les_cameron
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Agree completing the nomination could be seen as intent to confer, definitely if the nominee changes - arguable if they don't. And I'd be making sure they were fully aware of the potential IHT impact as a downside of my recommendation too.
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@benjaminfabi said: Hard to see how a transfer could be seen as anything other than to improve the position on death, regardless of any explicit reference. The intention is to avoid a default action at age 75 that would not provide value to the e…
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In the very early days there was a thought that you would only be able to get a certificate if you had used less than 100% of LTA. Maybe that is what rang a bell. That got changed fairly rapidly though - it was the 99.99% / 100% problem. Not fair.
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Better not be one of my technical team!!! You are correct they are wrong. What they have said is only correct where the tax free amounts paid was £268,75 or more.
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It is definitely a transfer of value - all transfers are. And will need reported to HMRC on deathwithin 2 years. What you need to decide is what the value of that transfer will be. I think you would be arguing that it was exempt under s10 as …
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162B(1) Subsection (2) applies if– (a)the whole or part of any value transferred by a transfer of value is to be treated as reduced, under section 104, by virtue of it being attributable to the value of relevant business property, and (b)the …
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Have a double check of the deed to make sure there is nothing strange going on.
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The attorney cannot gift without CofP Permission ( I assume it's a non Scottish case). The fact they have opted out of making financial decisions doesn't mean they can't make financial decisions and should not prevent them gifting if they still h…
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You need to ask the people paying but I would imagine it will almost certainly be interest. And if so personal allowance, starting rate and personal savings allowance all in play so no tax probably. If it is over £10k interest technically the …
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The niche stuff can be a bit but the majority it's all far simpler
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That's my conclusion too (haven't checked your sums though but your theory is solid)
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The formula has a circular loop - you need to know the amount of tax free cash to be able to calculate the tax free cash. I explained it in or SSPTFC page. https://www.mandg.com/wealth/adviser-services/tech-matters/pensions/lump-sum-options/scheme-…
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@Wildparaplanner said: Assuming the scheme will in fact annuitise half of the drawdown pot. Once that lifetime annuity is established, could you then fully transfer the remaining drawdown pot to a fixed term annuity contract? Yes - as you…
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@Wildparaplanner said: Thanks - I did read this as well From the practical point of view then - The client we are looking at has a Royal London flexi-access drawdown fund - we want to use half of this fund to purchase a lifetime annuity (w…
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https://www.mandg.com/wealth/adviser-services/tech-matters/pensions/pension-transfers/pension-scheme-transfer#transfers-when-pension-is-in-payment see drawdown bit
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But transfer is always used when talking about the above.
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Hi Pedantry incoming. You can never do a partial drawdown transfer the law requires all the arrangement to be transferred and it all to end up in a new arrangement. Pension sharing order - technically you're discharging the order not transf…
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Generally, no, they need a special power of attorney. If the trustee has lost capacity you would be best getting them removed. Have a read at this https://www.mandg.com/wealth/adviser-services/tech-matters/iht-and-estate-planning/trustees/trus…
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What @Wildparaplanner said! Standard PCLS is lowest of of 25% of fund, LSA and LSDBA.
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@Sean_Fernyhough said: Thanks Les. My educated guess wasn't far off. Very close!
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HI https://www.mandg.com/dam/pru/shared/documents/en/pruag02068.pdf See bottom of page 40.
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Was a bit messy in 2006 and 2014 too. We were still getting rules in 2009/2010 to fix stuff that was wrong from 2004. The SSPTFC you will just need to have a £1 of LSA, fairly sure of that, the only bit of ambiguity at present is whether you ne…
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@les_cameron said: @benjaminfabi Just had confirmation from HMRC that there's no TTFA benefit for pre 2006 pensions they will use 25% of the deemed BCE as the transitional tax free amount on a certificate (which is what is in the amending …
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@benjaminfabi Just had confirmation from HMRC that there's no TTFA benefit for pre 2006 pensions they will use 25% of the deemed BCE as the transitional tax free amount on a certificate (which is what is in the amending regulations). Which wil…
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Hi HMRC in a muddle. They have stated in meetings and in pervious newsletters that it will be the actual amount of TFC paid. This bit on pre 06 pensions was in the new regs they published and was a bolt from the blue. I'm waiting on an an…
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They will have a starting allowance of £375,000. But will be deemed to have used all of it up. No more LSA. LSDBA is base o the value of their fund tomorrow.
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£30,982.00 25 £774,550.00 £193,637.50 The pension will use up this amount of LSA. Leaving plenty of standard LSA to be able to pay 25% of the SIPP. If they took a small BCE before April the pension would get tested under the LTA regime…
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If they have no LSA remaining they are not getting any scheme specific protected tax free cash (or any tax free for that matter). All benefits will be taxable
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Standalone lump sums do not require LSA to be payable they only need LSDBA.
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Yip. With SSPTFC there is a requirement to have available lump sum allowance (hence the £1 remaining) to pay it but once you are over that hurdle there is no tax free limit, you get the calculated amount.