richardgough
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@parawhat Loan Trust + GIA - absolutely any platform should offer this (assuming they can accept a trustee investment). Transact can do this.
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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
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I'm confused. Are you saying you are doing a Suit Report for the pension moving from mother so client?
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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.
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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.
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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!…
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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…
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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…
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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…
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Ben, Thank you re Omission.
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Hi Ben, Suspect you are right but with HMRC you never know how they may try to "wriggle". Its the second question on the IHT 409 which concerns me a little as it is worded about making changes to benefits; would this include an effective alteration…
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Ben's point re spouse exemption corrects my previous (poorly thought through) comment - as always he brings clarity to a murky world!! Reading the FTT , UTT & Appeal Court adjudications on Staveley is very enlightening. The amount transfer…
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The issue is in respect of ANY action (transfer, contribution...) taken in respect of any pension within 2 years of death (and such action includes a decision to defer taking benefits). Whether there is a loss to the estate as a result of that ac…
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The IHT issue arises on death within 2 years irrespective of the cause of death; so applies if you get run over by a bus whilst being otherwise very fit and healthy. This 2 year rule is a long-standing one and the Stavely case is just one example…
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@arongunningham said: Here's the guide L&G pointed me to: https://www.legalandgeneral.com/library/protection/taxation-and-trusts/W13397.pdf Thank you - clearly you can do it! I am surprised but then again shouldn't be as trusts are ev…
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I just cannot see how this can work. When do you set up the Trust? During Settlors lifetime, therefore, the settlor is always going to be a beneficiary (unless of course, your trust specifically excludes both as beneficiaries), so you cannot crea…
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Joint settlor. Not necessarily; only if joint owned. So you could have single owner but joint life. However, as joint life assured first death you obviously don't know who the survivor will be (I tend to find clients reluctant to agree on who will …
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Before considering the RNRB (and I believe that there are two available for the surviving spouse in respect of their share on second death; the half going into trust definitely doesn't and is irrelevant on second death) but let's ignore that for the…
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Transact JISA; no fund restrictions.
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So let's look at this slightly differently. What requirement is there to charge rent to a tenant in law? (I'm going to ignore non relevant pension scheme issues here). As far as I can see there is none. If I owned a spare home and wanted to chari…
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PTM063400 provides the rules for this, which includes the requirement that the scheme administrator has received written evidence from a registered medical practitioner confirming that the member is expected to live for less than one year. SO, AJ Be…
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I understand details of the changes are due to be published at the end of September on the DT web site
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SelectAPension; FE Analytics;
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Client to complete hard facts part of fact find before adviser meets to do soft facts/risk profile etc.
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The TVC is, in reality, a different way of generating a critical yield albeit with different assumptions. Given that the FCA believe no client could understand the CY approach, no idea how anyone is going to truly understand this. Having said tha…
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If inheriting the holding then the book cost for those units / shares is the probate value; not clear from your post if you have that so sorry if 'teaching you to suck eggs'!! Other than that process looks good to me.
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Here you go.
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I have recently done AF7 (as a tick box exercise rather than a necessity as I have a few other pension exams behind me!!) so have an understanding of the exam and the syllabus. I'm happy to be a sounding board for any queries participants in a study…