View more on these topics

Revenue in U-turn over SSAS whistleblow proposals

The Inland Revenue has backed down on controversial proposals to force trustees of small self-administered schemes to whistleblow on their sch-eme members.

The Revenue had proposed that SSAS trustees should be forced to shop their members if they discovered any breaches of the scheme rules such as making bigger withdrawals from the fund than all-owed under the rules.

SSAS providers and the Association of Pensioneer Trustees have been lobbying for the recommendations to be dropped, saying it would leave trustees open to being sued if the allegations were found to be untrue.

Following industry resp-onses to the proposals, the Revenue has dropped the requirement. Whistleblowing on irregularities will remain the responsibility of the scheme&#39s actuary and accountants.

APT chairman David Seaton says: “We are del-ighted the Inland Revenue has agreed to drop the whistleblowing requirement for trustees. It could have been a huge problem because trustees would be potentially liable to being sued by the scheme.”

A Revenue spokesman says: “We dropped the proposals in the face of almost unanimous opposition. We are introducing alternative measures and we will see how they work out.”

Recommended

Scottish Mutual – Income and Growth Plan 2

Monday, March 4, 2002 Type: Capital protected Isa Aim: Income or growth by investing in Quaich Investments 2 Minimum-maximum investment: £7,000-£500,000 Investment choice: Dublin based company Term: Five years two months Guarantee: Capital returned in full at end of term provided the Dow Jones Eurostoxx 50 does not fall by more than 20% Return: Choice […]

Investment update

Schroders is offering a 2 per cent discount on its medical discovery fund until the end of March. The discount will reduce the fund&#39s initial charge to 3.25 per cent from 5.25 per cent. Annual charge of 1.5 per cent. Minimum investment is £1,000. Artemis has set up a 24-hour online dealing service, enabling investors […]

Inheritance tax planning

When Labour came to power in 1997, inheritance tax was flagged for considerable reform. So, perhaps one of the biggest tax surprises is the lack of significant change to the IHT rules.Bearing this in mind, the following points should be taken into consideration by anyone who is concerned with a potential IHT liability.One of the […]

Inter Alliance in £17.2m share issue

Inter Alliance is attempting to raise £17.2m by a share offer of 26 million new ordinary shares.The board says it wants the cash injection to refocusing business units on achieving operational efficiency within the medium term and restructuring the non-core businesses.Inter Alliance chairman and chief executive Keith Carby says: “Inter Alliance is a major national […]

Guide

Guide: 10 required letters — what to send, to whom and when?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment