Techzone.abrdn.com

IHT on lifetime transfers

A potentially exempt transfer (PET) will arise where an individual makes a gift: 1. to an individual or 2. to an absolute/bare trust or 3. to a disabled trust or 4. to an interest in possession trust or accumulation and maintenance (A&M) trust if the gift was … See more

Actived: 1 days ago

URL: https://techzone.abrdn.com/anon/public/iht-est-plan/T-Guide-IHT-Lifetime-transfer

Pensions and ill-health

WebThe ill-health rules allow access to pension benefits at any age. If the member's life expectancy is less than a year, the benefits can sometimes be taken as a …

Category: Health Go Health

Lump sum and death benefit allowance (LSDBA)

WebLump sum and death benefit allowance. With the abolition of the lifetime allowance (LTA) from 6 April 2024 came the introduction of two new allowances which …

Category: Health Go Health

Annual allowance

WebThe annual allowance is a limit on the amount that can be saved into a pension each tax year with tax breaks. The standard annual allowance is currently …

Category: Health Go Health

What does the ‘Staveley‘ case mean for pension transfers …

Web25 August 2020. The Supreme Court ruling in the long running ‘Staveley ‘ case has brought into question HMRC’s current approach when determining if IHT is due on a pension …

Category: Health Go Health

Power of attorney

WebKey points. Powers of attorney allow someone to be appointed to make decisions on the donor’s behalf. Certain powers of attorney allow someone to act after …

Category: Health Go Health

Pensions and IHT

WebKey points. Pension funds are typically free of IHT provided the scheme trustees/administrator has discretion over the payment of death benefits. Inherited …

Category: Health Go Health

Pension transfers

WebTransfers involving protected tax-free cash or a low pension age. There's an additional complication when transferring benefits which have: an entitlement to more …

Category: Health Go Health

Autumn Statement 2023

WebAutumn Statement 2023 - the abolition of the LTA. Alongside the Treasury documents, HMRC published some further details on the new pensions regime for …

Category: Health Go Health

Guaranteed minimum pension (GMP)

WebGuaranteed minimum pension, commonly known as GMP, is the minimum level of benefit that normally has to be provided for anyone contracted out of SERPS …

Category: Health Go Health

Tax-free cash and the 'lump sum allowance' (LSA)

WebThe ‘lump sum allowance’ (LSA) caps tax-free cash at £268,275. Those with transitional protections have a higher LSA. Tax-free cash is normally limited to 25% of …

Category: Health Go Health

Pension transfers

WebThe right pension. The ability to transfer between registered pension schemes has been a feature of the UK pension regime since the 1980s, allowing members to …

Category: Health Go Health

Discounted gift trusts

WebA Discounted Gift Trust allows a settlor to give away assets yet still enjoy regular payments for life. The amount treated as given away for IHT may be ‘discounted’ …

Category: Health Go Health

Consolidating pensions

WebPension consolidation simply means bringing together multiple pension schemes. Consolidation can give clients access to additional retirement and death …

Category: Health Go Health

Section 9(2B) rights

WebThese are pension rights built up on a defined benefit basis from contracting out of Additional State Pension (SERPS and State Second Pension) from 6 April 1997 to …

Category: Health Go Health