The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Tax relief is available for employer pension contributions based on broadly the same rules as other types of expenditure. Expenditure is an allowable deduction from trading profits as long as it is incurred wholly and exclusively for the purposes of the trade. Whether an amount is paid wholly and exclusively for the purposes of the trade is a question of fact to be determined on the specific circumstances of each case.
Another rule which is specific to pension contributions is that there are special rules regarding the timing of tax relief (see below).
HMRC guidance suggests that there are limited circumstances when there may be a non-trade purpose for the level of employer contributions. Examples of
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Companies Act 2006 allows a company to repurchase its own issued share capital, provided certain conditions are met. This type of transaction is sometimes referred to as a ‘share buyback’ or a ‘purchase of own shares’.The repurchased shares can either be immediately cancelled, which is typically the
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