richardgough
About
- Username
- richardgough
- Joined
- Visits
- 1,864
- Last Active
- Roles
- Member
Comments
-
Yes. Assuming annuity purchase is not linked to the Whole of Life - i.e. different providers. The annuity purchase on its own is not an IHT event. Whole of Life premium covered by £3k annual exemption so all good.
-
Sorry - add a payoff event in 8 years and under advance settings use this to set when the mortgage balance is repaid.
-
Agree with @benjaminfabi and @Jona Have had to build a spreadsheet for CARE schemes as well and do a fudge' for personal contributions for the tax/expenditure - seems to work!
-
I would do this: As your client is overpaying you now have a repayment mortgage of £305,933 with an interest rate of 1.89%. The monthly payment is £2,250. Just enter in these details (you get a repayment term of 8 years). It's probably not perfect …
-
Verdana 10
-
Pru will not put this in writing - they have categorically told me so. However, their argument is sound if you cross-reference to assets which are excluded under CRAG due to this being a life insurance ISA and fund with a death benefit in excess of …
-
With the caveat that it's been a while since I last discussed similar issues with the tax office at the US embassy in London (very helpful if you can get to speak to them). In simple terms, anyone subject to completion of an IRS tax return cannot…
-
Will: If used (and spousal gift fails) then you have two problems. One is valuing the future 'income' payments to complete the IHT return (although likely to be covered (at least in part, if not in full) by Nil Rate Band. The second is the est…
-
The IHT value is the discounted value of the benefit payable; some life office offers a full lump sum alternative so you would use that figure. If not in trust and wanted to go specifically to surviving spouse then a suitable clause in the Will w…
-
Not a chargeable event as no consideration - assignment not for money / moneys worth. Premiums paid > SV so no gain anyway? SV of £22,500 is a gift from the estate (so CLT covered by NIL rate band).
-
If you are looking to tell the client who a suitable provider is (or even a range of them) then you've crossed the DB transfer advice threshold and are liable for the advice and have to comply with your regulatory requirements.
-
They told us they would not 'take us on as a client' unless we gave them effectively a business plan as to how we were going to place a significant (many millions) amount on their platform over the next 12 to 24 months. We said goodbye.
-
@Theresa_Dixon I cannot get the www.aegon.co.uk/parplanner address to work - get error 404 Page Not Found?
-
Taxable entity for a bond held in trust is the settlor whilst they are alive and resident in uk for income tax. Assuming your client is the Settlor then no need to assign first as tax situation is the same.
-
Given the size of the CETV what is the Trustees legislative basis for not allowing the transfer? Do their scheme rules say advice must be given for all transfers? I would challenge the trustee's right to prevent the transfer.
-
Talk to the client about their previous investment experiences. How did they feel when things went bad? What did they do? How much did they see their investments fall by? Sleep at night test - what level of loss would cause you to lose sleep? …
-
@benjaminfabi - sorry for not replying; have been off work for 10 days; thank you @Jamie_Barnes for replying "on my behalf"!!
-
The obligation to provide SR does not apply: COBS 9.4.3 (5) (not withstanding MifiFID cost disclosure)
-
Chances are you are in the "self assessment" regime for trust returns so HMRC will expect a return for the current year. You may still need to complete returns in the future; depends to some extent on how "clean" the trust is once you have altere…
-
It's extremely useful; been using it for a few years. Did you know that you can also transfer portfolio data from a Transact client into FE either at wrapper level or at all fund level? (I've no idea if this can be done with other platforms).
-
@parawhat Loan Trust + GIA - absolutely any platform should offer this (assuming they can accept a trustee investment). Transact can do this.
-
There is the April 2018 exam guide which goes over the 'model answers' for that sitting. (Copy attached.) I like your optimism that this will be your 'final exam'. Unless you are retiring in a year or so I suspect it won't be
-
I'm confused. Are you saying you are doing a Suit Report for the pension moving from mother so client?
-
Loan Trust. The loan is always cash, not an investment. The trustees can then decide how to invest (and the most appropriate wrapper). So, yes, a GIA can be used as the subsequent investment vehicle.
-
Its bog standard level term assurance. It's all the legal paperwork surrounding it which makes it shareholder protection - trust deeds, cross option, review of Mem and Arts, Shareholder Agreement, revised Wills, P11D benefit calcs.
-
My understanding that everything (NRB/ IHT liability) is levied proportionally across IPDI and Personal so trust is liable for their part of the IHT. In practical terms, however, HMRC does not care where the tax comes from as long as they get it!…
-
Interesting that the money is in the child's name. The executors cannot have had legal discharge (I'm assuming the child isn't Scottish) so not the most sensible thing to do; hey ho! Given what the child says, I would wait until she is 18 and the…
-
Assuming the life policy was not in trust, and the gift arises by virtue of Dad's Will, the money is already in a bare trust by virtue of the gift to a minor. It is the child's money and they are the taxable entity at all times. Parental gifting doe…
-
IHT is about individual's estate and actions taken by them to reduce this. So, person estate value position before and after increasing DIS is unchanged; no gift from member (assuming they are not paying the premium in anyway) Therefore cant see t…
-
Ben, Thank you re Omission.