richardgough
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@jadud92 First off you need to establish what is the client‘s CGT free amount for 2019/20 based on data in the question. I've DM you with my phone number - call me and we can chat it through.
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@jadud92 said: @richardgough, so it needs adding back. ie £65,000 + £40,000 = £105,000. In this case it still covers the 10% net estate requirement but of course had value before adding back been much higher (or the donation to charity been,…
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@JenEC14 said: I would say the first one is B £820,000 -£40,000 = £780,000 the divide this by 2 = 390,000 civil partner won't get taxed anything so just leaves the one half. minus the lifetime allowance of £325,000 £39…
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@Jumanji said: 38. points to consider: no property - no RNRB £40k to charity registered civil partner so £820k-£40k = 780k 780k divided by the 2 recipients = 390k Civil partner have the same rights as marriage so no…
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@jadud92 said: Thanks for this Jamie. Not sure if I've been spending too many hours looking at these and just being thick but with her being £10,000 over the £100,000 limit, doesn't that bring her total PA down to £7,500? In whi…
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IHT: http://www.hmrc.gov.uk/tools/iht-reduced-rate/calculator.htm Also, HMRC worked example at https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm45010
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@LizziSmith said: Would Aviva potentially be saying that it is a non-qualifying policy when in fact it is RRQP, with the onus of claiming that it is an RRQP falling on those filling out the HMRC paperwork? I think the answer to that i…
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This may help. https://www.gov.uk/hmrc-internal-manuals/insurance-policyholder-taxation-manual/iptm2076
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A transferred RNRB would be available (assuming estate is reasonably equally split). This gives £350,000 of RNRB on second death. £2 for £1 reduction means estate would get some relief on estate value of up to £2,700,000. (Assuming property value/be…
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If your business model is based on the amount people have to invest / hold in pensions then perhaps this is what needs to be reconsidered? If providing planning is what you are doing then this has a value that has nothing to do with the size of a…
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Transact
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MY UNDERSTANDING The issue is who is the account holder. In the case of a pension it is the Trustees. For a life office or a wrap based pension, the trustee is the provider, not the client. This gives two issues re FSCS. One is the total amount th…
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Why a SIPP though, not a PP?
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Yes, in respect of life policies. However, I don't expect to see any exemption for most investment based trusts - discretionary or otherwise - a this is all about money-laundering prevention and not tax. So all the DGT, Gift and Loan trust we've d…
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Current Position. Pension Scheme registered with HMRC by scheme provider so no need to do anything. Life policies (or any other asset held in trust) - trust does not need to be registered with HMRC unless a tax liability arises. Future Position…
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@arongunningham said: yeah but we're talking about the units, aren't we? If the client spent £10,000 and that gave him units that cost 50p then he spent £20,000 on units that cost £1 The units when merged have a cost price of 75p…
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It cant be an average. Buy fund for £10,000 on one platform. Buy same fund for £20,000 on second platform. Consolidate both. How much has client invested - £30,000 (total) NOT £15,000 average.
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Add the book cost of both holdings together
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The only option would involve surrendering it with all the consequential tax consequences this would have - depending on who surrenders - trustees of assignment and then surrender. All this presupposes that Trust allows the surrender of the polic…
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Just seen presentation from Curtis Banks. They specifically said they were offering a facility to pay LTA charges in respect of other DB schemes from clients SIPP.
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Yes, they do. There is no requirement for expenditure to be ongoing; it needs to be a settled pattern. That pattern can have an end point. The gifts you suggest are of a settled pattern at outset. Bennett v IRC [1995] In summing up Lightman J sai…
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In creating the portfolio unless you tell FE otherwsie it assumes the values or unit holdings etc are as at the day you enter the data. Running a historic performance on this does not give you the result you are looking for. It provides the histori…
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Yes you can in a combination of custom reports; portfolio scan and FE calculator. I would suggest you start going through all the various guides and then maybe take part in their webinars. Once you've got qa grip of what it can do consider undertak…
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Yes and Yes! Fund filters to create your researched shortlist. This can be saved to run again anytime in the future. Reports - custom report - build your report with all the attributes; save the report. Then run the report on the list of funds at…
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Hi Sam, Give me a call; I have an idea for you - easier to chat through, if you want. 01633 749964
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Hi Sam, There's nothing to unwind. It would seem that they do not comprehend what is involved. All they have to do is implement the assignment of segments. Ask them if they can actually assign segments 'normally' That's the first hurdle. T…
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This data is required to be kept up to date on the register with the Pension Schemes Regulator. You should also be able to find out details on the annual return to HMRC.
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Life assured issue has no relevance. Joint owned bond passes to the survivor as essentially it is held on a joint tenant basis - exactly the same as the house. Given that you can post-death alter property from joint tenant to tenant in common …
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Pru guides https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/taxation-uk-investment-bonds/ https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/top-slicing-relief-facts/
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OMW have a calculator. https://www.oldmutualwealth.co.uk/Adviser/literature-and-support/chargeable-events/Chargeable-gains-calculator/