les_cameron
About
- Username
- les_cameron
- Joined
- Visits
- 1,243
- Last Active
- Roles
- Member
Comments
-
Appointing and assigning are two different things I think. Appointing maintains legal ownership and transfers beneficial ownership - so trustees can do everything. Assigning transfers legal and beneficial ownership. So beneficiary has to do every…
-
Yes. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm42114 I assume you mean appointing to children if under 18 - assigning will be troublesome I think.
-
The right to occupy the house is an interest in possession. And it usually follows through that if the house is turned into cash then the beneficiary will have an entitlement to income (unless the deed has something to the contrary. So you are b…
-
Still outstanding. Consultation on amending regs deadline was today. Some of the issues are fixed but there are new issues (not major). With a bit of luck might be looking early october for legislation.
-
If they have a % on their certificate for TFC then you'll lose some tax free cash - that's all I can think of.
-
Technically you don't lose protection, you get to keep it but the allowances become £0. If there's nothing material that requires LSA/LSDBA then I can't see there is much of an issue. The draft regs to fix the issues have been issued, for comm…
-
@benjaminfabi said: @les_cameron said: I don't believe there is an unauthorised payment risk as the current calc actually gives a higher amount than the intended one. If they pay based on intent there's not really any UP risk at …
-
The transitional tax free amount for the LSA used is the actual PCLS paid.
-
Correct - they need to get married/enter a civil partnership. 50% of the property value is chargeable. May get QSR though - https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm22041
-
@PeterM said: @Wildparaplanner said: My opinion is that surely it wouldn't, as there is technically no safeguarded benefit being given up as they aren't entitled to any? I'm sure someone with more knowledge and understanding than me…
-
Not necessarily. It's very complicated - you need to know the answer to the two questions - they
-
They can do what they like but this explains what they are likely to do - it's a bit like an OEIC surrender as opposed to just running based on full surrender. https://www.gov.uk/hmrc-internal-manuals/insurance-policyholder-taxation-manual/iptm35…
-
Who settled the trust - what was their position? Ws this a spanish compliant offshore bond that was purchased or an offshore bond that should have been only used for UK residents?
-
No changes needed.
-
Yes, the draft law was drafted and works. Election just got in the way. I don't believe there is an unauthorised payment risk as the current calc actually gives a higher amount than the intended one. If they pay based on intent there's not rea…
-
You should ask the scheme if they will pay based on the intent, some will.
-
No probs. Was bored on my sun lounger!
-
If you look at the block transfer conditions it doesn't say both transferees have to meet the 12 month rule https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm062240 My view is you apply the rule to each individual and one would mee…
-
Just noticed higher on exit! I would not move the ISA but would be happy paying in if I was using all my ISA allowance.
-
The absence of tax free cash kills it mostly. But I think it works if you will drop a tax rate. If you are higher now and basic on exit you gain 20%.
-
This is where an NRB trust in a will is wise - to use Cs NRB and A still has 2.
-
Note, the AA applies whether or not you get tax relief.
-
Yes. An example. You have a death pre 75 less than 2 years with a £2,073,100 fund. If taken as a lump sum then you have a £1m excess which would be taxed at marginal rate. If you put it into beneficiary drawdown then the following day you co…
-
You are mostly correct. Yes the LSDBA is the value of uncrystallised rights as at 5th April 2024. Lump Sum Death benefits from uncrystallised rights up to the LSDBA can be paid as lump sums tax free - excess is beneficiary marginal rate. Righ…
-
I'd say the too was better than good personally :-) We explain a bit in our SRIT article too - https://www.mandg.com/wealth/adviser-services/tech-matters/investments-and-taxation/income-tax-key-facts/scottish-rate-income-tax#interaction-with-othe…
-
The calculation is the same whether there has been new contributions into the scheme or not. The ALSA part of the SSPTFC calculation effectively picks up 25% of all the new contributions. https://www.mandg.com/wealth/adviser-services/tech-matt…
-
@Sam_T said: Technical stuff aside, the Social Care assessment is such a red herring - most clients would have assets way over the £23,250 threshold (£100k in Oct 2025), and would never want to put decisions about paying for their care (and what …
-
To cause deprivation you have to have assets within scope that go out of scope. You don't have that scenario so I share your view. I believe that is the correct view but cannot point you to where it says that. In any event, you have substanti…
-
@LLB said: Thank you! So for the TTFAC, would we just use the actual monetary amount of the tax-free cash taken? ie £18,897.54? Send the proof of benefits taken and you'll get the certificate back.
-
My view is you should start moving the tax free cash when you know you are definitely using it for the family. Barring illness or accident most people live to after 75, so pre 75 tax free loss is only a potential downside and that can be explained …