3 October 2005
From 6 April next year, the rules governing tax relief on a company's contributions to its pension scheme are due to change.
Gary Huxley-Binns from our Nottingham office is warning small company owner/managers and shareholder/directors that this may have an adverse impact on them.
He advises any directors whose pensions might be affected to review their arrangements now to ensure that they don't lose valuable company tax reliefs for the year to 5 April 2006. He believes these reliefs could disappear and be lost.
"At present, there is very little guidance on the impact of the new rules from HM Revenue & Customs," says Huxley-Binns, "It's better to be safe than sorry. In my experience, HM Customs & Revenue have not distinguished themselves in the area of retrospective generosity."
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