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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.
£40k per annum unless you have previous unused annual pension allowance for each individual
They all have good pensions through their employment so I assume that 40k would include that existing payment?
Also see here https://www.gov.uk/hmrc-internal-manuals...l/bim46035
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.
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!!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
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
Learn Change and Adapt ?????
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
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.