les_cameron
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I'm not aware of any challenges to this - you can spend your bond withdrawals on what you like. Remember bond withdrawals are capital not income so no exemption if >3k
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@GMRJM said: @les_cameron Thanks very much, Les. Forgive me if I'm being stupid here - to confirm, no annual corporation tax on the equity OEIC unrealised gains? If so, why report? Also, who checks if its an equity OEIC? Is t…
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I agree there should only be tax on the disposal assuming it has risen in value since the end of the last accounting period. The accounting of equity OEICs in the GIA is different - you have to account for the increases in value every year but yo…
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I favour option 2 above. There is no current upside or downside to crystallising it all so what is the point of doing it when a) there could in theory be more LSA later and b) crystallised death benefits a have been treated more harshly in the past…
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You run the sums off the standard LTA when there is no protected amount on the certificate.
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They key legislative points are: 1. you do not require LSA to pay a SSPTFC payment all you need is LSDBA. 2. amount is tax free up to available LSDBA then marginal tax thereafter 3. 25% of the amount crystallised in the protected scheme is dedu…
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The only logical answer is yes - it forms a component of the estate and it;s the value of all the components (less liabilities) that is used for the RNRB taper
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If you go looking for things you can't do in the law you'll be there for quite a while. The law tells you what you can do (and the consequences of doing things you can't) And what you can do is carry unused annual allowance from the 3 previous…
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@Wildparaplanner Was thinking about this this morning. I don't think there's a single piece of legislation as such (though I'm sure guidance used to be quite clear). As you'll know legislation is prescriptive it tells you what is allowed not …
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There's an annuity death benefit article somewhere!
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I had forgot all about it but having reread and pondered I think this is just one of those times where a RAS cont is better than a Net Pay cont sometimes. PS If you considered the total pension contribution over the year the effective rate of tax…
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The trust deed will dictate what can be done with the trust funds that are due to the beneficiaries. But... Why would they want to recall the loan? They can just get a new loan agreement with the trust, surrender the existing bond add the new…
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As I understand it the VPE is only relevant where the trust would otherwise be liable. As this is presumably a discretionary trust (or no VPE would have been needed) then the settlors would be liable if they were alive and UK resident (including the…
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@Wildparaplanner said: Thanks Les. I presume given the proposals they would have to have it in law by 6th April? That link is a great tracker. Are there any other bills you're tracking through that service? No, I don't track the …
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And Yes still draft.
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"Spring". Usually for a December Bill it would be March to May. You can track here. https://bills.parliament.uk/bills/4042
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@Wildparaplanner said: Thanks Les - on the LSDBA point, I suspect that is only likely going to be a problem if the client has taken some form of ill health lump sum? Think so, or some freak numbers you make up that are theoretically corre…
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Other than you no longer need to leave £1 (the rule changed) I think your principle is correct. If 25% of a non protected schemes is over the available LSA then you could boost overall TFC by transferring into the protected scheme the amount tha…
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I presume only one block transfer had protected TFC? You use the usual SSPTFC calculation using the total value of benefits in the scheme from all sources. Remember you need to take all benefits in the scheme to get your SSPTFC. And you take 25% …
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@Wildparaplanner said: @les_cameron said: Hi I believe there needs to be an "audit trail" i.e. a tangible link between the two investments. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm25…
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Hi I believe there needs to be an "audit trail" i.e. a tangible link between the two investments. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm25311 I think you should get tax advice as if the ISA is still intact I do…
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@benjaminfabi said: @sch0501 said: Surely this can't be allowed because else what's stopping a husband and wife taking their tax-free cash and contributing to each other's pensions?? This would be subject to the recycl…
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PCLS recycling only applies to putting money in your own pension so this is absolutely fine. You very rarely find anything that specifically rules something out as rules are prescriptive i.e. they tell you what the rules are not what they are not. …
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This is complicated but the answer is maybe with special rules for indexed linked gilts. Gilts come under the loan relaionship rules - https://www.gov.uk/hmrc-internal-manuals/corporate-finance-manual/cfm37120 There used to be a good summary f…
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@benjaminfabi said: @les_cameron does that mean you don't need LSDBA to pay tax-free cash with an EP certificate? That's my understanding yes but only where you have actual EP tax free cash protection i.e. the certificate has a percentage…
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I have answered on Tech Matters too! I assume the certificate says 25%. It's the lower of 25% of your fund and 25% of the amount payable at April 2023 minus what youve had since then. Under the EP PCLS modifications LSDBA is excluded from t…
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@benjaminfabi said: How is this entire cash ISA limit not clear and obvious age discrimination? Objective justification...I had the same thought! PS got AI to dig out the old S&S investment rules and my friendly ISA expert concurre…
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Tax Reief Modeller shows you the sums
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Yes Your relevant earnings dictate how much you can put in but your tax relief is dictated by what type of income you put into a lower tax band.
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Thank you - we try our best!