The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
Until 5 April 2006, there were three different pension regimes:
These schemes had different rules with regard to contributions that could be made and in respect of benefits that could be drawn on retirement.
The government brought in legislation in FA 2004 to abolish the existing rules and replace them with a single regime with effect from 6 April 2006. Tax approved registered schemes could carry on operating under their existing documentation until 5 April 2011, by which time the scheme rules had to be amended to comply with the new regime.
The guidance below covers only the new rules as they apply for the tax years 2006/07 onwards.
The tax treatment of pension contributions is complicated and has seen significant change in recent years. For more detailed information, please see the guidance in the Employment Taxes module starting with the Pension scheme types (subscription sensitive) and / or the Personal Tax module Pensions glossary of terms and Tax relief for pension contributions guidance notes (subscription sensitive).
There are several advantages to using registered pension funds:
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