239109
Description
Mind Map by Julian Bradshaw, updated more than 1 year ago
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Created by Julian Bradshaw
over 10 years ago
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Back to Back
Annuity Whole
of Life Scheme
- Life policy under trust, sum
assured equal to total investment
in scheme. Aim to replace
investment but immediately
outside donor's estate
- Annuity regular payment primarily funds
Whole of Life scheme with balance to
provide income, after any tax due on
interest element
- IHT benefit is whole "gift"
outside estate from day one
as PLA bought (no 7 year
wait)
- Combined PLA and WOL
- Income fixed only subject to tax charges
- No CLTs beyond prems, usually
covered by exemptions where they are
available
- Not usually advised for under 70s
as it is a long-term, very inflexible,
fixed interest investment
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