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  • Tax

    Setting up pensions for children via ltd. co.

    Our kids are directors and shareholders of our SPV limited. We propose setting up pensions paid by the company for them.

    The advice around is a little confusing but there must be a defined limit of how much pension that may buy in addition to their own occupational schemes. Presumably a variable amount maybe purchased each year decided by their income.

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    £40k per annum unless you have previous unused annual pension allowance for each individual

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    They all have good pensions through their employment so I  assume that 40k would include that existing payment?

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    I've told my kids they should expect to inherit nothing, as I plan to & am drinking all the assets.

    No offence but I've tried to bring my kids up to earn what they need themselves and not expect handouts.

    I'm pleased to state I have 3 lovely, hard-working, sons with charming wives & grandkids.

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    I can kinda see your point of view Artful.

    Strangely enough, we had this conversation with our nephew yesterday who is 15.  He is not doing well at school. 

    We told him that we need to see him developing aptitude and making an effort and we explained why this is important.  It is our intention to leave some of our wealth to him, but he needs to earn that right from us and not assume he will get hand-outs when he doesn't make any effort!!

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    I don't think I was a great parent for one reason or another

    Divorce ect ect

    So my Business hopefully will make up for my faults as a Parent

    I know I have some regrets and failings on the Parent front But I did the best I could at  time

    I hope when my time comes to pass on they inherited a lot of assets 

    and one day the Generations may look at my pic and Say she was an odd bird but she gave the family security 

    I ask for nothing more to be honest and there is not much more I can do

    What's passed is passed

     



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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Setup a trust instructing paying out 100% on any future earnings of children. For example if they earn £1000 per month, the trust pays out £1000, like wise if they earn 10k per month, if they earn nothing, trust pays nothing. I find that serves its purpose and very little negative impact encouraging lack of aspiration

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    Great point.

    Another benefit of trusts is you don't want to put in all this hard work for your offspring for them to marry a wrongun and lose at least 50% in a divorce,  trusts can mitigate risks such as this.

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