les_cameron
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And 1 Yes - according to Abrdn Techzone HMRC confirmed it was income 2 No - capital 3 Interest and Dividend if withdrawn and gifted 4 These are shares so it's capital. If they throw off any divis the divis count 5 Interest only 6 Rental inco…
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@Wildparaplanner said: Hi, Does anyone have any good links to information around the gifts out of surplus income rule for IHT? Preferably with details about what definitely does and doesn't qualify. We have a client where we are looking to…
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@Wildparaplanner said: On a side note - what is there to stop a large beneficiary drawdown pot (say £1,000,000) which is completely tax free, but the owner is now over 75 (therefore passing it on will have income tax consequences on the beneficia…
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@Nathan said: @les_cameron Aegon are saying that because the whole fund was crystallised to pay the £268,275, rather than just £1,073,100, they can't do anything. Is that correct? It is correct unless they get a TTFAC and then they are wr…
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@benjaminfabi said: Thanks @les_cameron My initial reply to the adviser was along the lines of looking and sounding like a duck etc. My main concern is that even if it can be argued, it introduces the possibility for HMRC to be getting int…
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A good question. The answer is yes and no. Legally it's not a transfer and HMRC guidance refers to transfers between schemes which doesn't apply here https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm17072. So I agree with AJ B…
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You would only ever know post death if it went to a tax tribunal and they examined the full circumstances and decided. It does sound at face value that there is no gratuitous intent. I assume the nomination in the new scheme will be the same as t…
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@Nathan said: @les_cameron I owe you many beers, thank you See you at the BIg Day Out in September ;-)
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I can. You are allowed the lower of "25% of your fund" , your available LSA and your available LSDBA. And you will need a TTFAC if you want the full tax free amount as they have inadequate LSA to cover it on the default rules.
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@BryceClark22 said: @les_cameron Thank you for clearing that up, I was unaware RNRB was available regardless, as I thought they had to have a qualifying interest post 2015? For the example used, is that still the case as on her death the h…
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https://www.mandg.com/wealth/adviser-services/tech-matters/iht-and-estate-planning/nil-rate-bands/residence-nil-rate-band-facts
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@BryceClark22 agree with @benjaminfabi said. People overthink this a lot. Calm your mind, clear your thoughts and ask yourself one question. Everyone has an RNRB regardless. The question is will he use RNRB when he dies? That would requ…
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@Neil_TPIO said: If there is a power of attorney in place then you could use a trust anyway as attorneys can only gift if it is habitual (doesn't sound like it) and specifically mentioned in the PoA document, which is unusual. If the client is…
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https://journal.step.org/step-journal-september-2010/simple-statement
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@Nathan @Nath I just read this again - they could get more TFC if they are still eligible for a TTFAC. The LSA usage on the default basis would be £312,500 (as over 100% LTA usage) but they only got £268,275 meaning a TTFAC is in scope.
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The correspondence suggest they crystallised the full £1.28m - if that's the case then they used 100% of the protected LTA. So no more TFC. If they only crystallised £1,073,100 then the scheme is talking mince they should be treated as only havi…
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Just got the registration link! https://events.mandg.com/pensions-death-tax
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Yes - we do a technical webinar the third thursday of every month at 10 am. It's for paraplanners or advisers or any other financial planning professionals. Registration will be open later on this afternoon. You can sign up and view recordings a…
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An OMO is not a transfer so transfer rules should not apply - I'd check with your PI. At the end of the day the high risk is you are giving up guaranteed benefits for unknown future benefits. If you are annuitising you are giving up guaranteed bene…
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Go to go quiz starts in halfan hour!
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Have running the numbers on the to do list as doing a webinar third Thursday in January on all this malarkey. Gifting will work too for some lump sum and NEOOI. I had a read of the back to back stuff the other day - unless annuity providers with …
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@benjaminfabi said: @les_cameron said: I'm too busty to check the DB policy statements but I seem to remember transfer for IVPP was not PTS required as long as it was at scheme NRD. PI rules though anyway regardless of wh…
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I'm too busty to check the DB policy statements but I seem to remember transfer for IVPP was not PTS required as long as it was at scheme NRD. PI rules though anyway regardless of what the regs say!
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You only need to go to QROPS on the way out of UK. Any overseas pension scheme can be transferred in.
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I do - it has.
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Hi You don't need any LSA at all to pay SSPTFC now - you just need LSDBA. And the bit over LSDBA is taxed. Near the end - maybe 50 minute in https://mandg-podcast.videomarketingplatform.co/secret/106657705/99ab91b873f023e92ee962ee178cdf83 r…
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@SA96 said: @Wildparaplanner said: AIM Pension Portfolio Services? Similar to AIM ISA portfolios? Feels like it would become a thing... I don't think that would work. My understanding is that with a pension, the…
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Crazy stuff. They are fixing something that was not caused by an IHT in 2015 with an IHT change in 2027. One that will slow down benefits being set up, complicate administration for schemes , estates and HMRC, making them reliant on each othe…
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Hi No. The Regs to fix them have gone through committee and will go live on 18th November. Haven't seen if anything was changed from the draft they issued late July. The draft regs are still wrong for certain cohorts but people with FP2016 …
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If you actually got a tax free payment over the allowances it is an unauthorised payment and that would need reported by the member on self assessment (as well as the scheme reporting it if they found out about it)