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dp

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  1. Hi Thanks for the reply. I have spoken with Poolguy who has given me the necessary info. David
  2. Hi I have a Waterair 11m x 5m pool and have always used the Waterair chemicals to maintain the water quality. They are very simple and involve pouring a liquid in the pool and adding a couple of chemical tablets near the filters every fortnight during the season. It is a simple process and I would like to know if there are alternative products that I can use for this task. The reasons I am looking for alternatives is i) Cost and ii) The box quantities from Waterair means that at the end of every year I have to buy a new box just for the last few weeks of the season. Any help would be appreciated. Thanks David
  3. dp

    Wealth Tax

    [quote user="Pickles"][quote user="dp"] You can't answer my original question can you ? [/quote] Sorry, but my knowledge of the French system is not comprehensive enough to give you a definitive answer, I'm afraid. From what I do know, I would expect to discover that a SIPP in income drawdown is counted as part of your fortune for ISF purposes (whereas an annuity or company pension would not count), as Will & Benjamin indicated above, because the French Fisc tends to take very rigid stances on what it counts as a pension fund (or anything else for that matter), and is not inclined to be flexible to cope with products that do not conform to its idea of what a pension should be. If you have other investments as well as the SIPP and are going to become French resident then I understand that it is worth your while investigating the purchase of "assurance vie" contracts BEFORE you move, as these receive preferential tax treatment in France AND if done in advance of your move would give you a preferential tax treatment unavailable to you afterwards. The really clever part would be if there were a mechanism for the (for instance) assurance vie contracts to be purchased under the SIPP wrapper - but that is almost certainly impossible. Off-topic I know, but I seem to recall seeing in Sarko's mandatory disclosure of his wealth that he owned no property (having just sold his flat in Neuilly) but had a couple of million € in assurance-vie contracts. If it's good enough for him ... Pickles [/quote] Hi I have received a response from my SIPP provider who tells me that the SIPP which I have, is, from an asset point of view, identical to a company pension. They said that in a company pension the employer owns the assets and the employee would be a benificiary of them. In my SIPP the trustees own the assets and I am the beneficiary. In their opinion, if it is true that you do not need to declare a Company Pension, then I should not need to declare the SIPP. Regards David      
  4. dp

    Wealth Tax

    [quote user="Benjamin"][quote user="dp"] Are you in anyway experienced and/or qualified in this field, as your answer just serves to confuse ? Regards David   [/quote] I think you were the first person to introduce the notion of confusion into this thread. [/quote] Please read the threads - I said that your answer served to confuse the issue I did not make a personal remark about you being confused.  
  5. dp

    Wealth Tax

    [quote user="Benjamin"][quote user="Pickles"][quote user="Benjamin"]Are you saying that you can only hold a SIPP if it's within an Income Drawdown scheme or am I misinterpreting what you mean? [/quote] No, he isn't., and yes, you probably are, I'm afraid. The basic way that SIPPs work IIRC splits into 3 phases: 1) you save money into them, to which HMRC refunds the appropriate tax paid when you earned that money. Dependent on the SIPP provider, you then have a choice of funds or other vehicles in which to invest. 2) When you choose to "retire", you can then take some money out as a lump sum and/or take out smaller sums which are effectively a pension, but with the capital still invested in whatever funds you prefer. This is what is known as Income Drawdown. 3) (I stand to be corrected here but ...) By the time you hit 75, I believe that you are required to have purchased an annuity with what remains of the money in your SIPP, with the annuity then providing your income. Pickles [/quote] Exactly! I am in situation1) that you describe above i e I am not in an Income Drawdown and do not have to be at any time in the future. I can simply chose to purchase an annuity at any time. Mrs Benjamin is in situation 2) as you describe above. Mrs Benjamin will eventually, if she decides not to purchase an annuity in the meantime, have to purchase one under current pensions legislation when she reaches 75 years. [/quote] I like this EXACTLY as though it was your idea in the first place.  
  6. dp

