les_cameron
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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…
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The rate is not reduced the value is reduced before applying the rate (you get to the same place)
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Here they are Loan Trusts are next months webinar - https://www.mandg.com/wealth/adviser-services/tech-matters/events-and-cpd/loan-trusts-unlocked And... The waiving of the loan is a gift on death. It is a chargeable gift as it's not an exempt …
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I think Gift £2,000,000 * Relief £1,000,000 * NRB £325,000 * 2 yrs AEA £6,000 * Taxable £669,000 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 …
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It didn't matter if your scheme rules had drawdown written into them or you had to use permissive override to do it.
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And the tax is 6%!
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There has been no legislative change implemented. HMRC updated their PTM guidance at that point to explain what needed to happen for a drawdown designation to have taken place. HMRC suggested "blink of an eye drawdown" back in the early days o…
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The percentages on certificates doesn't matter - they key point is that the allowance usage is correct. You could get different answers re the % : a) the pre a day was a deemed BCE not an actual one so shouldn't be on there b) the TTFAC % shou…
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Yes, it's a pension commencement lump sum, the monetary amount gets deducted from their LSA and LSDBA. Nothing fancy - that's it.
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I don't think the tool will deal with that scenario - want to send me a screen print?
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They key point is they are treated as having a standard LTA of £1.5m at 5 April 2024 and they have used it all. So used £375k.
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I agree with your analysis. Ask them to quote the legislation that shows they are correct.
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@SA96 said: Attorneys cannot gift (other than small gifts on special occasions like birthdays or Christmas). This is confirmed by Government guidance (https://www.gov.uk/government/publications/giving-gifts). If this is for IHT planning, t…
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Just gift/spend more and have a term policy instead?