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Where Taxpayers and Advisers Meet

Search found 6 matches

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by Sophie K
Tue Dec 18, 2018 2:42 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: PENSION COMMENCEMENT LUMP SUM
Replies: 3
Views: 7445

Re: PENSION COMMENCEMENT LUMP SUM

PCLS is only available to the member: https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm063220 PCLS is not an authorised lump sum death benefit and therefore is not available to beneficiaries: https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm071000 So on the member's dea...
by Sophie K
Thu Aug 30, 2018 4:09 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Is there any difference in Grandparents paying the school fees directly to the school or reimbursing the parents?
Replies: 4
Views: 559

Re: Is there any difference in Grandparents paying the school fees directly to the school or reimbursing the parents?

I agree it's irrelevant if falling under the normal expenditure out of income exemption.

However, it is my understanding that if they paid the school directly it would be a CLT, because it's not increasing the estate of an individual and therefore cannot be a PET (see IHTA84 s.3A).
by Sophie K
Wed Jan 18, 2017 1:21 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on ISA subscription
Replies: 8
Views: 1910

Re: CGT on ISA subscription

Thanks maths, this would appear to be the logical conclusion (not to say that legislation is always logical!).
by Sophie K
Wed Jan 18, 2017 1:18 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: The effect on new IHT rules where a trust is part of will conditions
Replies: 5
Views: 955

Re: The effect on new IHT rules where a trust is part of will conditions

Wouldn't the gift of the house share on first death use up the standard NRB and then 100% transferrable RNRB is available to be claimed on second death? Essentially if the RNRB is not used on first death (whether because there was no residential interest or it didn't qualify) then none is used. Ther...
by Sophie K
Fri Dec 09, 2016 12:27 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on ISA subscription
Replies: 8
Views: 1910

Re: CGT on ISA subscription

My understanding is that the ISA wrapper falls away on death of the investor, so surely someone has to be liable for gains from that point?

The ISA Guidance notes state:
6A.4
The ISA status of the account ceases with the death of the investor.
by Sophie K
Fri Dec 09, 2016 9:44 am
Forum: Capital Gains Tax, CGT
Topic: CGT on ISA subscription
Replies: 8
Views: 1910

CGT on ISA subscription

Hoping someone can resolve an office debate! Mr Smith died leaving an ISA with a probate value of £200,000, so Mrs Smith has this amount as an Additional Permitted Subscription. She choses to use her APS with the same ISA manager so an in-specie transfer is made directly from the Executor's account ...

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