Pensions & Employee Benefits
uncommon scenario of individuals who have insurance company personal pensions which are not providing any support to the business. Subject to review, these could be transferred into a self- invested arrangement that would enable them to form a key financial plan for the future. It is also possible for self-
invested pension scheme members to act together (i.e. fellow directors or family members) in order to pool funds to make such a purchase. Finally, such pension schemes can gear up and borrow up to 50% of their net market value, which will ensure many entrepreneurs and business owners are in a financial position to buy their premises. Within a pension scheme the
commercial property would not be subject to capital gains tax (CGT) or income tax and, therefore, provides a great tax efficiency. In addition, a pension scheme does not form part of your estate for inheritance tax (IHT) purposes and, accordingly, provides a means for passing on wealth to future generations. In addition to commercial
property, a SSAS can loan money from a pension scheme back to the business to assist with a specific project or purchase of capital equipment which is a more tax- efficient method than third party
Feature
borrowing from banks or other lenders. There are strict rules around the
loan - including the term - and must be secured as a first charge on an asset, although this can typically be achieved without too many barriers. Finally, self-invested pensions can
be used to acquire unquoted company shares. This is another excellent way of releasing capital from a pension scheme back into the hands of the shareholder that may enable them to buy new equipment, provide cash flow or increase the efficiency of their business and so deliver a better financial result. In the event of death prior to the
age of 75, the pension can typically be paid on a tax-free basis to nominated beneficiaries - which could be children or other family members - and in the event of death beyond the age 75 would be taxed in the recipient’s hands at their marginal rate. These changes, and the opportunities presented through self-invested pensions, should not be underestimated. Whether this is an area you are
already fully conversant with and utilise or whether this is something you might want to consider reviewing - even if only to rule it out - then I would be pleased to answer any questions in relation to your own circumstances.
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With over 40 years experience, we have carved out a reputation as one of the country's experts in the design, installation and maintenance of luxury relaxation spaces; from domestic saunas to commercial steam rooms and spa plunge pools.
From conception to completion, our aim is to make every part of your project as stress free as possible. Please get in touch to see what we can do for you.
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T +44(0) 1423 798630 F +44(0) 1423 798670
dalesauna.co.uk
March 2018 CHAMBERLINK 55
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