FEBRUARY 2006
Pension "A Day" 6 April 2006 - Action Checklist
If you are thinking of retiring before 6 April 2006 consider deferring it if it would mean getting a higher tax-free cash or more flexibility;
If your pension benefits will be near or above the £1.5 million level on 6 April 2006 you should take advice to protect these benefits;
If your tax-free cash at 6 April 2006 may exceed £375,000 you should ask advice about safeguarding it;
Explore the scope for borrowing by your pension scheme before new restrictions start to apply;
Consider now whether you want to make loans from the pension scheme to the sponsoring employer as they will be more restricted from 6 April 2006;
Review the investment strategy for your self-invested pension schemes as the restrictions on investments will be altered.
From 1 January 2006 any claims for VAT on the fuel element on mileage claims needs to be evidenced by the retention of a VAT receipt covering the period when the fuel was purchased and used. Businesses therefore need to ensure employees submit VAT receipts as part of mileage claims.
