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MARK LEE presents key action points for owners and advisers of smaller companies to take now that A-day is nearly here.
HOW WILL A-day affect company directors who have or are considering a small self-administered pension scheme? The following is a summary of key action points based by Mark on a talk he gave on the subject. If readers wish to photocopy this article to give to clients employees etc Taxation is delighted to give permission to do so.
Background
- Pre A-day companies are entitled to claim tax relief for all pension contributions paid in each accounting period.
- Post A-day tax relief will only be available for contributions that satisfy the 'wholly and exclusively' rule; this has long been relevant for most other expenses incurred by companies.
- HMRC recently issued draft guidance setting out how they anticipate applying the 'wholly and exclusively' rule as regards pension contributions.
- HMRC's draft guidance can be found...
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