Bernice Blundell appointed Partner at FPC
Twelve months ago we adopted an LLP structure as part of a planned business development program. This structure allows us to accommodate other professionals joining the firm and we are delighted to announce that our first new partner will be Bernice Blundell!
Bernice has been a key member of our team for over 10 years and has made a significant contribution to our professional and technical development. She is a highly qualified adviser, a Fellow of the Pensions Management Institute, Associate of the Personal Finance Society and is qualified by examination as a Chartered Financial Planner. She is held in high regard by clients and colleagues alike and we are very pleased she has accepted our invitation to join us as a Partner.
SSAS Loans
Residential Property no longer allowed as security
On 29th December 2009 HMRC clarified their changed position on the type of property that can be used as security for a pension scheme loan.
The new practice that applies from 29th December 2009 is to treat any residential property that is used as security for a pension scheme loan as taxable property immediately.
The background to the change is based on the fact that, where an employer defaults on a loan, the scheme would actually call in its charge. This could lead to the scheme holding residential property which is prohibited and would potentially create an un-authorised tax charge based on its market value.
HMRC will not seek to review any case where a first charge had already been put in place over residential property but this change makes new loanbacks from Self Administered Pension Schemes even more difficult to establish than they were before.
If you need further guidance about the loan facilities available within Self Administered Pension arrangementsor have any other pension queries we can help you with please do not hesitate to contact us.
FPC COMMENT - PRE-BUDGET REPORT
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FPC COMMENT - One Year on.......
The last 12 months have proved challenging for us all. Our investment commentary considers where we go from here.
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As always we would encourage you to call us if you would like clarification or guidance.