les_cameron
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https://www.professionaladviser.com/opinion/4167344/lta-abolition-brings-advisers-tax-end-twist Covered here (since this was written HMRC have said you need to be able to prove your pre a day TFC have gone based on what they have said as opposed to…
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Hi (Wildparaplanner) If they have their first benefits post April their LSA and LSDBA will be reduced by 25 x 18000 x 25% = £112,500. They will not be eligible to get a TTFAC if the actual tax free cash they got was less than the default transiti…
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The total gross amount of a personal contribution (not salary sacrifice) would reduce the threshold income - so might make the taper go away. If you don't get the threshold income below the limit you will still get the pre contribution taper as per…
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You need to add any salary/bonus sacrificed back into threshold income. The sacrificed salary is not included in adjusted income but the resultant employer contribution is. The only way to get around the taper is to get one of your incomes below…
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And proves the point - never assume beneficiary drawdown will be available even if you have nominations in place and the scheme allows beneficiary drawdown!
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It is down to the individual scheme - I don't believe there's anything fishy about allowing a non resident beneficiary. I think it's more the practicalities of being able to pay to a foreign bank account etc.
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@Wildparaplanner said: Ah that clears that up, thanks Les. As per the other post, who really cares about the LSDBA when you just use beneficiary drawdown to bypass it anyways!! Assuming the scheme allows it of course and the nominations a…
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No - both now and in the future it will use £130,000 of LSA. SSPTFC only uses LSA of 25% of the amount crystallised. The difference after April is it would use £196,000 of LSDBA but before April it would only use £130,000. I'd recommend havin…
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Gross stupidity or adviser negligence.
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Am assuming the benefits are being settled with 2 years. Only lump sums get tested in the new world - that is a basic tenet of the whole change. Death benefits in the form of drawdown are LTA tested now pre April (but the charge is 0% so meani…
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The default deduction from LSA and LSDBA will be LTA% used x £1,073,100 x 25% - so basically they will use £130,00 of LSA.
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Tool print out
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Don't read the regs - read Tech Matters instead! https://www.mandg.com/wealth/adviser-services/tech-matters/news-and-views/lifetime-allowance-abolition-from-2024/lsa-lsdba You can get a TTFAC regardless of how much LTA you have used. Use this …
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I don't believe tax relief is the test. The main test is were they started prior to April 2006 and have remained unchanged. And if so it's OK.
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It depends - see here - https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm093510
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Pass - the only logical conclusion is that they are just expenses from your net income.
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The standard transitional amount is 25% of the LTA used % x £1,073,100 - that's a crystal clear. It is also crystal clear that if you have had less than the standard transitional amount in tax free cash you can get a certificate. You will not …
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They can - all BCEs that had no PCLS attached are in scope
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Scheme guide - https://assets.publishing.service.gov.uk/media/6242fc93e90e075f0a61dc67/jps-scheme-guide-2022.pdf No tax relief so can't possibly see how they would have an impact on ANI.
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Yes any LTA used where no PCLS (or PCLS was lower than the standard transitional amount) can get a TTFAC. It's that simple. Our new tool will do the sums - https://www.mandg.com/wealth/adviser-services/tech-matters/tools-and-calculators/lta-trans…
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Might still be a little extra LSA available after April as they vested when LTA less than £1,073,100 - depends on when that 264k was taken (and overall tax free amount)
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No. The only legal thing you can do with the remaining uncrystallised funds is put it in to drawdown - and the income would be taxable and trigger MPAA. How and when did he crystallise? Might be potential to squeeze out extra PCLS come April.
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Simply, the criteria for getting a certificate is you have had a BCE and ask for it with evidence before your first RBCE. If your tax free amounts of PCLS and UFPLS are less than 25% x LTA used x £1,073,100 you'll get more LSA and LSDBA. In sh…
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https://www.gov.uk/check-if-you-need-tax-return
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Savings income in excess of £10,000 needs reported and triggers self assessment requirements. Bond gains are savings income. Whether or not tax is payable is irrelevant.
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I found my G60 book when looking for my government gateway ID letter so I could do my tax return! Actually doesn't have that option in it. Though I can see if a benefit was deemed not payable it would create "surplus" to get reallocated.
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@benjaminfabi said: Thanks Les. Turns out that pre-aday, all funds of deceased SSAS members could, as one option, revert to the SSAS for reallocation between the remaining members. As the children were members who didn't need any lump sum death b…
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I think the only option would have been a lump sum death benefit - only dependents could get income options. Something not right here
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Hi The partial rule works at arrangement level so perhaps, unless the scheme has a scheme level rule - scheme rules rule. You can't transfer into a segmented plan as all arrangements have to go full to full e.g. going from 1 arrangement to say…
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@Caro said: I suspect it's because fixed term annuities are written under drawdown rules and you can't do a partial transfer of crystallised funds. I think that will apply with any provider, not just Canada Life. https://www.canadalife.co.…