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In a world where even HMRC doesn’t seem too sure what the score is, how can paraplanners get to grips with the new allowances landscape so clients know what they need to know right now?
M&G head of technical, Les Cameron, does a guided tour of the new allowances regime following the abolition of the lifetime allowance (LTA).
This session is jam-packed with examples, case studies and practical tips, covering all the essentials, such as:
- individual starting allowances
- allowance excesses
- transitional allowances – including transitional tax free amount certificates (TTFACs)
- ongoing allowance availability and use
- death benefits and beneficiaries drawdown
- the importance of the order of benefits
Among the nuggets that Les shares will be his analysis of the winners and losers under the new regime, nine things you need to know about TTFACs, and planning opportunities for clients as a result of the changes.
Learning outcomes
By the end of the session, you’ll be able to:
Claiming your CPD
To claim your CPD certificate, test your knowledge with the questions below.
Write down your answers to each of the following questions and check your answers when you click to claim your CPD certificate on the link below
A) How will death benefits for those that die over the age of 75 (and the benefits are settled within 2 years) be taxed?
1. Tax free up to remaining LSDBA, then marginal rate of the recipient thereafter
2. Tax free up to the remaining LSA, then marginal rate of the recipient thereafter
3. Taxable in full at the beneficiaries’ marginal rate
4. Tax free entirely
B) True or false: A small pot payment will use up LSA or LSDBA.
1. True
2. False
C) If a client has a Lifetime Allowance Enhancement Factor and is taking an UFPLS, how much of this payment can be tax free (within LSA and LSDBA)?
1. 0 - 25%
2. 25%
3. Above 25%
4. An UFPLS cannot be paid in this situation
D) Bob has protected tax free cash of £40,000 and £12,000 of LSA available. How much tax-free cash can he receive?
1. £10,000
2. £12,000
3. £40,000
4. £8,000
A) How will death benefits for those that die over the age of 75 (and the benefits are settled within 2 years) be taxed?
1. Tax free up to remaining LSDBA, then marginal rate of the recipient thereafter
2. Tax free up to the remaining LSA, then marginal rate of the recipient thereafter
3. Taxable in full at the beneficiaries’ marginal rate
4. Tax free entirely
B) True or false: A small pot payment will use up LSA or LSDBA.
1. True
2. False
C) If a client has a Lifetime Allowance Enhancement Factor and is taking an UFPLS, how much of this payment can be tax free (within LSA and LSDBA)?
1. 0 - 25%
2. 25%
3. Above 25%
4. An UFPLS cannot be paid in this situation
D) Bob has protected tax free cash of £40,000 and £12,000 of LSA available. How much tax-free cash can he receive?
1. £10,000
2. £12,000
3. £40,000
4. £8,000
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