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Don’t overlook pensions in the tax planning process for your clients, warns DAVID SEATON
KEY POINTS
- Cost comparison of pension scheme and non-pension scheme investments.
- Comparison of SSIP and SSAS pension schemes.
- Pension contribution limits.
- What investments can be made with the pension contributions?
- Paying the pension.
Pension simplification has proved to be a huge oxymoron. The principle behind it that the public has the right to know and understand the law has been fundamentally breached.
Reading FA 2004 as amended by the subsequent Finance Acts including FA 2008 is nigh on impossible; let alone understanding over 80 statutory instruments and 3 000 pages of guidance on HMRC’s Internet site. It is therefore understandable that some practitioners providing corporate financial advice to small and medium-sized businesses (SME) leave pension schemes out of the planning stage.
However the tax benefits can have such...
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