richardgough
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You do not need to own a property to claim. QRI would be Nil where no property owned on death with the original property being sold qualifying for a QFRI. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm46061 GWR can not ap…
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You don't need to add in asset class assumptions into Voyant. If you do, then you only need to do this once for all plans if you are going down that route (which I don't as its way too complicated and, in my view, totally pointless, unless you are …
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What is the reasoning to say downsizing relief won't apply?
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Interesting Q. In looking into this the starting point would be to refer to the trust deed to see if powers are explicitly given. (For example, Aviva has a flexible trust written under the Act with trustees having powers to alter beneficiaries.) …
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GIAs - SIPP has no tax liability on gains / income. Bond in a SIPP - onshore bond taxed internally and non reclaimable. Bonds - encashment; no tax charge within the SIPP. So, onshore bond in a SIPP is a really bad idea. GIA v Offshore Bond wou…
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Due Diligence section https://www.mandg.com/pru/adviser/en-gb/insights-events/insights-library/trust-registration-service-trs
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I believe that (in simple terms) you can not have a tax credit against income which is not taxable. As the PA is being used here in full you don't get the tax credit on that amount. (As an aside, the £345 tax liability is before top slicing relie…
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Alltrust. Used them for a number of years for SIPP, Group SIPP and SSAS. Highly recommended. Well priced. Good service A can do attitude Very flexible. We get online access (read only) to the bank account (Metro Bank) to help with our valuatio…
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As has been highlighted, this does not work. Reportable on IHT 409 by executors. IHT Manual gives guidance and HMRC look out for contributions which are not of a normal pattern, or are unusual in size made when member knows they are in ill health …
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Or just use the tools on Pru Tech site
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@Gustavo_Fring In answer to your question, yes using doc templates in XP; Yes can code to pull through doc notes and Yes, it plays havoc with some formatting so you are not alone! The formatting problem primarily stems from the document running…
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Used Cascade on a number of occasions. V happy. (Us and clients)
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You are correct. A life assured categorically has no rights to a policy under any circumstances. It's all down to ownership.
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To my mind I think the process needs breaking down into 3 parts: Fact Find - mostly hard data - send this to client for completion. Rick Profiling - send risk q to client for completion; then do whatever initial assessment process you have. Lifes…
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XP User Group (Unofficial) on Facebook https://www.facebook.com/groups/5599100380127040
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I have to say I'm amazed the firm ever signs up a new client. Looks to me that the entire client process needs an overhaul.
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If memory serves me, the Pru calculator can do this: it's a really good piece of kt.
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We moved from AO to XP last year. We were using VC with AO for storage of documents but never used any of VC ability. We ditched VC when moved to XP; struggle to see why it would be helpful or enhance what XP gives in respect of record storage, a…
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Nope. Your way is, in my view, correct. CV for current scheme; TV for new scheme. If compliance say CV for both ask them what they would say if TV was less than CV.
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Amelia From what you have written it looks as though there is no IIP and it is just a straightforward discretionary (not IPDI) trust with all taxes falling on the trustees at trust rates. When it comes to capital distributions then (depending on…
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If you have not got a copy of the Trust / Will creating the trust then it is impossible for you to make any comment as everything hinges on the exact wording of the trust. However, if it is really an IPDI (along with flexible powers of appointmen…
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Do you have a copy of the Trust Deed?
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Has the standard life pension money been paid out? If not, how long before the 2 years from client's death is reached? In respect of the institution the son is currently in, is this funded via Local Authority / NHS or some other organisation?
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The issue of" life of another" policies impacted by divorce can be resolved quite easily by way of transfer of ownership of the policy as part of any financial settlement. @seanhurst - In your post you say the clients want £150k on either death o…
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S32 transfer to another S32 - protected PCLS can be kept. I have clarified this with HMRC by phone in the past (as well as with a highly regarded tech person from a large UK life office). Transact accepts the enhanced PCLS as receiving scheme prov…
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Nope. no requirement to provide details of trust values / assets.
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Which part / how much of the gift falls under POAT? How much of the gift is being claimed as a failed PET under probate?
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I'm struggling to see why anyone would want to pay £300 or so (and put together all of the relevant details to gove to your chosen Agency) to do something which takes 10 to 15 minutes. Money for old rope in my view.
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Would be interested to hear what your further enquiries come up with as regards answer.
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My initial thinking is that there is a GWR in respect of half of the value of the property and also acts as an interest in possession. My reasoning is from considering a slightly different perspective. Let's say Mum owns the family home post Husba…