les_cameron
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- les_cameron
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My understanding is only courts create precedents. Ombudsman decisions only apply to the particular complaint. You don't have a statutory right to a buddy transfer so if the scheme aren't playing ball there's not much you can do other than compla…
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The ARIES thing is a good read. The issue described are possibly going to be fixed in the new regs at the start of next year. As it stands (and how it should stand when the potential fix goes in) for your scenario is that as long as no lump sums …
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Never heard of it
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Investment = no, adviser = yes
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It depends on the agreement made with the bond provider. Is it an investment management agreement or an adviser charge agreement.
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A crystallised arrangement must be transferred to another crystallised arrangement that has nothing in it. So not possible. Some providers/schemes might do a smoke and mirrors job suggesting there is only one arrangement but there will be wheels …
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@amarshall said: This has been a very useful thread for me today. The two remaining questions I have are, if TFC recycling is deemed to have occurred and the PCLS taken becomes an unauthorised payment, what happens to their LSA and the now…
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You only add the shares if they are a component of their total income at step 1 of the UK income tax computation. The starting point for taper calcs is the income after step 2.
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If the scheme rules allow yes you could take under small pots rules. If you do then the tax free amount doesn't use LSA or LSDBA. If you consolidate you will not be able to use small pots rules and will need LSA to pay the PCLS. If you take the…
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Note - the quirky age 75 bit is subject to change when we get the latest LTA regs in Q1 2026
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I think scenario 1 is correct. You should ask the scheme paying the benefits how much LSA they think the person has.
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Mr Fabi is correct in what he says. For the purposes of LSA as there was no post 75 lump sums then the age 75 BCEs get ignored. Your LSa will be £268,275 less 25% of the current value of the pre a day income
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@PippaO said: Thanks Les for forewarning Mr McPhillips, he covered the query in depth, so that’s much appreciated. Basically the PTM rules are ambiguous but his interpretation is more along the lines of mine I.e the permitted maximum is sim…
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OK You'll not see me though you'll see Barrie of Barrie's bond school fame - I'm off cycling in Northern Spain. Yes Mr McPhillips. I'll warn him for you
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Good luck. Making large contributions unallocated was a bit of a thing for a while as you got the full corporation tax relief and then you drip fed the allocation to prevent AA issues. I had a look at this a while ago and I came to the conclus…
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@Doticasie said: Cheers both-was under the impression annual allowance was linked to his nre so he could not carry forward A common misconception. Annual Allowance and tax relief are two different things and work separately (though interr…
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A little light bedtime reading - https://www.mandg.com/wealth/adviser-services/tech-matters/pensions/tax-relief/tax-relief-annual-allowance
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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…