we win at a tax tribunal if we had to defend that it was not pre planning. I suspect that's a high bar.
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You are in the murky grey land of PCLS recycling. So if HMRC think you are using tax free cash to directly or indirectly make pension contributions greater than you normally would the PCLS is an unauthorised payment. If they do not then it's jus…
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@benjaminfabi said: Yeah thanks, that was my track, and that any additions he makes to the collection will be regular spending if it becomes a pattern. Agree - you need to have excess income over your normal expenditure
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@LLB said: @les_cameron said: Interest and dividends received if withdrawn would count Thank you for your reply Les. So just to clarify, regular withdrawals from the ISA capital (not the interest/dividends) therefore …
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I suspect it is not normal expenditure so would be excluded when deciding if there was surplus income.
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Interest and dividends received if withdrawn would count
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You have unlimited insurable interest in your own life. What you need to understand is the protection providers underwriting policy. Some will insure up to certain levels with no questions asked others will want financial underwriting. I'm led…
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If the money is already in the QROPS as I understand it PCLS taken in the UK comes off the UK LSA and doesn't impact the QROPS PCLS. The opposite is true too - a PCLS from a QROPS does not come off your UK LSA. It looks like the QROPS provider is…
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@ONaylor said: Thanks very much for your advice! Information :-)
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The funds are neither crystallised or uncrystallised, they are in limbo awaiting a death benefit decision. Annuity and Transfer is not possible as transfers are not an allowable death benefit. It will be up to scheme rules but your only option…
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@benjaminfabi said: @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 liabilit…
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Basically if it's not on the list of MPAA triggers it's not a trigger. And SALS only make the list in conjunction with primary protection.
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@Wildparaplanner said: Can you make more than the £325k to a discretionary trust without incurring the 20% IHT charge by using unused NRB from the deceased spouse or not possible? You cannot use the extra NRB on lifetime gifts only on dea…
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Yes, mitigate not eliminate for many. Planning hasn't changed, there's nothing new - I think there's just a new asset in the mix you didn't have to consider before (other than for post 75 income tax mitigation where funds were available tax free).
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We've been doing a case study at seminars this year (real life person suitably anonymised) and the solution is making their legacy well in excess of £500k higher (and £100k higher if the changes get cancelled). I've always found IHT planning the …
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When you revisit failed gifts on death you get to use all the available NRB so it includes the additional amount. Regardless of CLT or PET.
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Clarity not received as yet (well not to my desk). I know there were discussion with some people -maybe was with those. I am awaiting the next pension scheme newsletter which I believe supposed to be the source of clarity.
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@richallum said: The results of the consultation came out last night. Les & M&G have a webinar tomorrow (link) at 13:00. It's at the same time as our own Online Assembly on the Retirement Risk Zone but both are recorded. Sorry - I…
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Yes chronological usage unless simultaneous gifting (which is complicated, technically if you bank transfer / cheque it's in the order of keying / clearing at the other end etc) Your first gift wasn't a PET it was exempt.
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Triple lock I belieev so whatever this years uprating was
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You basically tax the CE as if the underlying beneficiary is liable so TSR is available.
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I think you are at cross purposes, the GAD review is just a reassessment of maximum income allowed, it may not even coincide with the drawdown review. The drawdown review is essentially an advice point going over whether it is still suitable. It's …
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The loan has already been waived on death so writing the letter of wishes along the lines of I have written off the loan when I die it is my wish that the value of the outstanding loan is split between x,y and z seems to be feasible. ( And check th…
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Gift £1,000,000 Relief £500,000 NRB £325,000 2 yrs AEA £6,000 Taxable £169,000 x 20%. Die within 7 yrs - revisit and run sums on 40% tax with credit for the tax paid (assuming the trust still owns the asset or else re run the sums without rel…
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Examples in here - fairly horrific https://www.gov.uk/government/consultations/reforms-to-inheritance-tax-reliefs-consultation-on-property-settled-into-trust/reforms-to-inheritance-tax-agricultural-property-relief-and-business-property-relief-applic…