les_cameron
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- les_cameron
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Comments
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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?
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Last years segments don't exist so don't have an impact on the surrender of this years segments.
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@benjaminfabi said: Surely that are going to run out of money before they run into IHT? Hold the capital in their name and buy a WoL plan in trust with a £3k annual premium. What do you do when they can't afford the WOL premiums an…
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You're not looking in the right places then!!! Your answer is no. You'll not find much telling you what doesn't trigger the MPAA as the law tells you what does. So if it's not something that does it doesn't. Here's the triggers (followed by so…
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@JonHallSWP Can a non paraplanner (just one in spirit) ask a question please? Where the employee leaves the cover ceases as there ceases to be insurable interest. Is this a particular feature of business protection as my general understanding…
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I think there's several things at play here * it's an absolute nightmare running income in a discretionary trust, tax pools, settlor interested issues, double tax returns, capital accounts and income accounts so running a non income producing …
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@GarethM said: @les_cameron said: @GarethM said: Thanks both. That was my understanding but the fact that the donee may not have mental capacity is what made me pause. I think that's a problem…
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@GarethM said: Thanks both. That was my understanding but the fact that the donee may not have mental capacity is what made me pause. I think that's a problem for the gifting as opposed to the receiving.
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GAAR says all OK.
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Potentially, but unlikely. If it can only vary in a way that was allowed prior to pension freedoms then it's not an MPAA trigger. Not sure I've seen a post freedoms annuity that varies in a way that was not allowed pre freedoms but there mus…
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The OTA starting level is reduced by the amount of LTA used, so with no protections and 99.25% of the LTA left the OTA will be 0.75% = £8,048.25. This seems a bit unfair as someone taking benefits for the first time in the new regime will have £1…
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Also it is normal expenditure that is assessed the occasional purchase of a car is not normal expenditure. If you bought a new car every year you would need to take it into account.
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Try this https://www.mandg.com/wealth/adviser-services/tech-matters/tools-and-calculators/lsa-lsdba-modeller
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You are correct - full surrenders of individual segments are always back to commencement.
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The details of the April 2013 change are here in this table - https://www.mandg.com/wealth/adviser-services/tech-matters/investments-and-taxation/top-slicing-relief/top-slicing-relief-facts#how-spreading-works You always go back to commencement w…
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@Wildparaplanner said: Reeve's Revenue Resistor Nice Taming Tax Tool
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Yes, we need to rename it I think - any suggestions?
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Maybe Stick the info in here and behold the tax sums with full top slicing sums https://www.mandg.com/wealth/adviser-services/tech-matters/tools-and-calculators/tax-relief-modeller
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I'm pondering whether I'm right at the moment. Will be back when I've decided!
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* Yes you would need to take the TFC if you wanted it. TFC is only authorised when it's linked to an arising entitlement to pension. Or buy the £150k annuity and accept the loss of £37,500 PCLS. * Only if the annuity varies in a way that wasn't all…
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I agree with @benjaminfabi if it is a net pay contribution or relief on making a claim. A net pay cont reduces total income at Step 1 A making a claim cont is on Step 2. Both leave no Step 5 liability. A RAS cont the contribution is…
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@benjaminfabi said: HS281 states: You’re chargeable to Capital Gains Tax if you dispose of an asset held in your name, unless you’re holding it on behalf of another person, such as your spouse or civil partner. If you’re holding an asset o…