UK - The government's new simplification proposals will increase opportunities for tax-efficient exit planning by owner-managers, an independent financial adviser claims.
Inland Revenue plans will allow owner-managers of companies who want to sell their business in the year before they retire to invest the proceeds tax-free into their pension.
Contributions and benefit growth will be exempt from the annual allowance in any year in which the benefit is taken in full – up to the lifetime savings allowance of £1.4m.
PKF Financial Planning managing director Frank Williamson said this was a major opportunity to boost the value of a pension fund.
Williamson said: “The relaxation on the level of contributions that can be made in the final year of employment together with the ability to hold assets such as residential property within a pension fund will greatly enhance the opportunities for exit planning and the mitigation of income and Capital Gains Tax.”
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.