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Revenue in rethink on commercial property in SSASs

The Inland Revenue has backtracked over curbs on small self-administered schemes owning commercial property used by the business of the sponsoring employer.

The leader of the Revenue pension simplification review team Peter Hopkins told the Taxbriefs conference in London last week that it wanted to allow property investment by SSASs if possible.

The Revenue simplification paper, published last December, called for restrictions on commercial property transactions with sponsoring employers because it said SSASs use the rules for tax efficiencies rather than retirement provision.

It says 39 per cent of SSASs own commercial property used by the employer&#39s business.

Hopkins told the conference: “We do not want to stop schemes from being able to invest in the employer&#39s commercial property. I want to put that misconception to rest.”

Taxbriefs chief editorial consultant John Housden says: “I was astonished to hear the Inland Revenue expressing this view because in the original proposals they were clearly not happy with SSASs investing in company property.

“Now the Revenue is more concerned with loans and incestuous shareholdings with the sponsoring company.”

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Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

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