    Wealth Tax

    [quote user="Pickles"][quote user="Benjamin"]Are you saying that you can only hold a SIPP if it's within an Income Drawdown scheme or am I misinterpreting what you mean? [/quote] No, he isn't., and yes, you probably are, I'm afraid. The basic way that SIPPs work IIRC splits into 3 phases: 1) you save money into them, to which HMRC refunds the appropriate tax paid when you earned that money. Dependent on the SIPP provider, you then have a choice of funds or other vehicles in which to invest. 2) When you choose to "retire", you can then take some money out as a lump sum and/or take out smaller sums which are effectively a pension, but with the capital still invested in whatever funds you prefer. This is what is known as Income Drawdown. 3) (I stand to be corrected here but ...) By the time you hit 75, I believe that you are required to have purchased an annuity with what remains of the money in your SIPP, with the annuity then providing your income. Pickles [/quote] Crikey - someone who knows what he's on about. On point 3, I am not sure of the actual age, but yes under current legislation you have to purchase an annuity with what is in your SIPP basket. You can't answer my original question can you ? Regards David
  7. dp

    Wealth Tax

    [quote user="Benjamin"]Are you saying that you can only hold a SIPP if it's within an Income Drawdown scheme or am I misinterpreting what you mean? [/quote] Nope I'm not saying that, merely responding to the fact that you said I was confused.  I know perfectly well what sort of policy I hold but I wouldn't dream of offering any advice on the myriad of different permutations there may be for a SIPP. I know you might find that concept a bit hard to grasp but stick with it you'll get there.   
  8. dp

    Wealth Tax

    [quote user="Will"]I don't see how not having been in a position to pay wealth tax oneself should prevent anybody from trying to provide helpful information. One can still know a lot about taxation, particularly the double taxation agreement between France and Britain, which in my opinion is highly relevant in determining where you pay your taxes, including wealth tax, and as such is likely to determine what is actually assessed for tax. I know that David does not want my opinion, but in case anybody else may be wondering the same thing I agree that a SIPP is likely to count towards wealth tax is you meet French residence qualifications though, if you are resident elsewhere - and even if you are, you can still be liable for wealth tax on property and investments held in France - in my opinion a SIPP is not likely to count. But one should take good professional advice. It is still a good question, though, because personal pension funds of this type are quite outside the French idea of retirement plans. And, most importantly, an accountant may be able to find a way of 'ring fencing' the fund to escape being assessed in France.[/quote] Will it's not that I don't want your advice but I asked a very specific question and really it could, in my humble opinion, be best answered by someone with the relevant specific experience. I certainly did not come on this forum to cause offence but, bloomin-eck people are very quick on the draw here. Thanks again for your contribution. Regards David  
  9. dp

    Wealth Tax

    [quote user="Benjamin"][quote user="dp"] If I could access unlimited funds then I would consider myself the owner of the SIPP. However you cannot do this and you can only draw out a sum each year equivalent to the current annuity rates. You have said once you purchase an annuity you have effectively sold the SIPP and accepted a regular (pension) income in it's place so you no longer own the capital sum but the SIPP is only a regular pension income with the difference being that I can specify where the whole fund is invested. Are you in anyway experienced and/or qualified in this field, as your answer just serves to confuse ? Regards David   [/quote] In my original reply to you I said "then you might want to take professional advice" something that appears to have been suggested to you in an earlier related posting. You seem to be confused between SIPPs and Income Drawdown as you are now saying that you are taking a regular pension income. Could I suggest that you might like to look at Wikipedia and search under SIPP and you also go to www.pru.co.uk/retire/annuities_04/income_draw/ which is a Prudential UK site explaining Income Drawdown and if you then still want answers you come back and re-specify the original question as you seem confused with all this terminology. [/quote] Trust me I'm not confused and if you are going to make such a statement please get your facts right first. I have a SIPP in Income Drawdown - this is a standard term within the Pensions Industry.  Please, please do not make a statement of someone being confused when really you don't have a clue yourself.       
  10. dp

    Wealth Tax

    [quote user="LesLauriers"][quote user="dp"] 'ealth Tax' which seems to be outside his knowlede base. [/quote] I believe that I have a reasonable knowledge of the subject, having completed returns for the last 5 years. However, I do not have a Sipp and the question on Sipps is one that has never arisen before, albeit one that I have given some passing thought to. You will appreciate that the number of Sipp holders retiring to France in advance of having their financial affairs in order is low and I suspect that the vast majority of Impot staff would not have been able to offer as much advice as you have been given here and on Total France. If it helps here is another quote from Sykes Anderson which is from an article on Sipps and France: "What else? Go through all the usual angles you would do in England, remembering that SIPPs and trust law do not exist in France so the automatic tax and other advantages you get in the UK do not necessarily apply. You need to think about matters such as (inter alia) taxation of income, capital gains, inheritance tax, VAT, wealth tax and the UK-France Double Tax Treaty." However if you want a definitive copper bottomed answer here it is - Yes the Sipp is taken into account for ISF. Me? I wouldn't take anything as important as this as gospel I would want it in writing from a credible source which is why I paid PKF for advice prior to arrival and found them to be good value for money. Do let us know how you get on, taxation and tax advantageous investing are such interesting topics when it's raining outside! [/quote] Hello I sent my last post at the same time you posted this so sorry for the crossover. Thank you for your comments. Regards David
  11. dp

