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Car and mileage allowances unchanged

The Inland Revenue have announced in a recent Press Release that the authorised mileage rates under the Fixed Car Profit Scheme (FCPS) for 1999-2000 (the tax year starting on 6 April 1999) will remain at their 1998-99 level.


It is essential that those advising or designing products for companies and employees remember that any amounts paid to an employee that is chargeable to income tax under Schedule E can be included in the definition of remuneration for occupational pension purposes and relevant earnings for personal pension purposes.

Any amount paid outside of the FCPS (tax free allowance – see below) could clearly be included in the definition. Of course, in the case of occupational schemes, it would be necessary for the scheme rules to permit the inclusion of such amounts in the definition of remuneration.

As stated above an allowance paid within the FPCS can be paid free of tax, however as this is an arrangement for administrative convenience it is still possible (if the scheme rules permit it) for payments within FPCS to be included with the definition of remuneration. Similarly FPCS payments are included within the definition of relevant earnings for PPP purposes.


Abbey Life extends Headstart Plus until February

Abbey Life is extending its Headstart Plus offer on personal pensions and fee standing AVCs sold by IFAs until the end of February next year.The life office is offering a bonus of up to five times the initial monthly contribution or just over 40 per cent of the initial annual contribution.A 35-year-old contributing £150 a […]

Premier Asset Management posts £1.1m profit

Premier Asset Management has recorded pre-tax profits of £1.1m and earnings per share of 1.31p for the year ended September 30.Its funds under management increased to £296m from £250m in 1997.It says that it has successfully launched its Premier Protected Assets Fund.

EFM offers children&#39s option on investment trust

Edinburgh Fund Managers is launching an investment trust savings plan with an option that allow parents to invest for their children.InvestIT has a &#39Saving for Children&#39 option which provides parents or grandparents with a flexible lump sum or monthly savings option to build a sum of money for the future.EFM says the option has lower […]

CGU may throw hat into ring for NPI

CGU is believed to have put itself forward as a bidder for beleaguered pension specialist NPI. The newly merged firm, previously General Accident and Commercial Union, admits it is on the expansion trail.Other bidders interested in NPI are believed to be AMP, Swiss Life and Britannic. The successful bidder for NPI is expected by announced […]


What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.


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