    Wealth Tax

    [quote user="nicktrollope"][quote user="dp"] I have never disputed this and I am sure he is a thoroughly knowlegeable and all round nice chap but the thread was on 'ealth Tax' which seems to be outside his knowlede base. As for being in a position to pay the going rate, not that its any of your business, but I was using the forum as a first port of call which is what I thought it was for.   [/quote] Then you'd be wrong. This is a discussion forum. If you don't want to discuss, then at least have the good grace not to snipe at people who have no other interest than to help you, in whatever way they can. Furthermore and in my unqualified opinion, LL is quite right. So you are wrong on that issue, too. You are in the lucky situation of being able to afford professional advice, so I suggest that you do just that and, if you feel that you can contribute something to the forum, you could let us all know what the advice was.   [/quote]   So it's not an advice forum - OK I stand corrected. I presumed that as the vast majority of posts are looking for some advice from someone who has been in a similar position that my question would hopefully reach one of these people. Instead it reached certain people who wanted to give advice on a subject they knew nothing about - as I have said before 'bizarre'. 'Bizarre', you know, is not a very strong word and really shouldn't incur this sort of hostile reaction. I am sort of getting a feeling that maybe there is an underlying feeling of 'Sour Grapes' from certain posters when talking about Wealth Tax - that's a little sad. I think I have started to understand your concept of contributing - maybe I'll find a forum on Brain Surgery or Nuclear Physics and make the same sort of contributions that were made to my question. Bye David   
  12. dp

    Wealth Tax

    My last reply was to LesLauriers. In reply to Will : a. some of us may have a lot of experience of French taxation matters though no personal experience of the wealth tax Then why do you reply to a thread specifically on Wealth Tax - as I previosly said 'bizarre'. LesLauriers in particular has always given good and valid advice on these subjects and I am sure he can find somewhere else where the advice will be more appreciated. Especially as those in a position to consider the weath tax should be in a position to pay the going rate. I have never disputed this and I am sure he is a thoroughly knowlegeable and all round nice chap but the thread was on 'ealth Tax' which seems to be outside his knowlede base. As for being in a position to pay the going rate, not that its any of your business, but I was using the forum as a first port of call which is what I thought it was for. Regards David    
  13. dp

    Wealth Tax

    Hello I have certainly not taken exception to anything. I am extremely grateful for any help and I understand that there are lots of people who have knowledge and experience indeed this was the type of person I was trying, unfortunately without success, to reach. I do apologise if my last rely was taken wrongly but I do find that if people try to give answers on a subject which they know nothing about then it just serves to confuse the issue - it would be like me giving advice in the Gardening section ! Regards David  
  14. dp

    Wealth Tax

    Thanks very much for all your replies. The reason for my post was that I hoped that someone with specific experience of this matter may be able to answer my question without me paying the £1200 - £1400 that PFK have quoted for this info. I thought that this type of sharing information was one of the objects of these forums.   I have never asked for anyone who doesn't have specific knowledge to reply to my post and I always find it a little bizarre why anyone would a) comment on a question which they know nothing about  and/or b) take the time and trouble to preach to someone that they need to pay for specific technical info. Regards David  
  15. dp

    Wealth Tax

    If I could access unlimited funds then I would consider myself the owner of the SIPP. However you cannot do this and you can only draw out a sum each year equivalent to the current annuity rates. You have said once you purchase an annuity you have effectively sold the SIPP and accepted a regular (pension) income in it's place so you no longer own the capital sum but the SIPP is only a regular pension income with the difference being that I can specify where the whole fund is invested. Are you in anyway experienced and/or qualified in this field, as your answer just serves to confuse ? Regards David  
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